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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. Publisher :International Monetary Fund ISBN 13 :1498342264 Total Pages :23 pages Book Rating :4.4/5 (983 download)
Book Synopsis Caribbean Small States - Challenges of High Debt and Low Growth by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Caribbean Small States - Challenges of High Debt and Low Growth written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2013-02-23 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean by : Charles Amo Yartey
Download or read book The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2017-07-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Caribbean Renewal by : Charles Amo Yartey
Download or read book Caribbean Renewal written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2014-05-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Debt and Development in Small Island Developing States by : D. King
Download or read book Debt and Development in Small Island Developing States written by D. King and published by Springer. This book was released on 2014-12-17 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Achieving a Resilient Future for Small States by : Denny Lewis-Bynoe
Download or read book Achieving a Resilient Future for Small States written by Denny Lewis-Bynoe and published by Commonwealth Secretariat. This book was released on 2016-04-01 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean by : Mr.Krishna Srinivasan
Download or read book Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean written by Mr.Krishna Srinivasan and published by International Monetary Fund. This book was released on 2017-09-29 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Riding the Storm: Fiscal Sustainability in the Caribbean by : Mr.Serhan Cevik
Download or read book Riding the Storm: Fiscal Sustainability in the Caribbean written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2020-01-31 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Income Inequality in Small States and the Caribbean: Stylized Facts and Determinants by : Arnold McIntyre
Download or read book Income Inequality in Small States and the Caribbean: Stylized Facts and Determinants written by Arnold McIntyre and published by International Monetary Fund. This book was released on 2021-02-12 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Assessment of Debt Restructuring Operations in Commonwealth Small States by : Michele Robinson (Economist)
Download or read book Assessment of Debt Restructuring Operations in Commonwealth Small States written by Michele Robinson (Economist) and published by . This book was released on 2015 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights the concerns of Commonwealth small states about unsustainable debt burdens and the emerging challenges to their overall debt sustainability. It offers key lessons learned from Antigua and Barbuda, Belize, Dominica, Grenada, Jamaica, St Kitts and Nevis, and Seychelles.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Unleashing Growth and Strengthening Resilience in the Caribbean by : Mr.Krishna Srinivasan
Download or read book Unleashing Growth and Strengthening Resilience in the Caribbean written by Mr.Krishna Srinivasan and published by International Monetary Fund. This book was released on 2017-11-13 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Emerging Debt Problems of Small States by : Dinesh Dodhia
Download or read book The Emerging Debt Problems of Small States written by Dinesh Dodhia and published by . This book was released on 2008 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been a significant rise in the indebtedness of small states. However, unlike major debtors and the Heavily Indebted Poor Countries (HIPCs), the emerging debt problems of small, mainly middle income, states have received little international recognition and attention.Thirteen small middle income Caribbean economies are amongst the most indebted thirty emerging market economies in the world. Similar conditions apply in a number of other small economies in Africa, the Indian Ocean and the Pacific.Dinesh Dodhia examines the history of this indebtedness, its likely causes in different economies, and prospects for dealing with the debt problem in the future. He argues that there is a need for a comprehensive international framework to deal with it, covering: fiscal discipline in small states themselves, improved debt recording and debt management, insurance and grant financing mechanisms that respond to the challenges posed by natural disasters, continued grant and concessional financing for small states, adequate compensation for preference erosion, and support for the efforts of small states to promote private investment for diversification and growth.This is the first substantial investigation of a newly recognised international problem.
Book Synopsis Small States Resilience to Natural Disasters and Climate Change - Role for the IMF by : International Monetary Fund
Download or read book Small States Resilience to Natural Disasters and Climate Change - Role for the IMF written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-11 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.
Book Synopsis Making Development Co-operation Work for Small Island Developing States by : OECD
Download or read book Making Development Co-operation Work for Small Island Developing States written by OECD and published by Org. for Economic Cooperation & Development. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: - Foreword - Abbreviations and acronyms - Editorial: Helping small island developing states embark on sustainable development pathways - Executive summary - Infographic: Recommendations to make development co-operation work for small island developing states - Characteristics and vulnerabilities of small island developing states - Financing for development in small island developing states: A focus on concessional finance - Innovations and good practices for a new way to respond to the complexity of development co-operation in small island developing states - Small island developing states: Profiles - Glossary
Book Synopsis Reinvigorating Growth in Belize by : Dmitry Vasilyev
Download or read book Reinvigorating Growth in Belize written by Dmitry Vasilyev and published by International Monetary Fund. This book was released on 2019-02-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s and early 2000s, Belize grew faster than its regional peers. By the mid-2000s, however, economic growth had slowed down to the regional average. A vicious circle of low growth and increasing public debt has been clouding Belize’s outlook. This paper applies a growth diagnostic approach based on the Hausmann-Rodrik-Velasco framework to investigate the main growth constraints and opportunities for higher growth in Belize. Improvements in access to finance and in the business climate could unlock Belize’s strengths.
Book Synopsis Caribbean Energy by : Arnold McIntyre
Download or read book Caribbean Energy written by Arnold McIntyre and published by International Monetary Fund. This book was released on 2016-03-08 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It presents recommendations to move the energy agenda forward based on analyses of macro-aspects of energy reform. These include: i) quantitative assessment of the impact of energy costs on growth and competitiveness; ii) evaluation of gains from implementing announced renewable energy and energy efficiency targets; and iii) analysis of the impact of energy investments on debt sustainability. The paper argues for a bigger role for the private sector in energy reform and discusses prerequisites for good public-private partnerships.
Book Synopsis Revitalizing the Jamaican Economy by : Inter-American Development Bank
Download or read book Revitalizing the Jamaican Economy written by Inter-American Development Bank and published by IDB. This book was released on 2004 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt:
