Fiscal policy in Cemac region strongly procyclical: IMF paper

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An International Monetary Fund (IMF) paper, published on Tuesday, shows that public expenditure in Cemac countries tends to be strongly procyclical.

Gaston Mpatswe, Sampawende Tapsoba and Robert York, the paper's authors, examine fiscal cyclicality in the Cemac region – Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of Congo – between 1980 and 2008 and whether fiscal policies across these six countries have been procyclical over the period.

The authors find

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