A Firm's-Eye View of Commercial Policy and Fiscal Reforms in Cameroon
研究了1994年喀麦隆商业与财政改革及货币贬值对制造业企业激励结构的影响，发现改革降低了有效保护率，但税收改革和贬值对利润率无系统性影响。
After decades of high trade \n restrictions, fiscal distortions, and currency \n overvaluation, Cameroon implemented important commercial and \n fiscal policy reforms in 1994. Almost simultaneously, a \n major devaluation cut the international price of \n Cameroon's currency in half. This article examines the \n effects of those reforms on the incentive structure faced by \n manufacturing firms. Did the reforms create a coherent new \n set of signals? Did they reduce dispersion in tax burdens? \n Was the net effect to stimulate the production of tradable \n goods? The results of applying a cost function decomposition \n to detailed firm-level panel data suggest that the reforms \n created clear new signals for manufacturers, as effective \n protection rates fell by 80 to 120 percentage points. In \n contrast, neither the tax reforms nor the devaluation had a \n major systematic effect on profit margins. The devaluation \n did shift relative prices dramatically in favor of \n exportable goods, causing exporters to grow relatively rapidly.