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Debt Accumulation In The Caribbean
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Book Synopsis Debt Accumulation in the Caribbean by : Esteban Pérez
Download or read book Debt Accumulation in the Caribbean written by Esteban Pérez and published by UN. This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).
Book Synopsis Public Debt Targeting An Application to the Caribbean by : Mr.Alejandro D. Guerson
Download or read book Public Debt Targeting An Application to the Caribbean written by Mr.Alejandro D. Guerson and published by International Monetary Fund. This book was released on 2011-08-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Threshold Effects of Sovereign Debt by : Kevin Greenidge
Download or read book Threshold Effects of Sovereign Debt written by Kevin Greenidge and published by International Monetary Fund. This book was released on 2012-06-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 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 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 Public Sector Debt in the Caribbean by : Caribbean Growth Forum CGF
Download or read book Public Sector Debt in the Caribbean written by Caribbean Growth Forum CGF and published by . This book was released on 2013 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Debt, Growth and Natural Disasters A Caribbean Trilogy by : Sebastian Acevedo Mejia
Download or read book Debt, Growth and Natural Disasters A Caribbean Trilogy written by Sebastian Acevedo Mejia and published by International Monetary Fund. This book was released on 2014-07-16 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to determine the effects that natural disasters have on per capita GDP and on the debt to GDP ratio in the Caribbean. Two types of natural disasters are studied –storms and floods– given their prevalence in the region, while considering the effects of both moderate and severe disasters. I use a vector autoregressive model with exogenous natural disasters shocks, in a panel of 12 Caribbean countries over a period of 40 years. The results show that both storms and floods have a negative effect on growth, and that debt increases with floods but not with storms. However, in a subsample I find that storms significantly increase debt in the short and long run. I also find weak evidence that debt relief contributes to ease the negative effects of storms on debt.
Book Synopsis Stabilization, Debt, and Fiscal Policy in the Caribbean by : Ms.Ratna Sahay
Download or read book Stabilization, Debt, and Fiscal Policy in the Caribbean written by Ms.Ratna Sahay and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-02-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :42 pages Book Rating :4.4/5 (2 download)
Book Synopsis Eastern Caribbean Currency Union by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Eastern Caribbean Currency Union written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2022-07-29 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
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 293 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 Caribbean Development Report: A Perusal of Public Debt in the Caribbean and Its Impact on Economic Growth by : Sheldon McLean
Download or read book Caribbean Development Report: A Perusal of Public Debt in the Caribbean and Its Impact on Economic Growth written by Sheldon McLean and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the genesis and evolution of debt and debt overhang in the Caribbean with individual case studies, to extract lessons and make broad recommendations with regard to appropriate mechanisms and policy measures that can be implemented to reduce the debt burden of the subregion. The econometric model utilized in the paper has shown that a one percent increase on debt to GDP ratio causes a 0.015decline in real GDP growth for the countries in the Caribbean panel, suggesting that debt has a pernicious effect on growth on Caribbean economies. What is even more worrisome was that Caribbean economies did not demonstrate the traditional non-linear (bell-shaped) effect of debt on growth, where there is a range in which a positive relation between debt and growth exists. Traditionally, as debt increases, so does economic growth, up to a point. After this maximum point is passed, the relationship turns negative, where increases in debt cause a decrease in economic growth. In contrast, using the Caribbean countries selected in the panel over the period 2000-2015, it was empirically found that, at all levels, increases in debt resulted in a decline in economic growth for Caribbean economies. It was also shown that the financial crisis negatively affected growth in the Caribbean, lending credence to the view that Caribbean economies are exceedingly vulnerable to exogenous economic shocks.
Book Synopsis Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution by : Ms.Kimberly Beaton
Download or read book Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution written by Ms.Kimberly Beaton and published by International Monetary Fund. This book was released on 2017-11-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well as to structural obstacles to their resolution. A comprehensive strategy is needed to address these impediments to sever the adverse feedback loops between weak economic activity and weak asset quality. This paper finds that NPLs are a drag on Caribbean growth and macro-financial links are strong: a deterioration in asset quality hinders bank lending and dampens economic activity, undermining, in turn, efforts to resolve problem loans. A multifaceted approach is needed, involving a combination of macro- economic policies to support growth and employment; strong supervisory frameworks to ensure macro-financial stability and create incentives for resolution; efforts to address informational gaps and deficiencies in insolvency and debt-enforcement frameworks; and development of markets for distressed loans. The institutional capacity constraints require coordination of reforms within the region and support from international organizations through capacity-building.
Book Synopsis The Debt Dilemma by : Horace A. Bartilow
Download or read book The Debt Dilemma written by Horace A. Bartilow and published by . This book was released on 1997 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the recent Mexican crisis has demonstrated, Third World debt remains a silent virus in the global economy and not knowing when and where it will explode next should prompt questions about the nature and process of how debt is negotiated. This text is an attempt to understand the ways in which indebted Caribbean states and the IMF negotiate debt. Issues raised attempt to discuss the following questions: how do small dependent Caribbean states with limited resources negotiate debt with a powerful international agency such as IMF?; what are the various bargaining tactics and leverages that Caribbean governments and the IMF utilize in the negotiation of debt to shape the conditionality outcomes of economic adjustment?; and how does US hegemony in the Caribbean impact the process and outcome of negotiating debt?
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 The Fiscal Experience in the Caribbean by : Ramesh Ramsaran
Download or read book The Fiscal Experience in the Caribbean written by Ramesh Ramsaran and published by Caribbean Center for Monetary Studies. This book was released on 2004 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union by : Phebby Kufa
Download or read book Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union written by Phebby Kufa and published by . This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
