02082cas a2200265 a 4500 AALejournalIMF014788 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498304757 1934-76851 BD-DhAAL BD-DhAAL International Monetary Fund. African Dept. Communaute economique et monetaire de l'Afrique centrale (CEMAC): Questions generales. French Communaute economique et monetaire de l'Afrique centrale (CEMAC) : Questions generales. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (45 pages) CEMAC IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/305 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/305/002.2014.issue-305-fr.xml IMF e-Library