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Author Mpatswe, Gaston K. (Gaston Kagabo), author

Title The cyclicality of fiscal policies in the CEMAC region / Gaston K. Mpatswe, Sampawende J.-A. Tapsoba, and Robert C. York
Published [Washington, D.C.] : International Monetary Fund, [2011]
©2011
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Description 1 online resource (22 pages)
Series IMF working paper ; WP/11/205
IMF working paper ; WP/11/205
Contents Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Review of the Empirical Literature; 1. Fiscal Indicators and Economic Cycles; III. Empirical Model and Estimation; A. Empirical Model; B. Dataset; C. Estimation Results; 1. GMM Estimates of Cyclical Fiscal Policy in Sub-Saharan Africa, 1980-2008; 2. Fixed Effects Estimates of Cyclical Fiscal Policy in the CEMAC, 1980-2008; 1. Time-Varying Cyclicality Coefficients across the CEMAC, 1980-2008; 3. Fiscal Cyclicality in the CEMAC; 4. Determinants of Cyclical Fiscal Policy in the CEMAC, 1980-2008
IV. Conclusions and Policy ImplicationsReferences; Footnotes
Summary This paper examines fiscal cyclicality in the CEMAC region during 1980-2008. The issue has attracted very little empirical interest but is important if fiscal policies are to play a role in mitigating external shocks that exacerbate economic cycles across the region. We assess whether fiscal policies across these six countries have been procyclical using panel data to elaborate our analysis. Like in other sub-Saharan countries, total public expenditure in the CEMAC is found to be strongly procyclical. This is most pronounced for public investment, which overreacts to output growth with elasticity above 1. We further find that institutional weaknesses and poor governance partly explain this behavior. In contrast, the existence of an IMF-supported program can be a counterbalancing influence in attenuating this bias
Notes " ... CEMAC member countries (Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of Congo) ..."--(P. 3)
"August 2011."
At head of title: African Department
Title from PDF title page (IMF Web site, viewed January 4, 2012)
Bibliography Includes bibliographical references
Subject Communauté économique et monétaire de l'Afrique centrale.
Business cycles -- Africa, Central -- Econometric models.
Fiscal policy -- Africa, Central -- Econometric models.
Form Electronic book
Author Tapsoba, Sampawende J.-A. (Sampawende Jules-Armand), author
York, Robert C. (Robert Christopher), 1962- author
International Monetary Fund. African Department, issuing body
ISBN 1283570548
1463936222
1463944101
9781283570541
9781463936228
9781463944100