The Challenges Of Fiscal Consolidation And Debt Reduction In The Caribbean

Author : Charles Amo Yartey,Mr.Machiko Narita,Mr.Garth Peron Nicholls,Mr.Joel Chiedu Okwuokei
Publisher : International Monetary Fund
Page : 48 pages
File Size : 52,5 Mb
Release : 2017-07-08
Category : Business & Economics
ISBN : 9781475536119

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The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean by Charles Amo Yartey,Mr.Machiko Narita,Mr.Garth Peron Nicholls,Mr.Joel Chiedu Okwuokei Pdf

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.

Author : Charles Amo Yartey,Ms. Therese Turner-Jones
Publisher : International Monetary Fund
Page : 314 pages
File Size : 48,5 Mb
Release : 2014-05-06
Category : Business & Economics
ISBN : 9781484321171

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Caribbean Renewal: Tackling Fiscal and Debt Challenges by Charles Amo Yartey,Ms. Therese Turner-Jones Pdf

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.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 23 pages
File Size : 40,8 Mb
Release : 2013-02-23
Category : Business & Economics
ISBN : 9781498342261

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Caribbean Small States - Challenges of High Debt and Low Growth by International Monetary Fund. Western Hemisphere Dept. Pdf

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

Author : Ramesh Ramsaran
Publisher : Caribbean Center for Monetary Studies
Page : 808 pages
File Size : 42,5 Mb
Release : 2004
Category : Caribbean Area
ISBN : UTEXAS:059173016569069

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The Fiscal Experience in the Caribbean by Ramesh Ramsaran Pdf

Author : Economic Commission for Latin America and the Caribbean
Publisher : United Nations
Page : 129 pages
File Size : 45,6 Mb
Release : 2018-04-11
Category : Political Science
ISBN : 9789210586214

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Fiscal Panorama of Latin America and the Caribbean 2018 by Economic Commission for Latin America and the Caribbean Pdf

This edition of Fiscal Panorama of Latin America and the Caribbean coincides with an important milestone: the thirtieth anniversary of the Regional Seminar on Fiscal Policy organized by the Economic Commission for Latin America and the Caribbean (ECLAC). Over the past 30 years, this seminar has become a key fixture on the agenda of fiscal policy events in the region.Throughout these three decades, the successive editions of the seminar have served as a forum for national authorities, tax experts and officials from international organizations to discuss the performance, challenges and opportunities of fiscal policy,and it has enhanced policy design and management in the individual countries.

Author : Robert Looney
Publisher : Routledge
Page : 505 pages
File Size : 53,9 Mb
Release : 2020-11-10
Category : Political Science
ISBN : 9780429555657

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Handbook of Caribbean Economies by Robert Looney Pdf

This volume aims to illustrate the uniqueness of the economies of the countries and territories of the Caribbean as well as the similarities they share with other regions. While most countries in the region share many of the characteristics of middle-income countries, theirs is a matter of extremes. Their generally small size suggests a fragility not found elsewhere. While much of the world is beginning to feel some effects of climate change, the Caribbean is ground zero. These factors suggest a difficult road ahead, but the chapters presented in this volume aim to help to spur the search for creative solutions to the region’s problems. The chapters, written by expert contributors, examine the Caribbean economies from several perspectives. Many break new ground in questioning past policy mindsets, while developing new approaches to many of the traditional constraints limiting growth in the region. The volume is organized in four sections. Part I examines commonalities, including issues surrounding small economies, tourism, climate change and energy security. Part II looks at obstacles to sustained progress, for example debt, natural disasters and crime. In Part III chapters consider the specific role of external influences, including the USA and the European Union, the People's Republic of China, as well as regional co-operation. The volume concludes in Part IV with country case studies intended to provide a sense of the diversity that runs through the region.

Author : Juan Pablo Bohoslavsky,Kunibert Raffer
Publisher : Cambridge University Press
Page : 309 pages
File Size : 50,8 Mb
Release : 2017-11-02
Category : Business & Economics
ISBN : 9781316510445

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Sovereign Debt Crises by Juan Pablo Bohoslavsky,Kunibert Raffer Pdf

Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.

Author : Mr.Marcello M. Estevão,Issouf Samaké
Publisher : International Monetary Fund
Page : 51 pages
File Size : 51,8 Mb
Release : 2013-05-31
Category : Business & Economics
ISBN : 9781484304488

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The Economic Effects of Fiscal Consolidation with Debt Feedback by Mr.Marcello M. Estevão,Issouf Samaké Pdf

The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.

Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 50,5 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

Author : Stephanie Fullerton-Cooper,Erica Gordon,Livingston Smith
Publisher : Cambridge Scholars Publishing
Page : 420 pages
File Size : 40,5 Mb
Release : 2017-06-23
Category : Social Science
ISBN : 9781443873673

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The Caribbean in a Changing World by Stephanie Fullerton-Cooper,Erica Gordon,Livingston Smith Pdf

This collection is a critical reflection of the evolution of Caribbean countries since the demise of the West Indies Federation in 1962. At this historical juncture, some territories opted for independence while others remained dependent territories. The volume examines Caribbean societies in comparative and general ways, covering aspects of their ongoing development and challenges. It covers such areas as Caribbean integration, the state of human capital and social policy in the region, the education sector, Caribbean economic sustainability, and, significantly, the physical environment of the Caribbean. A central question has always been: should these territories have gone independent or stayed under some British tutelage? The book addresses this question, illustrating that these island states have made considerable progress, especially in the maintenance and deepening of democratic practices.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,6 Mb
Release : 2014-09-25
Category : Electronic
ISBN : 9781498305006

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Publications Catalog, Fall 2014 by International Monetary Fund Pdf

This paper presents an overview of the book Collapse and Revival: Understanding Global Recessions and Recoveries that tracks the global business cycle through the destruction of a global recession to the renewal of recovery, drawing on four major episodes during the past half century. This book defines the terms of global recessions and recoveries; documents their main features; describes the events that take place around these episodes; puts the latest global recession and ongoing recovery in perspective; and analyzes the interactions between fluctuations in the global growth and national growth over the different phases of the global cycle.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 33 pages
File Size : 53,9 Mb
Release : 2013-08-08
Category : Business & Economics
ISBN : 9781484306802

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Kingdom of the Netherlands-Aruba by International Monetary Fund. European Dept. Pdf

This Selected Issues paper analyzes sustaining potential growth in Aruba. As in the other Caribbean countries, there are growing concerns in Aruba about the slowdown in economic growth over the past two decades and the consequent tepid outlook for potential growth. Tackling such concerns requires identifying the underlying factors. This paper presents an overview of Aruba’s economic growth performance since 1990, analyzes factors behind the slowdown, and discusses how potential growth can be sustained. It suggests that Aruba should aim to finance its renewable energy and other future growth initiatives sustainably.

Author : Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 378 pages
File Size : 48,6 Mb
Release : 2017-11-13
Category : Business & Economics
ISBN : 9781484315194

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Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

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.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 44,7 Mb
Release : 2013-03-15
Category : Business & Economics
ISBN : 9781484376300

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IMF Research Bulletin, March 2013 by International Monetary Fund. Research Dept. Pdf

The Research Summaries in the March 2013 Research Bulletin discuss "Trade Finance and Its Role in the Great Trade Collapse" (JaeBin Ahn) and "Sovereign Debt: How to Track Who Is Buying and Selling It" (Serkan Arslanalp and Takahiro Tsuda). The Q&A looks at "Seven Questions on the Implications of Global Supply Chains for Real Effective Exchange Rates" (Rudolfs Bems). Readers can also find in this issue a listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications. The Bulletin also includes a call for papers for a research conference and information on free access to the IMF Economic Review in April.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,8 Mb
Release : 2013-05-06
Category : Business & Economics
ISBN : 9781484382479

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Regional Economic Outlook, May 2013, Western Hemisphere by International Monetary Fund. Western Hemisphere Dept. Pdf

Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain favorable. Strong demand from emerging Asian economies and the gradual recovery of advanced economies will continue to support commodity prices, benefiting exporters. The main policy challenge for most of the region is to take advantage of current conditions to continue buttressing a foundation for sustained growth. Other issues important to the region include: (i) strengthening balance sheets; (ii) understanding how changes in external conditions could impact public and external debt dynamics; and (iii) making the best use of the windfall from the recent terms-of-trade boom.