Caribbean Small States Challenges Of High Debt And Low Growth
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Caribbean Small States Challenges Of High Debt And Low Growth
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-02-23
Caribbean Small States Challenges Of High Debt And Low Growth written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-23 with Business & Economics categories.
This paper presents background on Caribbean small states as context for the main paper, “Macroeconomic Issues in Small States and Implications for Fund Engagement.” It draws on recent analytical work presented at a conference for policy makers in September 2012, in Trinidad and Tobago. Caribbean small states, while sharing many features of other small states (size-related macroeconomic vulnerabilities, lack of economies of scale, and capacity constraints) have specific characteristics which merit attention
The Challenges Of Fiscal Consolidation And Debt Reduction In The Caribbean
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Author : Charles Amo Yartey
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-08
The Challenges Of Fiscal Consolidation And Debt Reduction In The Caribbean written by Charles Amo Yartey and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-08 with Business & Economics categories.
This paper examines debt dynamics in the Caribbean and discusses policy options for reducing the high debt levels. Based on empirical studies of factors underlying global large debt reduction episodes, important policy lessons are drawn for the Caribbean. The analysis shows that major debt reductions are associated with strong growth and decisive and lasting fiscal consolidation efforts. Since growth in the current environment is virtually nonexistent, significant fiscal consolidation is inevitable in the region. Better control of the public wage bill, increasing public sector efficiency and tackling transfers are the obvious targets to reduce spending. On the revenue side, there is ample room to reduce tax expenditures, eliminate distortions while broadening the tax base. Fiscal consolidation needs to be complemented by a comprehensive debt reduction strategy including tax policy reforms and structural reforms to boost competiveness.
Achieving A Resilient Future For Small States
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Author : Denny Lewis-Bynoe
language : en
Publisher: Commonwealth Secretariat
Release Date : 2016-04-01
Achieving A Resilient Future For Small States written by Denny Lewis-Bynoe and has been published by Commonwealth Secretariat this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Business & Economics categories.
The Caribbean faces numerous economic, social and environmental challenges, with current projections predicting the road ahead to be filled with low levels of growth, high debt and low resilience. In Achieving a Resilient Future for Small States: Caribbean 2050, the contributors set out a long-term, research-based strategy for avoiding these projections, recommending a number of policy interventions aimed at building the region’s resilience and development prospects. Written by influential analysts and researchers and drawing on a wide cross-section of regional stakeholders and thought leaders, the study contains an assessment of the main challenges and opportunities for the region, scenario modelling of where the region could be by 2050, and a broad vision for the region with sector specific goals of how to get there.
Debt And Development In Small Island Developing States
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Author : D. King
language : en
Publisher: Springer
Release Date : 2014-12-17
Debt And Development In Small Island Developing States written by D. King and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-17 with Business & Economics categories.
Debt and Development in Small Island Developing States draws on the expertise of established researchers and public officials from within the SIDS community to answer the following pressing questions related to sustainability, debt accumulation, and prospects for future growth.
Caribbean Renewal
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Author : Charles Amo Yartey
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-06
Caribbean Renewal written by Charles Amo Yartey and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-06 with Business & Economics categories.
Caribbean economies face high and rising debt-to-GDP ratios that jeopardize prospects for medium-term debt sustainability and growth. This book provides a comprehensive analysis of the challenges of fiscal consolidation and debt reduction in the Caribbean. It examines the problem of high debt in the region and discusses policy options for improving debt sustainability, including fiscal consolidation, robust growth, and structural reforms. The book also examines empirically the factors underlying global large debt reduction episodes to draw important policy lessons for the Caribbean. It also reviews the literature on successful fiscal consolidation experiences and provides an overview of past and current consolidation efforts in the Caribbean. The book concludes that the region needs a broad and sustained package of reforms to reduce debt ratios to more manageable levels and strengthen economic resilience.
Income Inequality In Small States And The Caribbean Stylized Facts And Determinants
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Author : Arnold McIntyre
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-12
Income Inequality In Small States And The Caribbean Stylized Facts And Determinants written by Arnold McIntyre and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-12 with Business & Economics categories.
Rising income inequality has emerged as a major policy issue facing policymakers, but there is a dearth of empirical work on inequality in small states, including the Caribbean. Despite data limitations, the empirical analysis using a sample of small states finds that increased openness and deeper economic integration including financial market openness is associated with lower income inequality, whereas elevated debt levels limit fiscal space and are associated with higher income inequality. An important policy implication is that well targeted social sector spending aimed at improving education and health indicators will support increased redistribution and reduce income inequality.
Issues In Monetary And Fiscal Policy In Small Developing States
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Author : Anthony Birchwood
language : en
Publisher: Commonwealth Secretariat
Release Date : 2011-09-23
Issues In Monetary And Fiscal Policy In Small Developing States written by Anthony Birchwood and has been published by Commonwealth Secretariat this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-23 with Social Science categories.
This study examines how monetary and fiscal policies are implemented in Caribbean small states, tracing the differences and similarities in tax structure, current expenditure and current revenues. It shows the impact of monetary policy on inflation and the importance of exchange rate regimes to the effectiveness of monetary policy in the region. The authors show that fiscal stabilisation in the region is very low and as such countries within the region would benefit from insurance mechanisms and stabilisation funds.
Riding The Storm Fiscal Sustainability In The Caribbean
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-31
Riding The Storm Fiscal Sustainability In The Caribbean written by Mr.Serhan Cevik and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-31 with Business & Economics categories.
Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to climate change. This paper applies the model-based sustainability test for fiscal policy in a panel of 16 Caribbean countries during the period 1980–2018. The results indicate that the coefficient on lagged government debt is positive and statistically significant, implying that fiscal policy in the Caribbean takes corrective actions to counteract an increase in the debt-to-GDP ratio. Nonlinear estimations, however, show that the quadratic debt parameter is negative, which indicates that fiscal policy response is not adequate to ensure sustainability at higher levels of debt. We also find that the fiscal stance tends to be countercyclical on average during the sample period. These empirical results confirm that maintaining prudent fiscal policies and implementing growth-enhancing structural reforms are necessary to build fiscal buffers and ensure debt sustainability with high probability even when negative shocks occur over the long term.
Excerpt Unleashing Growth And Strengthening Resilience In The Caribbean
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Author : Mr.Krishna Srinivasan
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-29
Excerpt Unleashing Growth And Strengthening Resilience In The Caribbean written by Mr.Krishna Srinivasan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-29 with Business & Economics categories.
This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.
Global Waves Of Debt
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.