Back Matter

Back Matter

Author(s):
Krishna Srinivasan, Inci Otker, Uma Ramakrishnan, and Trevor Alleyne
Published Date:
November 2017
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    Index

    A

    • Acevedo, Sebastian, 4, 5, 47, 52n10, 55, 69

    • Air conditioning, electricity for, 301n19

    • Airlift, 50n9

      • to Cuba, 68f, 69n5

      • SVAR for, 50–52

      • for tourism, 41, 48, 49–50, 50n8, 51f, 52n10, 53f, 60t, 61t

      • from U.S., 50, 51f, 52n10

    • Aiyar, S., 245n11, 256

    • Alien Land Holding License, 255n14

    • Alleyne, Trevor, 13

    • AMCs. See Asset management companies

    • AML/CFT. See Anti-money laundering/combating the financing of terrorism

    • Anderson, J., 70n7

    • Anguilla, 55, 71

    • Antigua and Barbuda

      • airlift to, 50n9

      • Canada and, 138–39, 139n21

      • debt restructuring in, 149n2

      • ECPs in, 127, 128f, 136, 138–39, 139n21

      • energy efficiency in, 301–2

      • natural disasters in, 55, 84–85

      • NDFs in, 141

      • NPLs in, 236

      • sea-level rise in, 84–85

      • tax incentives in, 103t, 108

    • Anti-money laundering/combating the financing of terrorism (AML/CFT)

      • CBRs and, 13, 270, 272, 275–76, 281–82

      • ECPs and, 145

    • Arellano, M., 243n7

    • Arellano-Bond estimation, for tourism, 48n6

    • Asset management companies (AMCs), 258–59

    • Austrian Citizenship Act, 125n3

    B

    • The Bahamas

      • airlift to, 50

      • AMCs of, 259

      • CBRs in, 274

      • central bank in, 226n40

      • crime in, 15, 25n6, 330, 336, 337, 338

      • deposit insurance in, 227, 227n43

      • financial development in, 176, 191

      • financial inclusion constraints in, 182

      • homicides in, 337

      • insurance companies in, 197

      • National Crisis Management Group in, 219n30

      • natural disasters in, 55

      • NPLs in, 245n10

      • offshore banking in, 197, 269

      • tourism in, 41, 48n5, 63, 63n2, 66, 73, 74

    • Balance of payments, 268f

    • Baldwin, R., 70n7

    • Bank for International Settlements (BIS), 269

      • ECPs and, 143, 144t

      • SWIFT and, 280n12

    • Bank profitability

      • CBRS and, 284–85

      • NPLs and, 234, 236, 239, 239f

    • Banks

      • in Barbados, 225n35, 226

      • from Canada, 197–98, 224, 270

      • claims on banks by, 203f

      • claims on sovereigns by, 202f, 203f

      • cross-border spillovers of, 211–12, 212f, 214, 218

      • defaults by, 209

      • direct exposures of, 200–204

      • of ECCU, 210n22

      • foreign-owned, 197–98, 199f

      • insurance companies and, 204, 212

      • in Jamaica, 226n39

      • liquidity of, 133–34, 134f, 175

      • mergers of, 13, 284

      • remittances and, 318, 322

      • sovereign haircuts to, 214, 216f

      • in Trinidad and Tobago, 197–98, 226

      • See also Correspondent banking relationships; Global banks; Nonperforming loans; Offshore banking

    • Barbados

      • airlift to, 50n9

      • banks in, 225n35, 226

      • Canadian banks in, 197

      • credit in, 178–79

      • deposit insurance in, 227, 227n43

      • ECCU and, 200

      • Export Rediscount Facility in, 179

      • financial development in, 176, 191

      • Financial Oversight Management Committee in, 219n29

      • financial sector of, 207

      • IBCs in, 274

      • insurance companies in, 197, 204, 212

      • natural disasters in, 57

      • natural gas in, 291

      • offshore banking in, 197, 269

      • renewable energy in, 103t

      • SMEs in, 179

      • tax incentives in, 103t, 108

      • tourism in, 48n5, 63n2

    • Barbuda. See Antigua and Barbuda

    • Basel II, 224n34, 259n17

    • Basel III, 225n38

    • Bauxite and Alumina Industries Act, in Jamaica, 118

    • Beaton, K., 12–13, 233n2, 315, 327

    • Belize

      • airlift to, 50n9

      • banks in, 212

      • bond market in, 155–60, 159f

      • CBRs in, 270, 271, 272, 274

      • climate change and, 84

      • Cuba and, 71

      • debt restructuring in, 155–60

      • debt-to-GDP ratio in, 158, 159f

      • ECPs in, 138

      • financial sector of, 207, 219n29

      • government debt in, 157–58, 157f

      • hydroelectric power in, 291, 307

      • IMF and, 158–60

      • inflation in, 158

      • natural disasters in, 82, 84

      • NPLs in, 236, 245n10

      • offshore banking in, 269

      • Permanent Court of Arbitration and, 156n5

      • tax incentives in, 103t

      • tourism in, 71

    • Big Mac Index, 44n2

    • BIS. See Bank for International Settlements

    • Blundell, R., 243n7

    • Bond, S., 243n7

    • Bond markets

      • in Belize, 155–60, 159f

      • catastrophe bonds, for natural disasters, 93, 94

      • in Grenada, 162, 163f

      • in Jamaica, 153, 154f, 155f

      • par bonds, 166

      • Superbond 3.0, in Belize, 155–60, 159f

    • Bover, O., 243n7

    • Brain drain. See Emigration

    • Branding, for tourism, 49

    • Budget deficits, 6

      • from natural disasters, 86n3

    • Business Environment and Enterprise Performance Survey, of World Bank, 334

    C

    • CAB. See Caribbean Association of Banks

    • CACs. See Collective action clauses

    • Canada

      • Antigua and Barbuda and, 138–39, 139n21

      • banks from, 197–98, 224, 270

      • Cuba and, 64–73, 65f

      • immigrant investor programs in, 124, 124n2

      • tourism from, 43

    • Cancun, 41 n1

      • airlift to, 50

      • tourism in, 41

    • Canetti, Elie, 12

    • Capital adequacy ratio (CAR), 205t, 207n18

      • of ECCU, 214n26

      • external shocks and, 218f

      • sovereign haircuts and, 216f

      • of Suriname, 214

      • systemic spillovers for, 210

    • Capital allowances, in Jamaica, 116

    • Capital buffers, 209, 213, 214

    • Capital markets, 10

      • debt restructuring and, 160, 168

      • financial

      • interconnectedness and, 197, 200

      • natural disasters and, 91

      • NPLs and, 27

      • regulation of, 226

    • Caps

      • on credit, 143

      • on ECPs, 139

      • for tax incentives, 115

    • CAR. See Capital adequacy ratio

    • Caribbean Association of Banks (CAB), 266, 266n2, 270

    • Caribbean Basin Initiative, 70n8

    • Caribbean Catastrophe Risk Insurance Facility, 93n12

      • Grenada debt restructuring and, 164

    • Caribbean Community (CARICOM), 34

      • on CBRs, 266, 281

      • central bank in, 196

      • CET of, 101, 108, 114

      • CRFP and, 196

      • energy efficiency in, 302n20

      • energy policies in, 300f

      • global financial crisis and, 195

      • gravity model and, 70n8

      • Investment Code of, 120n8

      • on tax incentives, 120

    • Caribbean Crime

    • Victimization Survey, 329

    • Caribbean Development Bank (CDB), 167

    • Caribbean Financial Action Task Force (CFATF), 276, 276n9, 277f

    • Caribbean Regional Financial Project (CRFP), by IMF, 195–96, 200, 201–2

    • Caribbean Single Market and Economy, 196, 196n2

    • Caribbean Sustainable Energy Roadmap and Strategy (C-SERMS), 299n16

    • Caribbean Tourism Organization, 52n10

    • CARICOM. See Caribbean Community

    • CARICOM Energy Policy (CEP), 299n16

    • Catastrophe bonds, for natural disasters, 93, 94

    • Catastrophe Draw-Down Option, of World Bank, 92, 92n11

    • Cavallo, E., 86

    • Cayman Islands

      • natural disasters in, 57

      • tourism in, 66

    • CBI. See Citizenship-by-investment

    • CBRs. See Correspondent banking relationships

    • CDB. See Caribbean Development Bank

    • CeaseFire program, from Chicago, 34

    • Cebotari, Aliona, 120

    • Central America Free Trade Agreement, 70n8

    • Central banks, 219n29, 226n40

      • in CARICOM, 196

      • CBRs and, 283

      • ECCB, 259n17, 283

      • financial stability from, 222

      • in Suriname, 179

    • CEP. See CARICOM Energy Policy

    • CET. See Common External Tariff

    • CFATF. See Caribbean Financial Action Task Force

    • Chai, Jingqing, 109

    • Chamon, M. J., 4

    • Chicago, CeaseFire program from, 34

    • China

      • ECPs and, 126–27, 126n7, 127n8

      • tourism from, 41

    • Citizenship-by-investment (CBI), 125t

      • in Grenada, 92n10

      • inflows under, 129f

      • in St. Kitts and Nevis, 141, 141n25, 165

    • Clawback feature, in debt restructuring, 167–68

    • CL Financial Group, 195, 197, 198–99, 222, 227

    • Climate change, 8, 25

      • adaptation efforts for, 93

      • Belize and, 84

      • natural disasters from, 83, 88

    • Cobb-Douglas output production function, 36

    • Collateral requirements

      • financial inclusion and, 182–83, 183f, 184, 189, 191f

      • NPLs and, 247, 251

    • Collective action clauses (CACs), 151, 168

      • in Grenada, 162, 163

    • Commodity exports, 1, 8, 9f

      • debt-to-GDP ratio and, 149

      • GDP per capita and, 23f

      • growth in, 19, 19n1, 20, 21–23, 22f

      • natural disasters and, 25, 87

      • NPLs for, 27

      • per capita income in, 22f

      • property rights for, 27

      • tourism and, 39

    • Common External Tariff (CET), of CARICOM, 101, 108, 114

    • Competitiveness

      • from ECPs, 126

      • growth and, 27

      • remittances and, 327

      • in tax incentives, 119–20

    • Cook’s distance, 29, 29n11, 30t

    • Corporate income tax exemptions

      • in Grenada, 119

      • in Jamaica, 115–16

      • for offshore banking and insurance companies, 107

    • Correspondent banking relationships (CBRs), 12, 265–87

      • AML/CFT and, 13, 270, 272, 275–76, 281–82

      • bank profitability and, 284–85

      • central banks and, 283

      • de-risking and, 13, 266, 266n1

      • in EMDEs, 13

      • FDI and, 267, 271

      • financial account flows and, 267

      • of global banks, 279–81, 280t

      • global financial crisis and, 265–66

      • importance of, 266–69

      • international trade and, 266–67

      • losses of, 266, 267t, 271, 281–85

      • money transfer services and, 272

      • offshore banking and, 269

      • policies for losses of, 281–85

      • remittances and, 267, 273f

      • sanctions for, 279

      • taxes and, 277–79, 278t

      • U.S. and, 274, 282, 285

      • withdrawals of, 269–81

    • Corruption, 137n18

      • competitiveness and, 27

      • FDI and, 111

      • growth and, 25t

    • Costa Rica

      • education in, 32n13

      • medium-term growth in, 32n13

    • Credit

      • in Barbados, 178–79

      • caps on, 143

      • external shocks to, 215f

      • in Jamaica, 178–79, 187

      • natural disasters and, 92

      • NPLs and, 13, 232, 236, 240f, 245

      • for SMEs, 12, 180f, 182n4

    • CRFP. See Caribbean Regional Financial Project

    • Crime, 4, 14f, 25n6, 329–44

      • cost of, 333–37, 335f, 336f

      • GDP and, 15, 338

      • growth and, 25–26, 32, 33–34

      • international comparisons of, 334–36, 335f

      • medium-term growth and, 30, 30n12, 32t, 33f

      • monitoring of, 342

      • policy recommendations for, 341–43

      • prevention of, 33–34, 342

      • private sector impact of, 337–38, 338f–40f

      • reduction of, economic impact of, 340–41, 341f

      • regional comparisons of, 336–37

      • restorative justice for, 34

      • security against, 15, 334, 338, 340f

      • stylized facts on, 330–31

      • victimization from, 15, 330–31, 332f, 333f, 337

      • See also Homicides

    • Criminal justice system, 15

    • Crisis management, for financial stability, 227

    • Cross-border spillovers

      • of banks, 211–12, 212f, 214, 218

      • of ECCU, 214, 218

      • for insurance companies, 212, 224–25

    • Cross-country NPLs, 235f

    • Cross-supervisor coordination, for financial sector, 219–24, 220t–21t

    • C-SERMS. See Caribbean Sustainable Energy Roadmap and Strategy

    • Cuba

      • airlift to, 68f, 69n5

      • Canada and, 64–73, 65f

      • exchange rates in, 69

      • gravity model for, 70–71, 70nn7–9

      • natural disasters in, 82

      • policy implications for, 74–75

      • revolution in, 63, 63n1

      • structural model for, 72–74

      • tourism in, 41, 43, 46, 63–75, 63n2, 72f

      • UK and, 71

      • U.S. and, 3, 5, 46, 59, 63–75, 68f, 69n5, 72f

    • Customs duty exemptions, 108

      • in Grenada, 119

    D

    • Dabla-Norris, M. E., 175, 181

    • Debt restructuring, 10, 149–68, 149n2

      • in Belize, 155–60

      • capital markets and, 160, 168

      • clawback feature in, 167–68

      • debt-to-GDP ratio and, 167

      • features of, 168t–69t

      • in Grenada, 160–65

      • innovations and policy lessons for, 167–68

      • in Jamaica, 151–55

      • for NPLs, 251, 252f

      • NPV and, 160, 168

      • in Seychelles, 167n9

      • in St. Kitts and Nevis, 165–67

    • Debt-to-GDP ratio, 7n2

      • in Belize, 158, 159f

      • commodity exports and, 149

      • debt restructuring and, 167

      • energy costs and, 15

      • in Grenada, 161f, 164

      • in Jamaica, 153, 156f

      • natural disasters and, 84, 87

      • in St. Kitts and Nevis, 165f

    • Demirci, Ozge, 30n12

    • Democracy, 1

    • Department of the Treasury, U.S., CBRs and, 282

    • Department of Transportation, U.S. (DOT), 52n10

    • Deportations, from U.S., 30n12

    • Deposit insurance, 227, 227n43

    • Depreciation allowances

      • in Grenada, 119

      • in Jamaica, 116

    • De-risking, CBRs and, 13, 266, 266n1

    • Disasters, economic damage from, 82, 82f

    • Discretionary waivers, in Jamaica, 116, 116f

    • Domestic economy, tourism and, 40

    • Dominica

      • airlift to, 50n9

      • banking liquidity in, 133–34, 134f

      • debt restructuring in, 149n2

      • ECPs in, 123, 131, 132f, 141–42, 141n24

      • geothermal energy in, 302

      • growth in, 88, 297

      • hydroelectric power in, 291

      • natural disasters in, 82, 84

      • real estate investment in, 126, 126n6

      • tax incentives in, 103t

      • tourism in, 73

    • Dominican Republic

      • airlift to, 50

      • natural disasters in, 57, 82

      • natural gas in, 291n5

      • tourism in, 41, 43, 46, 63n2, 74

    • DOT. See Department of Transportation, U.S.

    • Dutch disease, 123, 324

    E

    • Ease of doing business

      • for growth, 35

      • medium-term growth and, 32t, 33f

      • natural disasters and, 88

      • World Bank and, 27, 27n8

    • Eastern Caribbean Central Bank (ECCB), 259n17, 283

    • Eastern Caribbean Currency Union (ECCU), 109, 120

      • AMCs of, 259

      • banks of, 210n22

      • Barbados and, 200

      • CAR of, 214n26

      • CBRs of, 272

      • CRFP and, 196

      • cross-border spillovers of, 214, 218

      • ECPs and, 123, 144

      • energy regulation in, 301

      • financial development and, 178, 181

      • global financial crisis and, 195

      • Grenada debt restructuring and, 164

      • inflation in, 295n8

      • NPLs in, 245n10, 259n17

    • Eastern Caribbean Energy Regulatory Authority, 301

    • Eastern Caribbean Financial Holding Company (ECFH), 197

    • ECCB. See Eastern Caribbean Central Bank

    • ECCU. See Eastern Caribbean Currency Union

    • ECFH. See Eastern Caribbean Financial Holding Company

    • Economic citizenship programs (ECPs), 10, 123–46

      • in Antigua and Barbuda, 127, 128f, 136, 138–39, 139n21

      • BIS and, 143, 144t

      • competitiveness from, 126

      • in Dominica, 123, 131, 132f, 141–42, 141n24

      • exchange rates and, 136

      • financial sector and, 143–44

      • fiscal accounts for, 142

      • fiscal buffers and, 139–40, 141n25

      • fiscal revenues, 130f

      • GDP and, 131, 131f, 135, 135f

      • government debt and, 140, 141f

      • in Grenada, 126, 133, 133n14, 138, 141n23

      • investment requirements for, 135, 137t

      • macroeconomic impact of, 129–34

      • money laundering and, 124, 128, 143

      • natural disasters and, 133, 133n14

      • nature and scope of, 124–29

      • potential risks of, 134–39

      • potential savings in, 143, 144t

      • prudent policy framework for, 139–45

      • race to the bottom and, 135–36

      • in St. Kitts and Nevis, 123, 131, 131f, 132–33

      • in St. Lucia, 126, 135–36, 135n17

      • suspension of, 138–39, 139t

      • tax evasion and, 124, 128, 143

      • visa-free access and, 126, 127f

      • See also Citizenship-by-investment

    • Economic Program Oversight Committee, in Jamaica, 154–55

    • Economic shocks, 212–18

      • remittances and, 325

    • ECPs. See Economic citizenship programs

    • Education

      • in Costa Rica, 32n13

      • crime and, 26, 34

      • emigration and, 24n5, 318, 319f

    • EFF. See Extended Fund Facility

    • EFZs. See Export free zones

    • Eigencentrality, 29n9

    • ELA. See Emergency liquidity assistance

    • Electricity, 289–90, 289n1

      • for air conditioning, 301n19

      • as business constraint, 296f

      • fossil fuels for, 290–91

      • net metering for, 301n18

      • tariffs on, 290, 290f, 291f

      • utility companies for, 292, 294t

    • Electricity costs, 14f, 15

      • growth and, 295–99

      • renewable energy and, 302n21

    • EM-DAT. See Emergency Events Database

    • EMDEs. See Emerging market and developing economies

    • Emergency Events Database (EM-DAT), 36, 55n11

      • on natural disasters, 80n1

    • Emergency liquidity assistance (ELA), 226–27, 227n42

    • Emerging market and developing economies (EMDEs), 1, 1n1, 18

      • CBRs in, 13

      • global financial crisis and, 30

      • government debt in, 26–27

      • growth of, 24

      • per capita income for, 21, 21n2

      • PPP for, 21

    • Emigration, 13, 14f, 15

      • curbing and reversing, 33

      • education and, 24n5, 318, 319f

      • growth and, 24–25, 33, 322–24, 324f

      • policy implications for, 327–28

      • rates of, 26f

      • remittances and, 315–28

      • stylized facts for, 316–18, 317f

    • Employment

      • tax incentives for, 108, 112f

      • See also Unemployment

    • Employment Tax Credit (ETC), in Jamaica, 116–17

    • Energy costs, 13, 14f, 15, 289, 295f

      • inflation and, 296f

      • macroeconomic impact of, 293–95

    • Energy efficiency, 298–99, 298n14, 301–2

      • in CARICOM, 302n20

      • GDP per capita and, 306n26

      • targets for, 303t

    • Energy sector, 289–313

      • consumption in, 292–93, 293f, 294f

      • diversification of, 302–3

      • generation capacity of, 292f

      • government debt and, 304–8, 307n29, 309f, 310f

      • investment for, 303–12

      • physical infrastructure for, 306n24

      • PPPs in, 15, 308–12, 311f

      • regulation of, 299–301, 300f, 312n32

      • state of, 289–93

      • strategies for, 299

      • technical assistance for, 312n33

      • See also Electricity; Renewable energy

    • Enterprise Surveys, of World Bank, 178, 337

    • Environmental levies, 114

    • Erbenová, Michaela, 265, 269

    • Espinosa-Vega, M., 209

    • ETC. See Employment Tax Credit

    • European Union (EU)

      • ECPs and, 127–28

      • tax incentives and, 120, 120n9

    • Exchange rates

      • in Cuba, 69

      • ECPs and, 136

      • oil prices and, 295n8, 297n10

      • for tourism, 48, 49, 69

    • Expedia, 44, 46f

    • Export free zones (EFZs), in Jamaica, 118

    • Export Rediscount Facility, in Barbados, 179

    • Exports. See Commodity exports

    • Extended Fund Facility (EFF), 151

    • External shocks, 2, 8, 11

      • CAR and, 218f

      • to credit, 215f

      • financial development and, 174

      • financial interconnectedness and, 212–18

      • financial safety nets for, 226–27

      • in financial sector, 12, 209–12, 211f

      • to households, 217f

      • multi-sector, 214

      • to real estate, 217f

      • single-sector, 213–14, 218f

      • See also Economic shocks

    F

    • FATCA. See Foreign Account Tax Compliance Act

    • FDI. See Foreign direct investment

    • Federal Reserve, U.S., CBRs and, 282

    • FIA. See Fiscal Incentives Act

    • Financial account flows, CBRs and, 267

    • Financial Crimes Enforcement Network, 138

    • Financial development

      • external shocks and, 174

      • financial inclusion and, 173–92

      • GDP per capita and, 174f

      • index for, 174–76, 175f, 177f

      • physical access to, 179f

      • policy implications for, 190–92

      • PPP and, 174f

      • SMEs and, 175, 176–79

      • stylized facts on, 175–76

    • Financial inclusion

      • borrowing constraints for, 181, 189–90

      • collateral requirements and, 182–83, 183f, 184, 189, 191f

      • constraints on, 181–90, 182f, 186f

      • financial development and, 173–92

      • intermediation costs for, 181, 183n5, 185f, 186

      • in Jamaica, 182, 187–90, 188f, 190t

      • participation costs for, 181, 184f, 185–86, 189, 191/

      • policy implications for, 190–92

    • Financial interconnectedness

      • capital markets and, 197, 200

      • centrality view of, 208f

      • direct exposures for, 200–204, 205t

      • external shocks and, 212–18

      • financial stability and, 195–227

      • network maps for, 204–7, 206f

      • risk analysis for, 200–218

      • systemic spillovers for, 207–18

    • Financial Oversight Management Committee, in Barbados, 219n29

    • Financial Regulatory Council, in Jamaica, 219n29

    • Financial safety nets, 226–27

    • Financial sector, 4, 11–13, 11f

      • assets of, 198f, 228t

      • of Barbados, 207

      • cross-supervisor coordination for, 219–24, 220t–21t

      • ECPs and, 143–44

      • external shocks on, 12

      • growth and, 27

      • insurance companies in, 197

      • interconnectedness of, 12

      • overview of, 196–200

      • regulation of, 12, 219–27, 222n31

      • subcomponents of, 178f

      • systemic spillovers in, 209–12, 211f

      • of Trinidad and Tobago, 207

      • See also Banks

    • Financial Sector Assessment Programs, 210

    • Financial Sector Stability Fund, in Jamaica, 167

    • Financial stability

      • crisis management for, 227

      • financial interconnectedness and, 195–227

      • NPLs and, 232

    • Fiscal balances, 6–7, 7f, 7n2

    • Fiscal buffers

      • ECPs and, 139–40, 141n25

      • for natural disasters, 79, 91–92

    • Fiscal Incentives Act (FIA), 101, 115–16, 115n6

    • Fiscal Responsibility Law, of Grenada, 92n10

    • Foreign Account Tax Compliance Act (FATCA), 128

    • Foreign direct investment (FDI), 5–6, 9–10

      • CBRs and, 267, 271

      • ECPs and, 144

      • electricity costs and, 295

      • remittances and, 316f

      • tax holidays and, 109

      • tax incentives and, 101, 108–9, 109t, 112

    • Forster, Johanna, 55

    • Fossil fuels, 290–91

    • Fruchterman-Reingold Algorithm, 207n18

    G

    • Gambling, AML/CFT and, 276

    • GCT. See General consumption tax

    • GDP

      • commodity exports in, 20

      • crime and, 15, 26, 338

      • ECPs and, 131, 131f, 135, 135f

      • energy costs and, 293

      • energy efficiency and, 298n14

      • financial development and, 175

      • financial inclusion and, 183, 189

      • government debt and, 32

      • natural disasters and, 81, 83f

      • sea-level rise and, 88nn5–6

      • tax expenditures and, 111, 111f, 117, 118f

      • tourism in, 20, 39, 40f, 48n5

      • See also Debt-to-GDP ratio; Real GDP

    • GDP per capita, 13, 14f

      • energy efficiency and, 306n26

      • financial development and, 174f

      • growth in, 23f

      • natural diasters and, 86n2

    • General consumption tax (GCT), 117

    • Geothermal energy, 302

      • oil prices and, 307n28

    • Gini coefficient, financial inclusion and, 183, 189

    • Global banks, 200, 265

      • CBRs of, 279–81, 280t

      • ECPs and, 143

      • remittances and, 322

    • Global Competitiveness Index, 27

    • Global financial crisis, 3, 4, 8

      • CARICOM and, 34

      • CBRs and, 265–66

      • ECCB and, 259n17

      • EMDEs and, 30

      • financial stability and, 195

      • growth and, 30

      • NPLs and, 12, 236, 245

      • tourism and, 20, 39

      • unemployment and, 43

    • Globalization, 2

    • Global Microscope Survey, 189

    • Gold, Judith, 10

    • Government debt, 2, 4, 5–10, 6f

      • in Belize, 157–58, 157f

      • ECPs and, 140, 141f

      • in EMDEs, 26–27

      • energy sector investment and, 304–8, 307n29, 309f, 310f

      • GDP and, 32

      • in Grenada, 162, 162f

      • growth and, 26–27, 32

      • in Jamaica, 152, 152f

      • medium-term growth and, 32t, 33f

      • natural disasters and, 86–87

      • in St. Kitts and Nevis, 166f

      • totals for, 150f

      • See also Debt restructuring; Debt-to-GDP ratio

    • Goyal, Rishi, 109

    • Granvorka, Charley, 55

    • Gravity model, for Cuba, 70–71, 70nn7–9, 76t

    • Grenada

      • airlift to, 50n9

      • bond market in, 162, 163f

      • CACs in, 162, 163

      • debt restructuring in, 160–65

      • debt-to-GDP ratio in, 161f, 164

      • Eastern Caribbean Energy Regulatory Authority in, 301

      • ECPs in, 126, 133, 133n14, 138, 141n23

      • Fiscal Responsibility Law of, 92n10

      • government debt in, 162, 162f

      • growth in, 88

      • Hurricane Ivan in, 47, 55, 161–65

      • natural disasters in, 55, 84, 92n10

      • NPLs in, 245n10

      • NPV in, 161

      • tax incentives in, 104t, 108, 118–19

    • The Grenadines

      • CBRs in, 272

      • geothermal energy in, 302

      • hydroelectric power in, 291

      • natural disasters in, 84, 89n8

      • NPLs in, 245n10

      • physical infrastructure in, 89n8

      • tax incentives in, 106t

      • tourism in, 73

    • GRF. See Growth and Resilience Fund

    • Growth, 19–36

      • accounting methodology for, 36

      • in commodity exports, 19, 19n1, 21–23

      • competitiveness and, 27

      • crime and, 25–26, 32, 33–34

      • data sources for, 35t

      • diagnostic of relevant characteristics for, 24–29, 25t

      • ease of doing business for, 35

      • electricity costs and, 295–99

      • of EMDEs, 24

      • emigration and, 24–25, 33, 322–24, 324f

      • equations for, 29–31, 30t

      • financial sector and, 27

      • global financial crisis and, 30

      • in global perspective, 20–23

      • government debt and, 26–27, 32

      • in Jamaica, 32

      • natural disasters and, 25, 86n2, 88

      • NPLs and, 27, 30, 233f, 242–43, 242f

      • policies for, 31–35

      • property rights and, 27, 35

      • of real GDP, 19, 20f, 21t

      • remittances and, 322–24, 324f

      • sector-specific interventions for, 34

      • structural impediments to, 13–15, 14f

      • TFP and, 23, 36

      • in tourism, 19n1, 21, 31, 31f

      • trade integration and, 27–28, 32, 34

      • See also GDP

    • Growth and Resilience Fund (GRF), in St. Kitts and Nevis, 92, 140–41

    • Guardian Group, 198, 198n11

    • Guns, 331

    • Guyana

      • growth in, 297

      • remittances in, 267

      • tax incentives in, 104t

      • tourism in, 43

    H

    • H1N1, 70n8

    • Haiti

      • financial sector of, 207

      • natural disasters in, 82

      • remittances in, 267

      • tax incentives in, 105t

      • tourism in, 43, 63n2

    • Harmonized Scheme of Fiscal Incentives, 120

    • Hausmann, Ricardo, 34

    • Hedging, 9

      • for natural disasters, 93

    • Helms-Burton Act, 70

    • Heng, Dyna, 174, 176

    • Higher-end destinations, in tourism, 48, 48n4, 60t

    • Holtz-Eakin, D., 243n7

    • Homicides, 330, 330n4, 331f, 337

      • by age group, 333t

      • tourism and, 49, 341

    • Hotel Aids Act, 101

    • Hotel beds, for tourism, 48, 49

    • Households

      • external shocks to, 217f

      • financial development and, 176–79

    • Human capital, medium-term growth and, 32t, 33f

    • Hurricane Earl, 82, 156

    • Hurricane Ivan, 47, 55, 161–65

    • Hurricane Omar, in Nevis, 47

    • Hurricanes. See Natural disasters

    • Hydroelectric power, 291, 307

    I

    • IBCs. See International business companies

    • IDB. See Inter-American Development Bank

    • IMF. See International Monetary Fund

    • Immigrant investor programs, 124

    • Imports, tax incentives for, 108, 113–14

    • Incarceration, 15, 334

    • Income Tax Act, in Grenada, 119

    • Income volatility, remittances and, 325, 326f

    • Independent power producers (IPPs), 292, 299

    • Infant mortality, 1

    • Inflation

      • in Belize, 158

      • in ECCU, 295n8

      • ECPs and, 123

      • energy costs and, 296f

      • government debt and, 27

      • oil prices and, 297f

      • remittances and, 327

    • Infrastructure. See Physical infrastructure

    • Innovation

      • crime and, 337

      • in SMEs, 23

    • Insurance companies, 9, 197, 198–99, 199n12

      • banks and, 204, 212

      • corporate income tax exemptions for, 107

      • cross-border spillovers for, 212, 224–25

      • defaults by, 209

      • in financial sector, 197

      • for natural disasters, 87, 90n9, 91, 92–93, 93nn12–13

      • parametric, 93

      • sovereign haircuts to, 218, 218f

      • sovereign risk scenarios for, 218

      • in Trinidad and Tobago, 225

    • Inter-American Development

    • Bank (IDB), on crime, 15, 26, 33–34, 329–30

    • Interest rates, 199n13

    • Intergovernmental Panel on Climate Change, 84

    • Intermediation costs, for financial inclusion, 181, 183n5, 185f, 186

    • International business companies (IBCs), 274–75, 275n8

    • International Financial Reporting Standards, for NPLs, 247

    • International Monetary Fund (IMF)

      • on AML/CFT, 276

      • Belize and, 158–60

      • on CBRs, 266, 269, 272

      • CRFP by, 195–96, 200, 201–2

      • debt restructuring by, 10

      • EFF of, 151

      • FIA and, 115–16

      • on natural disasters, 83–84, 86–87

      • Poverty Reduction and Growth Facility of, 162

      • Rapid Credit Facility of, 92

      • Rapid Financing Instrument of, 92

      • SBA of, 151

      • on small states, 19n1

      • on tax incentives, 102, 120–21

      • on tourism, 40–41

      • trade connectivity and, 29n9

    • International trade, CBRs and, 266–67

    • Investment

      • crime and, 26

      • decision determinants for, 113f

      • from ECPs, 10

      • for energy sector, 303–12

      • tax incentives for, 6, 9–10, 101–21, 114f

      • TFP and, 24n4

      • See also Citizenship-by-investment; Economic citizenship programs; Foreign direct investment

    • Investment Code, of CARICOM, 120n8

    • Investment Migration Council, 129

    • IPPs. See Independent power producers

    • Izquierdo, A., 327

    J

    • Jahan, S., 149n2

    • Jaitman, Laura, 15, 26, 334

    • Jamaica

      • airlift to, 50

      • AML/CFT in, 276

      • banks in, 226n39

      • bond market in, 153, 154f, 155f

      • collateral requirements in, 184

      • credit in, 178–79, 187

      • crime in, 15, 25n6, 32, 330, 336

      • debt-to-GDP ratio in, 153, 156f

      • deposit insurance in, 227

      • discretionary waivers in, 116, 116f

      • Economic Program Oversight Committee in, 154–55

      • financial development in, 176, 191

      • financial inclusion in, 182, 187–90, 188f, 190t

      • Financial Regulatory Council in, 219n29

      • financial sector in, 199

      • Financial Sector Stability Fund in, 167

      • government debt in, 32, 152, 152f

      • growth in, 32

      • insurance companies in, 197, 204

      • natural disasters in, 57

      • natural gas in, 291, 291n4

      • NPLs in, 236

      • NPV in, 153

      • Office of Utility Regulation in, 301

      • PetroCaribe buyback in, 168

      • remittances in, 267

      • restorative justice in, 34

      • tax expenditures in, 117, 117f

      • tax incentives in, 105t, 108, 115–18

      • tourism in, 43, 74

    • Jamaica Debt Exchange (JDX), 151–55

    • Job creation, 19

    • Jordan, A., 233n2

    K

    • Khadan, Jeetendra, 15

    • Klemm, Alexander, 109

    • Klinger, Bailey, 34

    L

    • Labor, TFP and, 24n4

    • Laeven, Luc, 27

    • Laframboise, Nicole, 4, 44, 44n2, 47, 48n4, 55, 83–84

    • Large-Scale Projects and Pioneer Industries Act (LPPIs), in Jamaica, 118

    • Latin American Public Opinion Project Survey, 329

    • Lim, C. H., 225n37

    • Liquidity

      • of banks, 133–34, 134f, 175

      • buffers, 153, 192

      • ELA for, 226, 227n42

      • spillovers, 210

    • Loayza, N., 86

    • Loko, B., 84

    • Loss carryforwards, in Jamaica, 116

    • Lower-cost destinations, in tourism, 48, 48n4, 60t

    • Loyola, Franz, 8–9

    • LPPIs. See Large-Scale Projects and Pioneer Industries Act

    M

    • Market diversification, for tourism, 43–44, 59

    • McIntyre, A., 9–10, 15, 297, 298, 299, 302nn20–21, 307n29

    • Medium-term growth, 32t, 33f

      • in Costa Rica, 32n13

      • crime and, 30, 30n12

    • Melecky, M., 86n3

    • Memoranda of understanding (MOU), 222–24, 222n32, 224n33

    • Mexico

      • MultiCat Program in, 93n13

      • natural disasters in, 82

      • See also Cancun

    • Mincer equation, 24n5

    • Money laundering

      • CBRs and, 266

      • ECPs and, 124, 128, 143

      • See also Anti-money laundering/combating the financing of terrorism

    • Money transfer operators (MTO), 322

      • CBRs and, 272

    • Montiel, P., 327

    • Montserrat

      • geothermal energy in, 302

      • NPLs in, 247

    • Moral hazards, of natural disasters, 90–91

    • Moreno, Edward, 30n12

    • MOU. See Memoranda of understanding

    • MTO. See Money transfer operators

    • MultiCat Program, in Mexico, 93n13

    • Myrvoda, A., 10, 233n2

    N

    • National Crisis Management Group

      • in Bahamas, 219n30

      • in Trinidad and Tobago, 219n30

    • National Debt Exchange (NDX), 151–55

    • National development funds (NDFs), 129, 132, 139

      • in Antigua and Barbuda, 141

      • fiscal accounts for, 142

    • National Transformation Fund, in Grenada, 92n10

    • Natural disasters, 2, 4, 8–9, 10

      • annual average disaster damage from, 84f

      • average annual effects of, 83f

      • budget deficits from, 86n3

      • catastrophe bonds for, 93, 94

      • from climate change, 83, 88

      • commodity exports and, 25, 87

      • credit and, 92

      • criteria for, 55n11

      • debt restructuring and, 10

      • debt-to-GDP ratio and, 84, 87

      • ECPs and, 133, 133n14

      • EM-DAT on, 80n1

      • fiscal buffers for, 79, 91–92

      • fiscal challenges of, 79–95, 87n4

      • GDP and, 81, 83f

      • GDP per capita and, 86n2

      • government debt and, 86–87

      • gravity model and, 70n8

      • growth and, 25, 86n2, 88

      • hedging for, 93

      • IMF on, 83–84, 86–87

      • insurance companies for, 87, 90n9, 91, 92–93, 93nn12–13

      • macroeconomic impact of, 83–87, 96f–97f

      • medium-term growth and, 32t, 33f

      • moral hazards of, 90–91

      • occurrence and impact of, 81t

      • occurrence of, 85f

      • parametric insurance companies for, 93

      • physical infrastructure for, 89n8

      • policy response to, 88–94

      • populations affected by, 80f

      • postdisaster risk management for, 93–94, 94t

      • poverty and, 87

      • predisaster risk management for, 89–93, 90f

      • remittances and, 325–26, 326f

      • in small states, 86–87, 86n2

      • TFP and, 23n3

      • tourism and, 25, 46–47, 47f, 55–58, 56f, 57f

      • unemployment and, 86

      • See also Climate change; Sea-level rise

    • Natural gas, 291, 291nn4–5

    • Nauru, ECPs in, 138

    • NDFs. See National development funds

    • NDX. See National Debt Exchange

    • Net metering, for electricity, 301n18

    • Net present value (NPV), 151

      • debt restructuring and, 160, 168

      • in Grenada, 161

      • in Jamaica, 153

      • in St. Kitts and Nevis, 166

    • Nevis. See St. Kitts and Nevis

    • Newey, W., 243n7

    • Nonperforming loans (NPLs), 11–12, 231–59

      • bank profitability and, 234, 236, 239, 239f

      • collateral requirements and, 247, 251

      • by country, 232f

      • credit and, 13, 232, 236, 240f, 245

      • cross-country, 235f

      • debt-enforcement for, 251–53, 253f, 258

      • debt restructuring for, 251, 252f

      • determinants of, 243–45, 244t, 246t

      • in ECCU, 245n10, 259n17

      • by economic sector, 237f

      • financial stability and, 232

      • global financial crisis and, 12, 236, 245

      • growth and, 27, 30, 233f, 242–43, 242f

      • information obstacles for, 253–54, 254f

      • international comparison for, 250f

      • International Financial Reporting Standards for, 247

      • macro-financial implications of, 236–43, 242t

      • markets for, 254–56, 255f, 255n14, 258

      • medium-term growth and, 32t, 33f

      • obstacles to resolution of, 245–56, 245n11, 248f, 249f

      • provisioning ratios for, 238f, 249, 250f

      • prudential and supervisory framework for, 247–51

      • PVAR for, 239–41, 239n4, 241f, 242f, 261f–63f

      • ratio for, 231n1

      • real GDP and, 240f, 243–44

      • recent resolution measures for, 260

      • seriousness of, 234–36

      • strategy for resolution of, 256–59, 257f, 257n15

      • taxes and, 256

      • for tourism, 27, 231, 236, 245

      • unemployment and, 234, 241

      • VAR for, 233

    • Noy, I., 86

    • NPLs. See Nonperforming loans

    • NPV. See Net present value

    O

    • OECS. See Organization of Eastern Caribbean States

    • Office of Utility Regulation, in Jamaica, 301

    • Offshore banking, 197

      • CBRs and, 269

      • corporate income tax exemptions for, 107

    • Oil prices, 295–99, 295n8

      • exchange rates and, 297n10

      • geothermal energy and, 307n28

      • inflation and, 297f

      • real GDP and, 297n10, 298f

    • Oil production, by Suriname, 290, 290n2

    • Okwuokei, Joel, 10

    • Ordinary least squares (OLS), 29, 30t

    • Organization of Eastern Caribbean States (OECS), ECPs and, 144

    • Otker, Inci, 8–9

    • Out eigencentrality, 29n9

    P

    • Panel vector autoregression (PVAR), for NPLs, 233, 239–41, 239n4, 241f, 242f, 261f–63f

    • Parametric insurance companies, for natural disasters, 93

    • Par bonds, 166

    • Paris Club, 161, 163, 164

      • St. Kitts and Nevis and, 167

    • Participation costs, for financial inclusion, 181, 184f, 185–86, 189, 191f

    • Per capita income, 1n1

      • in commodity exports, 22f

      • for EMDEs, 21, 21n2

      • in tourism, 20, 22f

      • See also GDP per capita

    • Permanent Court of Arbitration, Belize and, 156n5

    • Perrelli, Roberto, 47

    • PetroCaribe buyback, in Jamaica, 168

    • Physical infrastructure

      • for energy sector, 306n24

      • for natural disasters, 89n8

      • for tourism, 59

    • Poverty, 1

      • natural disasters and, 87

    • Poverty Reduction and Growth Facility, of IMF, 162

    • PPP. See Purchasing-power-parity

    • PPPs. See Public-private partnerships

    • Private credit-to-GDP ratio, financial development and, 175

    • Productivity, Technology, and Innovation Survey, 330

    • Property rights, 12

      • growth and, 27, 35

    • Property tax exemptions, 108, 114

    • Provisioning ratios, for NPLs, 238f, 249, 250f

    • Public debt. See Government debt

    • Public-private partnerships (PPPs), in energy sector, 15, 308–12, 311f

    • Public services, for tourism, 58–59

    • Puerto Rico, tourism in, 63n2, 66, 73, 74

    • Purchasing-power-parity (PPP), 1

      • for EMDEs, 21

      • financial development and, 174f

      • for tourism, 20

    • PVAR. See Panel vector autoregression

    R

    • Race to the bottom, 10

      • ECPs and, 135–36

    • Raddatz, C, 86n3

    • Rapid Credit Facility, of IMF, 92

    • Rapid Financing Instrument, of IMF, 92

    • Real estate, 202

      • ECPs and, 10, 126

      • external shocks to, 213, 217f

      • seal-level rise and, 88

    • Real GDP, 1, 3f, 4, 5f

      • growth of, 19, 20f, 21t

      • NPLs and, 240f, 243–44

      • oil prices and, 297n10, 298f

    • Regional Financial Stability Coordination Council (RFSCC), 222–24

    • Remittances, 316f

      • CBRs and, 267, 273f

      • competitiveness and, 327

      • costs of, 318, 321f, 322

      • economic shocks and, 325

      • emigration and, 315–28

      • growth and, 322–24, 324f

      • income volatility and, 325, 326f

      • inflation and, 327

      • as macroeconomic stabilizers, 324–27, 325t, 326f

      • natural disasters and, 325–26, 326f

      • policy implications for, 327–28

      • stylized facts for, 318–22, 320f

      • taxes on, 325n1

      • from U.S., 323f

    • Renewable energy, 15, 302

      • in Barbados, 103t

      • by country, 302f

      • electricity costs and, 302n21

      • targets for, 304t

    • Residency-by-investment programs, 125, 125t

    • Restorative justice, 34

    • RFSCC. See Regional Financial Stability Coordination Council

    • Risk-layered framework, of World Bank, 94, 94t

    • Romeu, Rafael, 70n7

    • Rosen, H. S., 243n7

    • Royal Bank of Canada, 198n9

    • Russia, ECPs and, 126–27, 127n8

    S

    • Sagicor Financial Corporation, 198, 198n10, 199n12

    • SBA. See Stand-By Arrangement

    • Schengen Agreement, 126, 126n4

    • Sea-level rise, 84–85, 88

      • GDP and, 88nn5–6

      • in small states, 88nn5–6

    • Sector-specific interventions, for growth, 34

    • Security

      • against crime, 15, 334, 338, 340f

      • for tourism, 58–59

    • September 11, 2001 terrorist attack

      • gravity model and, 70n8

      • tourism and, 49

    • Seychelles, debt restructuring in, 167n9

    • SGMM. See System generalized method of moments

    • Shocks. See External shocks

    • SIDF. See Sugar Industry Diversification Foundation

    • Sint Maarten

      • Cuba and, 71

      • tourism in, 71

    • Slemrod, J., 128n10

    • Small and medium-sized enterprises (SMEs), 2

      • credit for, 12, 180f, 182n4

      • financial development and, 175, 176–79

      • innovation in, 23

      • policies for, 192

    • Small states

      • ECPs in, 123

      • IMF on, 19n1

      • natural disasters in, 86–87, 86n2

      • sea-level rise in, 88nn5–6

    • SMEs. See Small and medium-sized enterprises

    • Solar power, 302

    • Sole, J., 209

    • Sookram, Sandra, 55

    • Sovereign haircuts

      • to banks, 214, 216f

      • to insurance companies, 218, 218f

    • Sovereign risk scenarios, for insurance companies, 218

    • Sovereign wealth fund (SWF), 124

    • Spillovers. See Cross-border spillovers; Systemic spillovers

    • Stamp duties, 114

    • Stand-By Arrangement (SBA), 151

    • Step-up coupons, 157, 161, 166

    • St. Kitts and Nevis

      • airlift to, 50n9

      • banking liquidity in, 133–34, 134f

      • CBI in, 141, 141n25, 165

      • debt restructuring in, 165–67

      • debt-to-GDP ratio in, 165f

      • ECPs in, 123, 131, 131f, 132–33

      • geothermal energy in, 302

      • government debt in, 166f

      • GRF in, 92, 140–41

      • growth in, 88

      • Hurricane Omar in, 47

      • natural disasters in, 55, 82, 85, 92

      • NPV in, 166

      • sea-level rise in, 85

      • tax incentives in, 105t, 108

      • tourism in, 48n5

    • St. Lucia

      • airlift to, 50n9

      • CBRs in, 274

      • Eastern Caribbean Energy Regulatory Authority in, 301

      • ECFH in, 197

      • ECPs in, 126, 135–36, 135n17

      • natural disasters in, 84

      • tax incentives in, 106t

    • Strobl, Eric, 55

    • Structural impediments to growth, 13–15, 14f

    • Structural model, for Cuba, 72–74

    • Structural vector autoregression model (SVAR), for airlifts, 50–52

    • St. Vincent

      • CBRs in, 272

      • geothermal energy in, 302

      • hydroelectric power in, 291

      • natural disasters in, 84, 89n8

      • NPLs in, 245n10

      • physical infrastructure in, 89n8

      • tax incentives in, 106t

      • tourism in, 73

    • Sugar Industry Diversification Foundation (SIDF), 131, 133, 141

    • Superbond 3.0, in Belize, 155–60, 159f

    • Suriname

      • banks in, 212

      • CAR of, 214

      • CBRs in, 274

      • central bank in, 179

      • debt-to-GDP ratio in, 149

      • financial sector of, 207, 219n29

      • hydroelectric power in, 291, 307

      • NPLs in, 245n10

      • oil production by, 290, 290n2

      • tax incentives in, 107t

    • Sutton, Heather, 15

    • SVAR. See Structural vector autoregression model

    • SWF. See Sovereign wealth fund

    • SWIFT, 269n3, 270–72, 283

    • System generalized method of moments (SGMM), 243n7

    • Systemic spillovers

      • CAR, 210

      • for financial interconnectedness, 207–18

      • in financial sector, 209–12, 211f

    T

    • Taglioni, D., 70n7

    • Taiwan Export-Import Bank, Grenada debt restructuring and, 164

    • Tariffs, 114

      • on electricity, 290, 290f, 291f

    • Taxes

      • CBRs and, 277–79, 278t

      • evasion of, ECPs and, 124, 128, 143

      • NPLs and, 256

      • on remittances, 325n1

      • See also Value-added taxes

    • Tax expenditures

      • budgeting for, 115

      • GDP and, 111, 111f, 117, 118f

      • in Jamaica, 117, 117f

    • Tax holidays, 107, 107n1, 113

      • FDI and, 109

    • Tax incentives

      • caps for, 115

      • competitiveness in, 119–20

      • effectiveness of, 108–13

      • for employment, 108, 112f

      • EU and, 120, 120n9

      • FDI and, 101, 108–9, 109t, 112

      • in Grenada, 104t, 118–19

      • IMF on, 102, 120–21

      • for imports, 113–14

      • for investment, 6, 9–10, 101–21, 114f

      • in Jamaica, 105t, 115–18

      • policy recommendations for, 112–15

      • regional approach to, 119–21

      • revenue losses from, 110t, 111

      • rules-based system for, 114–15

      • for tourism, 101

      • typology of, 102–8, 103t–7t

      • worldwide prevalence of, 102t

      • See also Corporate income tax exemptions

    • Technological leapfrogging, 21

    • Terrorism

      • ECPs and, 128

      • See also Anti-money laundering/combating the financing of terrorism; September 11, 2001 terrorist attack

    • TFP. See Total factor productivity

    • Tacker, Nita, 27, 36, 47

    • Tompson, S., 233n2

    • Tintchev, K., 233n2

    • Torre, I., 334

    • Total factor productivity (TFP)

      • financial inclusion and, 189

      • growth and, 23, 23n3, 36

      • investment and, 24n4

      • labor and, 24n4

      • natural disasters and, 23n3

    • Tourism, 1n1, 3, 3f, 4–5, 8, 9f, 77t

      • actual vs. predicted arrives for, 71t

      • airlift for, 41, 48, 49–50, 50n8, 51f, 52n10, 53f, 60t, 61t

      • in Anguilla, 71

      • Arellano-Bond estimation for, 48n6

      • arrivals by source, 66f

      • in Te Bahamas, 41, 63, 63n2, 66, 73, 74

      • in Barbados, 63n2

      • in Belize, 71

      • branding for, 49

      • in Cayman Islands, 66

      • commodity exports and, 39

      • crime and, 15, 26

      • in Cuba, 63n2, 72f

      • declining global share of, 41, 44f

      • demand and supply factors for, 47–54

      • domestic economy and, 40

      • in Dominica, 73

      • in Dominican Republic, 41, 43, 46, 63n2, 74

      • energy efficiency and, 301

      • estimated price and income elasticities for, 48, 48n4

      • evolution of, 45f

      • exchange rates for, 48, 49, 69

      • in GDP, 20, 39, 40f, 48n5

      • GDP per capita and, 23f

      • global financial crisis and, 20, 39

      • in the Grenadines, 73

      • growth in, 19n1, 20, 21, 22f, 31, 31f

      • in Haiti, 43, 63n2

      • higher-end destinations in, 48, 48n4, 60t

      • homicide rate and, 49, 341

      • hotel beds for, 48, 49

      • IMF on, 40–41

      • in Jamaica, 74

      • lower-cost destinations in, 48, 48n4, 60t

      • market diversification for, 43–44, 59

      • natural disasters and, 25, 46–47, 47f, 55–58, 56f, 57f

      • NPLs for, 27, 231, 236, 245

      • per capita income in, 20, 22f

      • policy implications for, 58–59

      • PPP for, 20

      • preferences for, 72n11, 73f, 74

      • in Puerto Rico, 63n2, 66, 73, 74

      • regression results for, 59t

      • relative cost of, 40, 44–47, 44n2

      • rising arrivals in, 41, 42f, 43f

      • September 11, 2001 terrorist attack and, 49

      • share of sources for, 67, 67f

      • in Sint Maarten, 71

      • in St. Vincent, 73

      • tax incentives for, 101

      • trends, drivers, and challenges for, 39–59

      • in Trinidad and Tobago, 63n2

      • in Turks and Caicos, 66

      • unemployment in, 39

      • from U.S., 43, 50, 63–75, 74f

      • in U.S. Virgin Islands, 66, 71

      • VAT for, 108

    • Tourism Encouragement Act of 1851, 63

    • Trade, medium-term growth and, 32t

    • Trade connectivity

      • IMF and, 29n9

      • index, 28f

    • Trade integration

      • country size and, 28f

      • growth and, 27–28, 32, 34

      • medium-term growth and, 33f

    • Trade openness, 28f

    • Trinidad and Tobago

      • AML/CFT in, 276

      • banks in, 197–98, 226

      • CBRs in, 274

      • CeaseFire program in, 34

      • central bank in, 226n40

      • crime in, 15, 25n6, 34, 336

      • debt-to-GDP ratio in, 149

      • deposit insurance in, 227

      • financial development in, 176, 191

      • financial sector of, 207

      • Guardian Group in, 198

      • insurance companies in, 197, 204, 225

      • National Crisis Management Group in, 219n30

      • natural gas in, 291n5

      • NPLs in, 245n10

      • restorative justice in, 34

      • Royal Bank of Canada in, 198n9

      • SMEs in, 179

      • tax incentives in, 107t

      • tourism in, 63n2

    • Tropical Storm Erika, 133, 133n13

    • Tucker, C., 233n2

    • Turks and Caicos, tourism in, 66

    U

    • UK. See United Kingdom

    • Unemployment

      • ECPs and, 132–33

      • global financial crisis and, 43

      • natural disasters and, 86

      • NPLs and, 234, 241

      • in tourism, 39

    • UN Energy Report, 312n32

    • United Kingdom (UK)

      • Cuba and, 71

      • immigrant investor programs in, 124

      • Migration Advisory Committee of, 126n5

      • tourism from, 43

    • United States (U.S.)

      • airlift from, 50, 51f, 52n10

      • CBRs and, 274, 282, 285

      • Cuba and, 3, 5, 46, 59, 63–75, 68f, 69n5, 72f

      • deportations from, 30n12

      • FATCA in, 128

      • immigrant investor programs in, 124, 124n1

      • remittances from, 323f

      • tourism from, 43, 50, 63–75, 74f

    • Urban Renewal Program, in Jamaica, 118

    • U.S. See United States

    • U.S. Virgin Islands

      • Cuba and, 71

      • tourism in, 66, 71

    V

    • Vale Columbia Center, 101–2, 107n1

      • on FDI, 108–9

      • on tax expenditures, 111

    • Valencia, Fabian, 27

    • Value-added taxes (VAT), 107

      • in Grenada, 119

      • for tourism, 108

    • Van Fossen, A., 137n18

    • Van Parys, Stefan, 109

    • Van Wincoop, E., 70n7

    • VAT. See Value-added taxes

    • Victimization, from crime, 15, 330–31, 332f, 333f, 337

    • Violence. See Crime

    • Virgin Islands. See U.S. Virgin Islands

    W

    • Week-@-the-Beach Index, 44, 46f, 72

    • Wong, Joyce Cheng, 12, 15, 30n12

    • World Bank

      • Business Environment and Enterprise Performance Survey of, 334

      • Caribbean Catastrophe Risk Insurance

      • Facility and, 93n12

      • Catastrophe Draw-Down Option of, 92, 92n11

      • on CBRs, 270

      • ease of doing business and, 27, 27n8

      • Enterprise Surveys of, 178, 337

      • risk-layered framework of, 94, 94t

      • Worldwide Governance Indicators of, 27

    • World Economic Forum, 27

    • World Economic Outlook, 36

    • World Tourism and Travel Council, 39

    • World Tourism Organization, 63n2

    • Worldwide Governance Indicators, of World Bank, 27

    • Worrel, Delisle, 275n8

    Y

    • Youth vocation training, crime and, 15

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