Public Debt Targeting An Application To The Caribbean
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Public Debt Targeting An Application To The Caribbean
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Author : Mr.Alejandro D. Guerson
language : en
Publisher: International Monetary Fund
Release Date : 2011-08-01
Public Debt Targeting An Application To The Caribbean written by Mr.Alejandro D. Guerson 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 2011-08-01 with Business & Economics categories.
This paper proposes a fiscal policy framework we call Public Debt Targeting. The framework seeks to smooth primary spending over the business cycle while remaining consistent with public debt sustainability. Under the proposed framework, a government announces a commitment to a public debt band trajectory over the medium term, while sequentially announcing primary expenditures for the next budget cycle, which are determined recursively based on the history of shocks. Public debt targeting differs from a structural balance rule in that it internalizes the effect of the deterioration in creditworthiness from fiscal deficits and public debt accumulation, which tend to affect sovereign spreads, interest rates, exchange rates, and economic activity. The proposed framework is applied to Caribbean economies, which in general show high levels of public debt and procyclical primary expenditure.
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.
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.
Threshold Effects Of Sovereign Debt
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Author : Kevin Greenidge
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01
Threshold Effects Of Sovereign Debt written by Kevin Greenidge 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 2012-06-01 with Business & Economics categories.
This paper addresses the issue of threshold effects between public debt and economic growth in the Caribbean. The main finding is that there exists a threshold debt to gross domestic product (GDP) ratio of 55–56 percent. Moreover, the debt dynamics begin changing well before this threshold is reached. Specifically, at debt levels lower than 30 percent of GDP, increases in the debt-to-GDP ratio are associated with faster economic growth. However, as debt rises beyond 30 percent, the effects on economic growth diminishes rapidly and at debt levels reaching 55-56 percent of GDP, the growth impacts switch from positive to negative. Thus, beyond this threshold, debt becomes a drag on growth.
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.
Debt Accumulation In The Caribbean
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Author : Esteban Pérez
language : en
Publisher: UN
Release Date : 2007
Debt Accumulation In The Caribbean written by Esteban Pérez and has been published by UN this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
The aim of this document is to present an analysis of debt by using a consistent stock-flow model and to apply it to the Caribbean case. The document is divided into four sections presenting the facts, setting out a standard stock-flow model, testing the conditions to the Caribbean case and addressing the consequences of debt accumulation and debt reduction strategies. Publishing Agency: United Nations (UN).
Fiscal Sustainability And Policy Issues In The Eastern Caribbean Currency Union
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Author : Phebby Kufa
language : en
Publisher: International Monetary Fund
Release Date : 2003-08-01
Fiscal Sustainability And Policy Issues In The Eastern Caribbean Currency Union written by Phebby Kufa 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 2003-08-01 with Business & Economics categories.
The fiscal position of the Eastern Caribbean Currency Union (ECCU) has deteriorated significantly in recent years, resulting in sharp increases in public debt. The sustainability of public debt is examined using the public sector budget constraint to derive the maximum public-debt-to-GDP ratio that can be sustained based on a country's projected steady-state primary balance, interest rate on public debt, and economic growth rate. In this context, government deficits and debt in several ECCU member countries appear unsustainable, posing a risk to the stability of the currency union. A critical issue facing member countries is to implement fiscal policies consistent with sustainable public finances and debt to underpin the currency union.
Stabilization Debt And Fiscal Policy In The Caribbean
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Author : Ratna Sahay
language : en
Publisher:
Release Date : 2005-02-01
Stabilization Debt And Fiscal Policy In The Caribbean written by Ratna Sahay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02-01 with Business & Economics categories.
Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen rapidly. By 2003, 14 of 15 Caribbean countries ranked in the top 30 of the world's highly indebted emerging market countries. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been largely due to a sharp increase in expenditures rather than a fall in revenues. with the countries of the region now increasingly facing unsustainable debt positions, innovative ways need to be found to raise their economic growth rates and generate fiscal savings to reverse the debt buildup, and to maintain or raise their current living standards.
Eastern Caribbean Currency Union
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-14
Eastern Caribbean Currency Union 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 2017-06-14 with Business & Economics categories.
Eastern Caribbean Currency Union: Selected Issues
Public Sector Debt In The Caribbean
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Author : Caribbean Growth Forum CGF
language : en
Publisher:
Release Date : 2013
Public Sector Debt In The Caribbean written by Caribbean Growth Forum CGF and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Since the late 1990s, with comparatively low and stable inflation, relative political stability and the deepening of local and regional financial markets, Caribbean governments have largely had easy access to financial resources. Increased access to international capital markets and deepening domestic financial markets encouraged international and domestic borrowing and led to a virtual doubling of average national public debt in the Region since the mid-1990s. This steady debt accumulation has placed Caribbean countries among the most highly indebted middle-income countries in the world. At the end of 2010,1/6th of the 10 most highly indebted countries were from the Caribbean, while four countries - St. Kitts and Nevis, Jamaica, Barbados and Grenada - ranked among the top five. All six countries had public debt levels in excess of 80 percent (%) of Gross Domestic Product (GDP).Among non-Eastern Caribbean Currency Union (ECCU) countries, Suriname and Trinidad and Tobago, both predominantly mineral exporters, were the only Caribbean countries that have maintained relatively moderate levels of public debt at or below 40% of GDP for most of the decade. Guyana and Haiti have maintained modest debt levels only since benefiting from substantial debt relief under the Highly Indebted Poor Country (HIPC) and Multilateral Debt Relief Initiatives (MDRI) in 2008-09. Jamaica has had chronically high levels of public debt for more than three decades, while Barbados has witnessed a rapid build-up in its debt since the late 1990s. These trends raise important questions for the Caribbean region. How detrimental is the debt problem in the Caribbean? What has been the nature and extent of the debt experience? What are the drivers of debt accumulation in the Region? What are the characteristics of the Caribbean that explain its propensity to indebtedness? What are the prospects for debt levels in the Region? These questions are answered in this report.