important. The more stringent access to domestic credit in rural areas may be partly due to low degree of monetization of rural economy.<sup>43</sup> Except in a few cases (urban formal unskilled households, urban skilled and capitalist households, and commercial banks), the changing structure of assets is mainly characterized by a net increase and accumulation of capital goods. Capital goods acquisitions accounts for over 81% of total aggregated household assets acquisition across all economic agents (see Annex IV). Surprisingly, the acquisition of capital goods valued at market prices is high in a number of sectors, especially the ones which reduced their holding of fiduciary currencies and deposits to commercial banks. This is especially the case for rural traded and non traded households, urban informal sector and non financial companies. The largest accumulation of capital goods is accounted for by two sectors: non financial companies which account for more than 60% of the total, and the central government, which accounts for over 20% (see Annex IV). The urban private sector benefited most from the accumulation of capital goods and public investment, receiving over 99% of total investment. The concomitant reduction of currency holding and deposits to commercial banks on one hand and increase accumulation of capital goods on the other hand may also be viewed as a strategy for portfolio diversification in an environment of limited credit expansion and money growth.

In the urban formal sector (skilled and unskilled households, capitalist households, and commercial banks), the changing structure of assets is dominated by acquisition of capital shares. Capitalist households have large capital shares, about twice the aggregate value of capital across all economic agents. The low value of the aggregated capital share across all other economic agents is due to the large reduction in the holding of capital shares and equities by the central government. In absolute value terms, the reduction of capital share owed by the government represents more than 32% of national aggregated capital resources accumulated over the reference period. Though relatively high, this reduction of capital share owed by the public sector may be inscribed in a much broader framework of divestiture of public enterprises.<sup>44</sup> The monetary system has the most diversified financial asset structure. Commercial banks accumulated credit to the public and private sectors, accounting for over 45% of their total resources. They also increased their ownership of capital share to about 53.5% of the total; and short-term foreign assets in the form of international reserves to about 40% of the total. Note that the increase of financial assets in the form of capital shares, credit and reserves accruing to commercial banks was partly facilitated by a drastic reduction in the scope of government bond holdings and access to external financial resources.

# **IV. An IMMPA-Based Financial SAM Model for Inference under Fixed-Price Multiplier**

This section provides a framework for inferring the functional distribution of income, and the growth and accumulation process from the Cameroon financial SAM using fixed-price multiplier analysis. Fixed-price multiplier analyses are static models for short-term inference.

> 43 More recently, a number of local institutions in the form of formal and informal cooperative have been providing access to financing in rural areas through development of micro-credit schemes, as alternative or substitute to low coverage of rural areas by traditional commercial banks and financial institutions.

> 44 For instance, in the years following the devaluation of the CFA Franc, the two largest transport entities and agrobusinesses were privatized; and the privatization program was designed to be expanded to cover public utilities, commercial banks and other non financial corporations. For further details, see World Bank [1998].

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