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The objective of this article is to study the effect of multilateral surveillance criteria on the cyclical behavior of fiscal policy in CEMAC. Using a linear regression model and estimated by fixed-effect ordinary double least squares on panel data from 1992 to 2012, we find that the surveillance criteria adopted in 2001 increased the pro-cyclicality of fiscal policy.

Effects of Multilateral Surveillance Criteria on the Pro-cyclicality of Fiscal Policy in Economic and Monetary Community of Central Africa