04836oam 22011774 450 991081466880332120240410162129.01-4623-5615-X1-4527-6241-41-281-08969-91-4518-9072-99786613775054(CKB)3360000000440887(EBL)3013811(SSID)ssj0000953179(PQKBManifestationID)11958320(PQKBTitleCode)TC0000953179(PQKBWorkID)10910208(PQKB)11629291(MiAaPQ)EBC3012499(IMF)WPIEE0082004(EXLCZ)99336000000044088720020129d2004 uf 0engur|n|---|||||txtccrFiscal Surveillance in a Petro Zone : The Case of the CEMAC /Johannes Wiegand1st ed.Washington, D.C. :International Monetary Fund,2004.1 online resource (28 p.)IMF Working PapersDescription based upon print version of record.1-4518-4254-6 ""Contents""; ""I. INTRODUCTION""; ""II. METHODOLOGY""; ""A. Gap Analysis""; ""B. Sensitivity Analysis of the Market Value of Equity (MVE)""; ""C. Duration""; ""D. Value at Risk""; ""E. Issues in Estimating Interest Rate Risk Exposure of Banks""; ""F. Data Description""; ""III. RESULTS""; ""A. Cross Sectional Heterogeneity""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""; ""References""This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC's macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance. This appears inadequate, for at least two reasons. First, fluctuations in oil prices and, hence, oil receipts obscure the underlying fiscal stance. Second, oil resources are limited, which suggests that some of today's oil receipts should be saved to finance future consumption. The paper develops easy-to-calculate indicators that take both aspects into account. A retrospective analysis based on these alternative indicators reveals that in recent years, the CEMAC's surveillance exercise has tended to accommodate stances of fiscal policy that are at odds with sound management of oil wealth.IMF Working Papers; Working Paper ;No. 2004/008Political ScienceHILCCLaw, Politics & GovernmentHILCCPublic FinanceHILCCInvestments: EnergyimfMacroeconomicsimfTaxationimfIndustries: EnergyimfNational Deficit SurplusimfEnergy: Government PolicyimfEnergy: GeneralimfEnergy: Demand and SupplyimfPricesimfFiscal PolicyimfBusiness Taxes and SubsidiesimfMacroeconomics: ProductionimfInvestment & securitiesimfPublic finance & taxationimfPetroleum, oil & gas industriesimfOilimfOil pricesimfFiscal stanceimfOil, gas and mining taxesimfOil productionimfCommoditiesimfTaxesimfFiscal policyimfProductionimfPetroleum industry and tradeimfEquatorial Guinea, Republic ofimfPolitical ScienceLaw, Politics & GovernmentPublic FinanceInvestments: EnergyMacroeconomicsTaxationIndustries: EnergyNational Deficit SurplusEnergy: Government PolicyEnergy: GeneralEnergy: Demand and SupplyPricesFiscal PolicyBusiness Taxes and SubsidiesMacroeconomics: ProductionInvestment & securitiesPublic finance & taxationPetroleum, oil & gas industriesOilOil pricesFiscal stanceOil, gas and mining taxesOil productionCommoditiesTaxesFiscal policyProductionPetroleum industry and tradeWiegand Johannes820400DcWaIMFBOOK9910814668803321Fiscal Surveillance in a Petro Zone4071957UNINA