inherent changes on the remuneration of production factors, changes in urban and rural household income, changes in the level of production across the traditional IMMPA income groups, and changes in financial assets of economic agents and financial institutions. The results show a robust increase in the level of GDP. The simulated growth rate is about 8.5%, significantly above the growth rate of 5% recorded during the same period (Cameroon DSNA [2000], World Bank [2000]). The positive effects of simulations reflects the fact that increased investment results in rising demand for goods, and hence production.

Except in few cases, and particularly on the production side, the growth process is uniform. Its benefits are evenly distributed across sectors and economic agents. A comparison between the base case and the simulated results shows that the total remuneration of rural unskilled labor increases by over 8%, slightly above the remuneration of urban unskilled and skilled labor. Similarly, the remuneration of capital is higher under the simulated scenario, with a growth rate of about 9%. The more rapid increase of total remuneration of capital under the current scenario is reflected in the structure of production. The urban corporate production, which is one of the most capital intensive sectors increases by over 10.6%, higher than the aggregate economic growth rates. The non traded agricultural production also increases significantly as well, with a hypothesized growth rate of 8.5%, above that of the traded sector, which is less than 5%. By contrast, public sector production, which exhibits the lowest own-sector multipliers, forward and backward linkage indices, increases by only 1.5%, an illustration of the highly variable growth rates across the different sectors in urban areas.

The robust growth rate for the capitalist and corporate production in urban areas is also reflected in the distribution of income growth at the household levels. Capitalist households and non financial companies show the strongest growth in income under the simulated policy experiment. The income accruing to these two groups increases by about 8.5 and 9 %, respectively, above the income earned by rural households deriving their income from traded and non traded agricultural production. However, the income growth of capitalist and non financial companies falls within the range of urban unskilled households working in the informal sector. This is also reflected in the changes in financial assets. Capitalist households and households engaged in informal sectors activities have the largest increase in financial assets. The increase is general across all the other income groups, although of a much lower magnitude. For instance, the changes in commercial banks’ financial assets are relatively low, reflecting the initially low level and particularly the degree of monetization of the economy.

# **VI. Concluding Remarks**

This paper describes a financial social accounting matrix for the Cameroonian economy based on the most recent data sets. In particular, it presents a detailed structure of the economy of the post-devaluation growth period. The aftermath of the 1994 CFA Franc devaluation was characterized by the implementation of a number of structural reforms, most notably changes in the composition of public expenditures illustrated by cuts in wages and salaries and hiring a freeze in the public sector. These reforms were accompanied by the implementation of stabilization policies with implications for labor markets and employment, growth and investment, household income, consumption and poverty. The analysis of the financial SAM shows that the post-devaluation growth period is also characterized by robust 28