Back Matter

Back Matter

Author(s):
Simon Cueva, Stephen Tokarick, Erik Lundback, Janet Stotsky, and Samuel Itam
Published Date:
December 2000
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    Statistical Appendix
    Table A1.Caribbean Countries: GDP by Sector of Origin at Current Prices(In percent of GDP, 1998 unless otherwise indicated)
    AgricultureMining and Quarrying1ManufacturingConstructionWholesale and Retail Trade2Hotels and RestaurantsTransport and CommunicationFinancial ServicesGovernment ServicesOther3
    Antigua and Barbuda44.01.72.311.810.812.220.617.619.0
    Barbados45.61.09.87.820.215.08.112.120.4
    Belize522.30.716.75.816.914.44.77.411.1
    Dominica420.20.98.87.811.32.616.710.718.82.2
    Grenada69.50.57.07.312.17.924.516.514.6
    Guyana35.616.09.85.34.56.73.313.35.5
    Jamaica48.04.915.111.423.02.011.87.612.73.5
    St. Kitts and Nevis55.10.310.112.214.99.715.717.614.4
    St. Lucia58.60.56.67.513.612.417.514.618.7
    St. Vincent and the Grenadines49.20.35.311.913.21.617.46.415.216.3
    Suriname8.14.610.46.816.49.716.225.22.6
    Trinidad and Tobago2.219.78.39.816.71.29.414.79.48.6
    Source: IMF, Recent Economic Developments reports.

    Includes petroleum sector (crude oil, refining, service, marketing, asphalt, and petrochemicals) for Trinidad and Tobago.

    Includes hotels and restaurants for Belize and Suriname.

    Includes financial services for Barbados, and hotels and restaurants for Guyana.

    Preliminary.

    Preliminary 1997.

    1997.

    Table A2.Caribbean Countries: GDP by Sector of Origin(In current prices, percent of GDP)
    Agriculture and

    Mining
    Manufacture and

    Construction
    Trade, Transportation,

    Tourism, and

    Financial Services
    Government

    Services
    19941998199419981994199819941998
    Antigua and Barbuda15.25.711.614.152.643.616.917.6
    Barbados17.26.615.917.642.743.313.412.1
    Belize220.223.025.022.536.836.08.17.4
    Dominica122.521.115.416.641.741.319.618.8
    Grenada312.310.013.914.450.344.518.116.5
    Guyana58.551.615.215.112.914.58.113.3
    Jamaica116.112.930.226.544.944.48.112.7
    St. Kitts and Nevis26.15.421.222.350.640.319.317.6
    St. Lucia210.49.114.814.153.043.514.214.6
    St. Vincent and the Grenadines19.79.517.617.739.038.814.915.2
    Suriname26.212.722.117.232.742.39.225.2
    Trinidad and Tobago32.121.915.418.134.842.010.19.4
    Weighted average21.816.220.720.739.641.810.512.3
    Source: IMF, Recent Economic Developments reports.

    Preliminary.

    Preliminary 1997.

    1997.

    Table A3.Caribbean Countries: Gross Tourist Receipts
    19941995199619971998Average
    (In percent of GDP)
    Antigua and Barbuda63.953.948.549.546.752.5
    The Bahamas29.132.530.929.627.529.9
    Barbados34.635.834.736.338.436.0
    Belize12.913.19.111.211.411.6
    Dominica17.418.519.620.718.018.8
    Grenada31.132.431.830.528.730.9
    Guyana6.35.34.814.915.09.3
    Jamaica21.022.417.716.617.619.1
    St. Kitts and Nevis45.928.930.631.932.734.0
    St. Lucia40.040.941.643.645.442.3
    St. Vincent and the Grenadines18.220.023.024.123.421.7
    Suriname3.03.81.81.00.22.0
    Trinidad and Tobago1.81.41.93.33.32.3
    (In percent of exports of goods and nonfactor services)
    Antigua and Barbuda67.962.463.563.263.564.1
    The Bahamas66.464.163.462.759.163.1
    Barbados60.057.755.555.557.357.2
    Belize24.926.318.621.323.122.9
    Dominica35.337.237.536.231.935.6
    Grenada62.165.662.760.159.962.1
    Guyana6.05.24.715.115.69.3
    Jamaica34.531.633.732.936.333.8
    St. Kitts and Nevis60.653.452.749.751.753.6
    St. Lucia60.059.763.267.069.163.8
    St. Vincent and the Grenadines39.138.844.049.646.443.6
    Suriname2.63.72.61.40.52.2
    Trinidad and Tobago3.82.53.66.26.84.6
    Sources: IMF, Recent Economic Developments reports; and IMF staff estimates.
    Table A4.Caribbean Countries: Stayover and Cruise Tourist Arrivals(In thousands)
    199019911992199319941995199619971998
    Caribbean total19,92421,08422,09623,29624,31124,54525,93128,12729,005
    Independent member countries of CARICOM8,0098,6969,1839,4739,6439,68910,08210,58710,880
    Antigua and Barbuda433460468488499447499526570
    The Bahamas3,4163,4473,5383,5363,3223,1423,3203,3693,270
    Barbados7957667858258859279579901,019
    Belize221216249285328329349307302
    Dominica52111137140182195257295302
    Grenada265281284294310358375357382
    Guyana647375107113106927666
    Jamaica1,2271,4971,7071,7351,6931,7521,8211,9041,899
    St. Kitts and Nevis110137162172207200170191247
    St. Lucia240312342349390408416559624
    St. Vincent and the Grenadines13313911712612614612197101
    Suriname292516586464536155
    Trinidad and Tobago226251262281311309312356387
    Other Caribbean countries11,91512,38812,91313,82414,66814,85615,84917,54118,126
    Cuba3404244615446177631,0041,1701,416
    Dominican Republic1,5801,4671,5741,6641,8171,8062,0372,4822,703
    Puerto Rico3,4533,6083,7733,8914,0904,0554,1534,6064.705
    Others16,5426,8907,1067,7248,1448,2328,6569,2829,302
    Memorandum item:
    Share of independent countries members of CARICOM in total Caribbean (in percent)40.241.241.640.739.739.538.937.637.5
    Source: Caribbean Tourism Organization.

    Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

    Table A5.Caribbean Countries: Stayover Tourist Arrivals(In thousands)
    199019911992199319941995199619971998
    Caribbean total11,73111,92812,30113,35914,25514,49014,90515,85916,450
    Independent member countries of CARICOM3,9383,9914,0864,4164,5934,6984,7804,8664,862
    Antigua and Barbuda206205218249263220228240234
    The Bahamas1,5621,4271,3991,4891,5161,5981,6331,6181,540
    Barbados432394386396426442447472512
    Belize216215247279314321349305238
    Dominica454647525761636566
    Grenada82858894109108108111116
    Guyana647375107113106927666
    Jamaica8411,0071,0571,1051,0981,1471,1621,1921,225
    St. Kitts and Nevis768483899479848893
    St. Lucia138159178194219232236248252
    St. Vincent and the Grenadines545253575560586567
    Suriname292516586464536155
    Trinidad and Tobago194220235248266260266324348
    Other Caribbean countries7,7937,9378,2158,9439,6619,79210,12510,99311,588
    Cuba3404244615446177631,0041,1701,416
    Dominican Republic1,5301,4171,5241,6361,7671,7761,9262,2112,309
    Puerto Rico2,5602,6132,7542,9233,1133,0543,1283,3793,461
    Others13,3633,4833,4773,8394,1644,2004,0674,2334,402
    Memorandum item:
    Share of independent countries members of CARICOM in total Caribbean (in percent)33.633.533.233.132.232.432.130.729.6
    Source: Caribbean Tourism Organization.

    Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

    Table A6.Caribbean Countries: Cruise Passenger Arrivals1(In thousands)
    199019911992199319941995199619971998
    Caribbean total7,3948,1768,7538,8588,8428,7499,68710,77010,899
    Independent member countries of CARICOM3,2713,7254,0553,9773,8353,6853,9624,2224,362
    Antigua and Barbuda227256250238236227271286336
    The Bahamas1,8542,0202,1392,0471,8061,5441,6871,7511,730
    Barbados363372400429460485510518507
    Belize50261380314
    Dominica7659088126135194230236
    Grenada183196196200201250267247266
    Jamaica386491650630595605658712674
    St. Kitts and Nevis3453748311311186103154
    St. Lucia102153165154172176181310372
    St. Vincent and the Grenadines798363697185633134
    Trinidad and Tobago323227334549463239
    Other Caribbean countries4,1234,4524,6984,8815,0065,0645,7256,5486,538
    Dominican Republic505050285031111271394
    Puerto Rico8939951,0199689771,0011,0251,2271,243
    Others23,1803,4073,6293,8853,9794,0324,5895,0504,901
    Memorandum item:
    Share of independent countries members of CARICOM in total Caribbean (in percent)44.245.646.344.943.442.140.939.240.0
    Source: Caribbean Tourism Organization.

    No information available for cruise ship visitors for Guyana, Suriname, and Cuba.

    Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

    Table A7.Caribbean Countries: Number of Hotel Rooms
    199019911992199319941995199619971998
    Caribbean total83,774140,785150,346161,210166,740174,969184,315194,137205,342
    Independent member countries of CARICOM36,85551,26654,41656,72958,16760,14963,00563,62265,498
    Antigua and Barbuda1,3502,7523,3173,3173,3173,3173,1853,1853,185
    The Bahamas11,42913,16513,54113,52113,39813,42113,28813,28814,243
    Barbados6,6805,3875,9025,5805,6855,0846,3155,3495,752
    Belize1,0162,7842,9133,3253,5043,7083,6903,9053,921
    Dominica157547603757757588764824824
    Grenada5701,1181,1141,4281,4281,6521,6691,7751,802
    Guyana538538538538639639639730730
    Jamaica10,09217,33718,48918,93519,76020,89621,98422,95422,713
    St. Kitts and Nevis5841,3921,3301,6001,5931,5631,6101,7291,762
    St. Lucia1,2452,4642,6592,9192,9543,9743,9863,7013,769
    St. Vincent and the Grenadines5001,1091,1641,2301,2151,1761,2511,2541,550
    Suriname5535325329279671,0241,0881,2761,276
    Trinidad and Tobago2,1412,1412,3142,6522,9503,1073,5363,6523,971
    Other Caribbean countries46,91989,51995,930104,481108,573114,820121,310130,515139,844
    Cuba7,52616,63818,68222,56123,25424,23326,87831,83735,708
    Dominican Republic3,80022,55524,41026,80128,96732,47535,72938,25042,412
    Puerto Rico9,2247,8978,4158,5819,51910,25110,24510,84911,828
    Others126,36942,42944,42346,53846,83347,86148,45849,57949,896
    Memorandum item:
    Share of independent countries members of CARICOM in total Caribbean (in percent)44.036.436.235.234.934.434.232.831.9
    Source: Caribbean Tourism Organization.

    Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

    Table A8.Caribbean Countries: Principal Exports1(In percent of total exports)
    19941995199619971998
    The Bahamas
    Food and live animals31.629.128.426.921.1
    Nonedible raw materials excluding fuel16.613.812.913.96.2
    Chemical products11.17.46.913.911.7
    Capital goods11.420.313.412.421.6
    Barbados
    Sugar, molasses, and rum25.422.819.523.622.2
    Electronic components19.416.612.712.312.9
    Chemicals15.215.812.813.413.5
    Belize
    Sugar, molasses, and rum29.130.730.727.5
    Citrus10.717.717.313.4
    Bananas14.713.416.814.6
    Dominica
    Bananas43.933.532.530.124.1
    Soap25.929.533.032.129.6
    Grenada
    Spices21.017.724.530.8
    Seafood12.615.615.114.2
    Cocoa12.014.312.37.2
    Guyana
    Sugar, molasses, and rum26.025.326.222.523.6
    Gold28.619.118.123.122.7
    Bauxite and alumina17.616.715.015.114.2
    Rice12.415.416.514.213.4
    Jamaica
    Bauxite and alumina49.340.139.542.843.2
    Garments20.815.514.313.112.0
    St. Kitts and Nevis
    Machinery and transport equipment53.447.150.4
    Sugar, molasses, and rum33.839.336.0
    St. Lucia
    Bananas41.040.947.039.137.2
    Garments14.312.26.97.37.4
    St. Vincent and the Grenadines
    Bananas30.935.337.531.141.5
    Flour17.414.012.018.413.9
    Rice12.310.310.312.512.9
    Suriname
    Bauxite and alumina72.477.076.477.180.5
    Seafood9.97.17.28.47.0
    Rice9.17.87.76.44.7
    Trinidad and Tobago
    Oil and fuels39.145.750.346.048.5
    Chemicals26.625.122.724.023.8
    Steel products8.08.27.17.38.4
    Source: IMF, Recent Economic Developments reports.

    Data not available for Antigua and Barbuda.

    Table A9.Caribbean Countries: Indicators of Export Performance(Annual percent change, unless otherwise specified)
    1992199319941995199619971998
    Antigua and Barbuda
    Export volume12.460.8-12.9-26.733.4-2.016.3
    Terms of trade17.5-30.5-15.237.3-66.412.7-5.9
    Real affective exchange rate14.44.4-2.5-1.40.45.2-0.5
    Exports of goods/GDP15.213.68.910.87.06.55.9
    Exports of goods and nonfactor services/GDP96.698.994.286.476.378.373.6
    The Bahamas
    Export volume-6.0-12.61.811.919.66.47.6
    Terms of trade-1.57.70.0-5.00.16.1-0.5
    Real effective exchange rate14.91.0-6.4-1.20.03.7-0.9
    Exports of goods/GDP7.05.85.16.56.66.28.7
    Exports of goods and nonfactor services/GDP50.549.749.850.549.547.949.6
    Barbados
    Export volume2.0-1.97.0-7.38.63.72.0
    Terms of trade3.52.8-8.413.72.81.11.4
    Real effective exchange rate14.30.6-3.7-1.0-0.65.2-1.0
    Exports of goods/GDP12.011.410.913.114.413.111.1
    Exports of goods and nonfactor services/GDP55.553.757.762.062.559.156.0
    Belize
    Export volume9.5-8.16.12.21.92.72.4
    Terms of trade1.911.52.1-4.12.00.40.7
    Real effective exchange rate12.05.6-6.80.94.23.1-4.3
    Exports of goods/GDP30.726.928.427.827.230.828.4
    Exports of goods and nonfactor services/GDP58.754.252.049.849.052.649.4
    Dominica
    Export volume2.3-3.9-4.4-2.95.37.518.7
    Terms of trade-2.8-4.60.1-1.40.12.52.6
    Real effective exchange rate14.62.0-3.2-5.81.44.81.3
    Exports of goods/GDP28.724.622.222.522.222.023.9
    Exports of goods and nonfactor services/GDP51.849.049.149.852.257.256.4
    Grenada
    Real effective exchange rate14.95.5-4.0-2.21.83.4-2.0
    Exports of goods/GDP8.88.69.48.47.18.28.4
    Exports of goods and nonfactor services/GDP31.833.950.149.450.750.847.9
    Guyana
    Export volume30.513.412.3-1.714.213.8-3.3
    Terms of trade-13.62.0-12.42.5-6.8-9.7-0.8
    Real effective exchange rate111.04.0-1.35.82.48.8-12.5
    Exports of goods/GDP95.091.882.679.981.979.175.8
    Exports of goods and nonfactor services/GDP128.3118.0105.0101.4101.798.895.9
    Jamaica2
    Export volume1.68.85.932.2-3.4-1.5-4.2
    Terms of trade-7.0-2.36.63.5-7.63.4-2.4
    Real effective exchange rate129.8-7.913.41.229.28.72.0
    Relative price of tradables to nontradables3-2.6-27.08.03.3-17.0-8.5-10.4
    Exports of goods/GDP27.631.027.737.226.425.322.4
    Exports of goods and nonfactor services/GDP61.169.660.970.952.750.448.5
    St. Kitts and Nevis
    Export volume9.74.9-13.2-3.210.432.7-2.3
    Terms of trade4.3-3.30.50.1-1.1-0.11.1
    Real effective exchange rate11.71.5-3.00.30.712.4-1.8
    Relative price of tradables to nontradables3-2.4-2.71.8-2.9-7.8
    Exports of goods/GDP21.519.120.416.817.922.019.3
    Exports of goods and nonfactor services/GDP79.775.675.754.258.166.063.8
    St. Lucia
    Export volume20.06.24.15.60.70.07.8
    Terms of trade (exclud, tourism)-4.3-3.1-7.0-5.1-5.57.62.9
    Real effective exchange rate14.32.1-0.5-0.1-3.46.3-4.4
    Exports of goods/GDP27.024.319.320.317.414.012.9
    Exports of goods and nonfactor services/GDP68.768.666.668.665.364.165.7
    St. Vincent and the Grenadines
    Export volume20.5-17.8-7.321.3-10.715.4-8.8
    Terms of trade-8.9-7.02.9-7.73.1-0.3-2.0
    Real effective exchange race13.86.4-5.9-1.93.06.7-1.4
    Exports of goods/GDP31.623.320.223.518.916.115.7
    Exports of goods and nonfactor services/GDP51.444.146.651.652.248.550.4
    Suriname
    Export volume11.1-19.4-9.628.4-6.522.5-2.4
    Terms of trade-4.60.5-3.9-3.13.5-0.8-0.6
    Real effective exchange rate1-30.4-4.36.543.50.422.620.4
    Exports of goods/GDP145.0181.891.778.659.465.441.1
    Exports of goods and nonfactor services/GDP167.2218.2118.0101.569.974.345.7
    Trinidad and Tobago
    Export volume44.4-4.39.022.5-12.22.712.1
    Terms of trade4-6.9-6.19.57.31.96.3-13.5
    Real effective exchange rate17.8-17.0-2.9-1.7-1.74.23.4
    Relative price of tradables to nontradables312.821.2-4.31.98.2-17.8
    Exports of goods/GDP430.532.339.946.543.743.537.2
    Exports of goods and nonfactor services/GDP38.940.146.554.351.752.848.3
    Sources: IMF, Recent Economic Developments reports; and IMF staff estimates.

    Increase denotes appreciation. Data are end of period.

    Data are on fiscal-year basis.

    Increase denotes a depreciation.

    Excludes re-exports.

    Table A10.Caribbean Countries: Imports by Economic Use1(In percent of total imports)
    19941995199619971998
    The Bahamas
    Consumer goods54.351.749.147.845.2
    Fuels13.113.615.312.49.8
    Raw materials10.310.211.112.115.7
    Capital goods22.324.524.527.729.3
    Barbados
    Consumer goods44.243.541.741.642.9
    Fuels5.04.56.14.25.0
    Raw materials33.635.131.432.230.2
    Capital goods16.616.320.322.121.8
    Belize
    Consumer goods56.151.752.051.356.1
    Fuels8.99.38.78.35.6
    Raw materials12.912.913.813.412.6
    Capital goods22.126.125.527.025.7
    Dominica
    Consumer goods63.265.160.260.4
    Fuels6.66.06.56.8
    Raw materials9.59.611.69.9
    Capital goods20.319.321.722.8
    Grenada
    Consumer goods57.658.556.355.4
    Fuels7.77.89.97.9
    Raw materials12.811.911.610.9
    Capital goods21.921.822.225.8
    Guyana
    Consumer goods16.321.328.428.332.2
    Fuels26.816.715.115.612.0
    Raw materials24.626.827.127.228.7
    Capital goods21.835.029.328.827.0
    Jamaica
    Consumer goods22.025.225.329.731.3
    Fuels15.213.915.711.89.7
    Raw materials45.343.839.438.640.3
    Capital goods17.517.219.619.918.7
    St. Kitts and Nevis
    Consumer goods53.356.155.2
    Fuels3.14.35.4
    Raw materials11.711.911.5
    Capital goods32.027.727.9
    St. Lucia
    Consumer goods58.860.456.955.457.9
    Fuels6.57.68.28.48.5
    Raw materials13.012.913.212.212.5
    Capital goods21.719.121.72421.1
    St. Vincent and the Grenadines
    Consumer goods57.859.657.958.558.4
    Fuels6.26.07.26.25.6
    Raw materials14.615.815.613.413.8
    Capital goods21.318.519.321.922.2
    Suriname
    Consumer goods23.5
    Fuels20.4
    Raw materials31.5
    Capital goods24.6
    Trinidad and Tobago
    Consumer goods34.321.121.114.617.2
    Fuels19.214.415.410.712.7
    Raw materials17.026.935.328.330.8
    Capital goods29.537.628.246.339.3
    Source: IMF, Recent Economic Developments reports.

    Data not available for Antigua and Barbuda.

    Table A11.Caribbean Countries: Trade Balances(In percent of GDP)
    19941995199619971998Average
    Antigua and Barbuda-52.6-55.9-55.7-50.7-52.1-53.4
    The Bahamas-20.9-26.7-27.2-33.0-32.8-28.1
    Barbados-20.4-23.7-22.9-30.1-32.0-25.8
    Belize-19.1-17.0-13.7-17.4-19.5-17.3
    Dominica-22.2-23.6-20.2-20.8-17.3-20.8
    Grenada-38.2-37.0-42.6-44.5-46.3-41.7
    Guyana-10.9-6.6-2.8-6.6-7.5-6.9
    Jamaica-22.6-18.6-16.0-17.0-16.0-18.0
    St. Kitts and Nevis-38.2-37.0-42.6-35.6-46.3-39.9
    St. Lucia-32.0-27.7-31.2-36.0-33.0-32.0
    St. Vincent and the Grenadines-27.5-21.8-26.7-35.5-37.8-29.8
    Suriname-2.66.81.13.7-6.50.5
    Trinidad and Tobago12.111.16.0-8.4-12.21.7
    Source: IMF, Recent Economic Developments reports.
    Table A12.Caribbean Countries: Exports and Imports of Goods and Nonfactor Services(1994–98 averages, in percent of GDP)
    Exports of Goods and Nonfactor ServicesImports of Goods and Nonfactor Services
    GoodsNonfactor servicesTotalGoodsNonfactor servicesTotal
    Antigua and Barbuda7.874.081.861.228.189.3
    The Bahamas6.642.849.434.718.052.7
    Barbados13.249.762.939.019.858.8
    Belize28.522.050.645.99.355.2
    Dominica22.630.453.043.419.262.6
    Grenada8.341.449.750.011.561.5
    Guyana79.920.7100.686.824.0110.7
    Jamaica27.828.956.745.819.965.8
    St. Kitts and Nevis19.343.863.159.225.184.3
    St. Lucia16.849.666.348.822.070.8
    St. Vincent and the Grenadines18.931.049.948.719.668.3
    Suriname67.214.681.966.726.192.9
    Trinidad and Tobago42.18.650.740.44.645.0
    Sources: IMF, Recent Economic Developments reports; and Word Economic Outlook database for The Bahamas.
    Table A13.Caribbean Countries: Current Account Balances(In percent of GDP)
    19941995199619971998
    Antigua and Barbuda-3.5-4.6-18.9-14.7-14.4
    The Bahamas-1.1-4.1-7.2-16.7-22.5
    Barbados7.74.35.20.0-0.4
    Belize-4.1-1.7-1.1-3.5-6.2
    Dominica-15.5-17.0-12.8-9.3-7.0
    Grenada-7.3-2.1-8.5-13.2-16.5
    Guyana-18.9-17.9-9.3-14.2-13.1
    Jamaica0.3-2.5-1.5-5.7-2.9
    St. Kitts and Nevis-11.0-20.7-29.9-24.4-23.8
    St. Lucia-9.2-5.4-10.4-12.5-6.7
    St. Vincent and the Grenadines-22.3-13.8-9.4-16.8-14.0
    Suriname16.222.21.33.0-10.9
    Trinidad and Tobago4.55.11.2-9.9-10.6
    Source: IMF, Recent Economic Developments reports.
    Table A14Caribbean Countries: Gross Domestic Investment1(In percent of GDP)
    19941995199619971998
    Antigua and Barbuda24.233.035.032.632.4
    Barbados14.515.114.316.719.2
    Belize24.420.019.323.722.8
    Dominica26.932.429.730.030.0
    Grenada36.231.936.138.040.2
    Guyana27.231.830.130.328.7
    Jamaica30.531.832.332.429.0
    St. Kitts and Nevis45.245.245.144.945.4
    St. Lucia23.918.721.424.619.3
    St. Vincent and the Grenadines28.230.228.329.831.8
    Suriname15.313.418.121.317.8
    Trinidad and Tobago20.215.916.427.125.9
    Source: IMF, Recent Economic Developments reports.

    Data not available for The Bahamas.

    Table A15.Consolidated International Claims of BIS Reporting Banks on Caribbean Countries, June 1999
    In Millions of U.S. DollarsIn Percent of GDP
    Belize65393.9
    Dominica7627.8
    Grenada3610.2
    Guyana6910.1
    Jamaica87011.9
    St. Lucia8716.1
    St. Vincent and the Grenadines540161.0
    Suriname12415.5
    Trinidad and Tobago1,73026.5
    The Bahamas116,586363.7
    Barbados11,98079.7
    Memorandum items:
    Argentina66,68323.6
    Brazil62,31011.2
    Mexico63,77613.4
    Venezuela13,20612.9
    Source: Bank for International Settlements.

    Banking centers according to BIS classification. Belize and most OECS member countries have also developed offshore financial activities.

    Table A16.Consolidated International Claims of BIS Reporting Banks on Caribbean Countries by Sector, June 1999(In percent of total claims)
    BanksPublic SectorNonbank Private SectorUnallocated
    Belize1.41.597.1
    Dominica3.96.689.5
    Grenada22.28.366.72.8
    Guyana13.014.572.5
    Jamaica21.333.645.2
    St. Lucia2.31.196.6
    St. Vincent and the Grenadines0.41.398.10.2
    Suriname15.365.315.34.0
    Trinidad and Tobago5.95.888.3
    The Bahamas140.51.957.10.5
    Barbados118.97.673.4
    Memorandum items:
    Developing countries27.118.254.40.3
    Latin America19.422.058.40.3
    Source: Bank for International Settlements.

    Banking centers according to BIS classification.

    Table A17.Caribbean Countries: Grant Receipts1
    19941995199619971998
    (In percent of GDP)
    Antigua and Barbuda0.40.40.70.71.5
    The Bahamas0.10.10.00.00.0
    Barbados0.10.10.10.10.2
    Belize1.20.10.31.31.2
    Dominica5.36.58.72.13.0
    Grenada3.12.63.82.74.7
    Guyana4.61.94.45.71.6
    Jamaica0.90.60.50.30.3
    St. Kitts and Nevis21.11.20.81.21.4
    St. Lucia1.31.81.30.51.0
    St. Vincent and the Grenadines1.00.41.01.64.8
    Suriname22.511.915.38.53.8
    Trinidad and Tobago20.20.20.02.30.1
    (In percent of central government total revenues and grants)
    Antigua and Barbuda1.81.73.23.56.7
    The Bahamas0.50.50.10.10.1
    Barbados0.30.30.30.30.6
    Belize4.80.41.35.44.8
    Dominica16.919.422.86.79.3
    Grenada11.49.313.210.115.4
    Guyana12.65.411.215.25.0
    Jamaica3.12.01.81.11.0
    St. Kitts and Nevis24.03.92.63.84.6
    St. Lucia4.97.25.11.93.6
    St. Vincent and the Grenadines3.41.53.45.314.4
    Suriname44.129.235.325.311.8
    Trinidad and Tobago20.80.70.18.30.3
    Source: IMF, Recent Economic Developments reports.

    For some countries, the fiscal year begins on April 1 or July 1 (see Table 8).

    Capital revenue and grants.

    Table A18.Caribbean Countries: Banking Intermediation(In percent of GDP)
    1992199319941995199619971998
    (Bank deposits)1
    Antigua and Barbuda57.558.659.573.264.364.9
    The Bahamas44.652.653.558.1
    Barbados50.850.652.551.257.257.157.7
    Belize37.134.936.541.243.148.052.7
    Dominica57.254.053.363.464.265.1
    Grenada52.365.569.884.675.477.981.9
    Guyana54.351.044.748.752.853.9
    Jamaica41.741.544.145.241.943.541.1
    St. Kitts and Nevis70.270.964.171.268.172.0
    St. Lucia51.852.756.458.159.261.3
    St. Vincent and the Grenadines49.753.254.954.055.159.4
    Suriname36.229.515.016.110.913.312.2
    Trinidad and Tobago36.339.939.137.642.444.6
    (Bank lending)2
    Antigua and Barbuda51.348.545.553.058.065.2
    The Bahamas42.549.152.157.9
    Barbados35.234.236.539.438.542.145.7
    Belize38.436.436.737.339.644.251.9
    Dominica51.053.553.757.356.259.0
    Grenada46.561.358.567.762.369.275.6
    Guyana18.717.318.423.936.742.4
    Jamaica19.623.424.326.125.626.129.8
    St. Kitts and Nevis68.270.269.570.870.272.0
    St. Lucia51.056.161.763.970.076.0
    St. Vincent and the Grenadines41.341.443.748.953.858.2
    Suriname49.128.210.210.519.723.826.5
    Trinidad and Tobago33.432.626.027.728.032.3
    (Stock market capitalization)
    Barbados16.420.030.026.638.852.5103.7
    Jamaica88.429.127.226.229.433.530.3
    Trinidad and Tobago9.411.513.421.325.554.367.3
    Sources: IMF, International Financial Statistics; and IMF staff estimates.

    Demand, and time and savings deposits, in local and foreign currency.

    Claims on private sector of deposit money banks.

    Table A19.Caribbean Countries: Central Government Balances1(Overall balances after grants, in percent of GDP)
    19941995199619971998
    Antigua and Barbuda-5.4-4.9-1.7-4.5-3.9
    The Bahamas-1.0-0.9-1.7-3.4-2.0
    Barbados-0.3-0.3-3.9-0.8-0.7
    Belize-6.0-3.4-2.5-2.4-3.8
    Dominica-5.7-0.4-0.8-4.6-3.8
    Grenada-3.5-0.6-3.7-6.2-3.5
    Guyana0.9-3.9-0.6-5.0-6.8
    Jamaica2.81.5-6.5-8.3-7.5
    St. Kitts and Nevis-2.0-2.4-3.9-4.6-7.7
    St. Lucia-0.7-1.0-1.4-1.9-1.1
    St. Vincent and the Grenadines-1.00.50.2-4.5-2.1
    Suriname-2.51.12.3-5.2-11.1
    Trinidad and Tobago0.00.2-0.50.1-1.8
    Source: IMF, Recent Economic Developments reports.

    For some countries, the fiscal year begins on April 1 or July 1 (see Table 8)

    Table A20.Caribbean Countries: Central Government—Total Revenue and Grants 1(In percent of GDP)
    19941995199619971998
    Antigua and Barbuda21.021.322.521.421.7
    Revenue20.620.921.820.620.3
    Of which:
    Tax revenue17.517.818.517.917.6
    Grants0.40.40.70.71.5
    The Bahamas18.819.118.418.518.4
    Revenue18.719.018.318.518.4
    Of which:
    Tax revenue16.516.716.516.716.5
    Grants0.10.10.00.00.0
    Barbados29.229.729.832.132.2
    Revenue29.129.629.732.032.0
    Of which:
    Tax revenue27.027.827.730.730.0
    Grants0.10.10.10.10.2
    Belize25.022.524.324.124.6
    Revenue23.822.424.022.823.5
    Of which:
    Tax revenue20.619.419.819.619.7
    Grants1.20.10.31.31.2
    Dominica31.333.538.131.232.3
    Revenue26.027.029.429.129.3
    Of which:
    Tax revenue22.023.323.523.423.8
    Grants5.36.58.72.13.0
    Grenada27.228.328.826.830.3
    Revenue24.125.725.024.125.4
    Of which:
    Tax revenue21.822.622.721.922.7
    Grants3.12.63.82.74.7
    Guyana36.635.239.237.632.1
    Revenue32.033.334.831.930.5
    Of which:
    Tax revenue29.831.432.329.628.6
    Grants4.61.94.45.71.6
    Jamaica29.230.428.327.529.1
    Revenue28.329.827.827.228.8
    Of which:
    Tax revenue24.926.124.824.526.3
    Grants0.90.60.50.30.3
    St. Kitts and Nevis27.731.031.031.630.6
    Revenue26.629.830.230.429.2
    Of which:
    Tax revenue21.121.321.622.421.8
    Grants1.11.20.81.21.4
    St. Lucia25.925.825.624.727.4
    Revenue24.724.024.324.226.4
    Of which:
    Tax revenue22.221.821.421.623.7
    Grants1.31.81.30.51.0
    St. Vincent and the Grenadines29.227.329.130.133.4
    Revenue28.226.928.128.528.6
    Of which:
    Tax revenue23.923.224.324.324.6
    Grants1.00.41.01.64.8
    Suriname51.140.743.333.732.1
    Revenue28.528.828.025.128.3
    Of which:
    Tax revenue22.525.125.321.223.0
    Grants22.511.915.38.53.8
    Trinidad and Tobago25.826.927.727.225.4
    Revenue25.626.727.725.025.3
    Of which:
    Tax revenue222.624.525.422.422.0
    Grants30.20.20.02.30.1
    Source: IMF, Recent Economic Developments reports.

    For some countries, the fiscal year begins on April 1 or July 1 (see Table 8).

    Includes oil and non-oil taxes.

    Capital revenue and grants.

    Table A21.Caribbean Countries: Central Government Expenditure 1(In percent of GDP)
    19941995199619971998
    Antigua and Barbuda226.426.224.325.925.6
    Wages and salaries11.111.511.110.611.6
    Interest payments3.43.23.24.33.1
    The Bahamas19.720.120.021.920.4
    Wages and salaries9.89.88.99.39.3
    Interest payments2.32.32.32.42.4
    Barbados230.030.032.733.032.9
    Wages and salaries11.411.311.711.310.9
    Interest payments4.54.84.84.44.6
    Belize30.925.926.826.529.1
    Wages and salaries11.711.010.59.910.2
    Interest payments1.91.92.01.92.0
    Dominica37.033.938.935.836.1
    Wages and salaries14.814.215.514.714.7
    Interest payments2.42.43.02.72.5
    Grenada30.728.832.533.033.7
    Wages and salaries12.012.112.212.911.4
    Interest payments2.42.02.22.31.6
    Guyana35.839.139.842.638.7
    Wages and salaries6.06.36.67.88.4
    Interest payments10.110.17.69.58.0
    Jamaica26.428.934.935.836.6
    Wages and salaries7.38.210.812.012.5
    Interest payments9.89.312.210.213.7
    St. Kitts and Nevis29.733.434.936.238.3
    Wages and salaries12.613.914.814.114.8
    Interest payments2.52.23.02.83.1
    St. Lucia226.626.827.026.630.7
    Wages and salaries9.911.310.811.010.9
    Interest payments0.70.80.91.01.3
    St. Vincent and the Grenadines230.226.828.934.535.5
    Wages and salaries13.012.712.813.012.8
    Interest payments1.31.71.71.61.6
    Suriname244.539.241.038.841.2
    Wages and salaries8.47.29.413.216.1
    Interest payments3.20.80.90.50.6
    Trinidad and Tobago225.826.728.227.127.2
    Wages and salaries9.49.110.18.89.2
    Interest payments5.45.04.64.65.0
    Average for the region330.329.731.532.132.8
    Wages and salaries10.610.711.211.411.8
    Interest payments3.83.63.73.73.8
    Source: IMF, Recent Economic Developments reports.

    For some countries, the fiscal year begins on April 1 or July 1 (see Table 8).

    Total expenditure and net lending.

    Unweighted average.

    Bibliography

      Errico, Luca, andAlbertoMusalem,1999, “Offshore Banking: An Amalgam of Micro- and Macro-Prudential Issues,IMF Working Paper No.99/5(Washington:International Monetary Fund).

      Neary, J. Peter, andSweder vanWijnbergen, (ed)eds., 1986, Natural Resources and the Macroeconomy(Cambridge, Massachusetts:MIT Press).

      Organization for Economic Cooperation and Development, 1998, Harmful Tax Competition: An Emerging Global Issue(Paris).

      Randall, Ruby,1998, “Interest Rate Spreads in the Eastern Caribbean,”IMF Working Paper No. 98/59(Washington:International Monetary Fund).

      Woodward, Douglas P., andRobert J.Rolfe,1993, “The Location of Export-Oriented Foreign Direct Investment in the Caribbean Basin,”Journal of International Business Studies, Vol. 24, No. 1, pp. 121—44.

      van Beek, Frits,José RobertoRosales,MayraZermeño,RubyRandall, andJorgeShepherd,2000, The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues,IMF Occasional Paper No. 195(Washington:International Monetary Fund).

      World Bank, 1998, Wider Caribbean Financial Sector Review—Increasing Competitiveness and Financial Resource Management for Economic Growth(Washington).

      World Bank, 2000, “The Management of Catastrophic Risks Using Pooled Insurance Structures and Alternative Financing and Risk Transfer Mechanisms—The Reinsurance Market and the Case of the Caribbean Basin,” Working Paper Draft(Washington).

    The Bahamas is a member of CARICOM but not the Common Market. Haiti is in the formal process of becoming a full member of CARICOM. CARICOM also includes four U.K. territories: Montserrat and Anguilla are members, and the British Virgin Islands and the Turks and Caicos Islands are associate members. Negotiations for a free trade agreement are ongoing between CARICOM and the Dominican Republic, which is, among other Western Hemisphere countries and territories, a CARICOM observer.

    In this paper, “Caribbean countries” refer to the group of independent states that are full members of CARICOM.

    OECS membership includes six independent countries—Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines—and two U.K. territories—Anguilla and Montserrat.

    This excludes the most populous countries that lie within the Caribbean Sea that are Spanish- or French-speaking territories, specifically Cuba (11.1 million), the Dominican Republic (8.3 million), and Haiti (7.6 million).

    The statistical information provided in this paper is based on data available to the IMF. The coverage and quality of economic statistics, however, could be improved in many of the countries in the region.

    Grants under EU agreement are aimed to assist with economic diversification as part of adjustment to reduction in the preferential access for banana exports to the EU.

    Anguilla joined the ECCB in 1987. On the ECCB arrangement, see van Beek and others (2000).

    The ECCB countries use a common currency—the Eastern Caribbean dollar—and the exchange value of this currency has been fixed to the U.S. dollar at the rate of EC$2.70 = US$ 1 since 1976. The Bahamian dollar is fixed at parity to the U.S. dollar, while the currencies of Barbados and Belize are fixed to the U.S. dollar at a rate of 2 to 1.

    In the case of the ECCB, each member country has unrestricted access to the common reserve pool as long as it has the domestic resources to acquire them. The ECCB calculates imputed reserves for each member as the sum of currency in circulation and the net asset positions at the ECCB of the government and the commercial banks in each territory.

    For the OECS countries, see Randall (1998).

    Latin American countries may have other, more developed financial intermediation markets, but data on nonbank financial institutions are not available for most of the Caribbean countries.

    In many countries, nonbank financial institutions are supervised by government ministries, rather than central banks. In some countries, commercial banks have established nonbank subsidiaries to take advantage of regulatory arbitrage.

    In this section, the regional averages are unweighted.

    These figures partly reflect a decline in official grants to the region to 1.8 percent of GDP in 1998, from 3.2 percent of GDP in 1994.

    Data on domestic debt are only available for a few countries in the region.

    Antigua and Barbuda, Belize, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    The agreement on phased reductions in the CET also allows for a special higher rate on agricultural products, limited duty exemptions related to economic development, and some additional national discretion in the setting of tariff rates. In addition to tariffs, many CARICOM countries levy a customs service charge on imports at varying rates.

    The monetary authorities’ limited ability to act as a lender of last resort in foreign currency and the high vulnerability of CARICOM countries to large shifts in foreign exchange inflows would suggest the elimination of the bias against domestic currency. As an alternative to reserve requirements, several countries in the region have established liquidity requirements on foreign-currency-denominated liabilities.

    On average, the public financial institutions account for about 40 percent of the assets of the financial sector. The social security funds for the most part are running large surpluses due to the relatively young populations and their relatively recent creation.

    The OECD has issued a report on this subject titled. Harmful Tax Competition:An Emerging Global Issue, 1998. At the same time, the Financial Stability Forum (FSF)—created in February 1999 by the Group of Seven countries—identified in May 2000 a list of 47 “tax havens” offshore financial centers, within three categories, graded according to the quality of their financial regulation and supervision. According to the FSF terminology, the first group comprises jurisdictions generally viewed as cooperative, with a high quality of supervision, that largely adhere to international standards; the second includes countries considered to have a supervisory and cooperation framework in place, but actual performance falls below international standards, and there is substantial room for improvement; and the third comprises jurisdictions generally seen as having a low quality of supervision and/or being noncooperative with onshore supervisors, and with little or no attempt being made to adhere to international standards. Among Caribbean countries, Barbados was included in the second group, while Antigua and Barbuda. The Bahamas, Belize, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines were placed in the third group.

    The ratio of exports of goods and nonfactor services to GDP for Trinidad and Tobago rose in 1992–95, but declined in 1996–98. St. Vincent and the Grenadines experienced an increase in the ratio of exports of goods and nonfactor services in 1995–96, but it declined thereafter.

    Three of these countries also experienced declines in the relative price of tradables to nontradables: Jamaica over the period 1996–98; St. Kitts and Nevis during 1993–97; and Trinidad and Tobago over 1997–98.

    See Neary and van Wijnbergen (1986). Trinidad and Tobago is an example of a country that experienced the Dutch Disease in the early 1980s when the price of petroleum increased sharply.

    Recent Occasional Papers of the International Monetary Fund

    201. Developments and Challenges in the Caribbean Region, by Samuel Itam, Simon Cueva, Erik Lundback, Janet Stotsky, and Stephen Tokarick. 2000.

    200. Pension Reform in the Baltics: Issues and Prospects, by Jerald Schiff, Niko Hobdari, Axel Schimmelpfennig, and Roman Zytek. 2000.

    199. Ghana: Economic Development in a Democratic Environment, by Sérgio Pereira Leite, Anthony Pellechio, Luisa Zanforlin, Girma Begashaw, Stefania Fabrizio, and Joachim Harnack. 2000.

    198. Setting Up Treasuries in the Baltics, Russia, and Other Countries of the Former Soviet Union: An Assessment of IMF Technical Assistance, by Barry H. Potter and Jack Diamond. 2000.

    197. Deposit Insurance: Actual and Good Practices, by Gillian G.H. Garcia. 2000.

    196. Trade and Trade Policies in Eastern and Southern Africa, by a staff team led by Arvind Subramanian, with Enrique Gelbard, Richard Harmsen, Katrin Elborgh-Woytek, and Piroska Nagy. 2000.

    195. The Eastern Caribbean Currency Union—Institutions, Performance, and Policy Issues, by Frits van Beek, José Roberto Rosales, Mayra Zermeño, Ruby Randall, and Jorge Shepherd. 2000.

    194. Fiscal and Macroeconomic Impact of Privatization, by Jeffrey Davis, Rolando Ossowski, Thomas Richardson, and Steven Barnett. 2000.

    193. Exchange Rate Regimes in an Increasingly Integrated World Economy, by Michael Mussa, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andy Berg. 2000.

    192. Macroprudential Indicators of Financial System Soundness, by a staff team led by Owen Evans, Alfredo M. Leone, Mahinder Gill, and Paul Hilbers. 2000.

    191. Social Issues in IMF-Supported Programs, by Sanjeev Gupta, Louis Dicks-Mireaux, Ritha Khemani, Calvin McDonald, and Marijn Verhoeven. 2000.

    190. Capital Controls: Country Experiences with Their Use and Liberalization, by Akira Ariyoshi, Karl Habermeier, Bernard Laurens, Inci Ötker-Robe, Jorge Iván Canales Kriljenko, and Andrei Kirilenko. 2000.

    189. Current Account and External Sustainability in the Baltics, Russia, and Other Countries of the Former Soviet Union, by Donal McGettigan. 2000.

    188. Financial Sector Crisis and Restructuring: Lessons from Asia, by Carl-Johan Lindgren, Tomás J.T. Baliño, Charles Enoch, Anne-Marie Gulde, Marc Quintyn, and Leslie Teo. 1999.

    187. Philippines: Toward Sustainable and Rapid Growth, Recent Developments and the Agenda Ahead, by Markus Rodlauer, Prakash Loungani, Vivek Arora, Charalambos Christofides, Enrique G. De la Piedra, Piyabha Kongsamut, Kristina Kostial, Victoria Summers, and Athanasios Vamvakidis. 2000.

    186. Anticipating Balance of Payments Crises: The Role of Early Warning Systems, by Andrew Berg, Eduardo Borensztein, Gian Maria Milesi-Ferretti, and Catherine Pattillo. 1999.

    185. Oman Beyond the Oil Horizon: Policies Toward Sustainable Growth, edited by Ahsau Mansur and Volker Treichel. 1999.

    184. Growth Experience in Transition Countries, 1990–98, by Oleh Havrylyshyn, Thomas Wolf, Julian Beren-gaut, Marta Castello-Branco, Ron van Rooden, and Valerie Mercer-Blackman. 1999.

    183. Economic Reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, by Emine Gürgen, Harry Snoek, Jon Craig, Jimmy McHugh, Ivailo Izvorski, and Ron van Rooden, 1999.

    182. Tax Reform in the Baltics, Russia, and Other Countries of the Former Soviet Union, by a staff team led by Liam Ebrill and Oleh Havrylyshyn. 1999.

    181. The Netherlands: Transforming a Market Economy, by C. Maxwell Watson, Bas B. Bakker, Jan Kees Martijn, and Ioannis Halikias. 1999.

    180. Revenue Implications of Trade Liberalization, by Liam Ebrill, Janet Stotsky, and Reint Gropp. 1999.

    179. Disinflation in Transition: 1993–97, by Carlo Cottarelli and Peter Doyle. 1999.

    178. IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, by Timothy Lane, Atish Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata. 1999.

    177. Perspectives on Regional Unemployment in Europe, by Paolo Mauro, Eswar Prasad, and Antonio Spilimbergo. 1999.

    176. Back to the Future: Postwar Reconstruction and Stabilization in Lebanon, edited by Sena Eken and Thomas Helbling. 1999.

    175. Macroeconomic Developments in the Baltics, Russia, and Other Countries of the Former Soviet Union, 1992–97, by Luis M. Valdivieso. 1998.

    174. Impact of EMU on Selected Non-European Union Countries, by R. Feldman, K. Nashashibi, R. Nord, P. Allum, D. Desruelle, K. Enders, R. Kahn, and H. Temprano-Arroyo. 1998.

    173. The Baltic Countries: From Economic Stabilization to EU Accession, by Julian Berengaut, Augusto Lopez-Claros, Françoise Le Gall, Dennis Jones, Richard Stern, Ann-Margret Westin, Effie Psalida, Pietro Garibaldi. 1998.

    172. Capital Account Liberalization: Theoretical and Practical Aspects, by a staff team led by Barry Eichengreen and Michael Mussa, with Giovanni Dell’ Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, and Andrew Tweedie. 1998.

    171. Monetary Policy in Dollarized Economies, by Tomás Baliño, Adam Bennett, and Eduardo Borensztein. 1998.

    170. The West African Economic and Monetary Union: Recent Developments and Policy Issues, by a staff team led by Ernesto Hernández-Catá and comprising Christian A. François, Paul Masson, Pascal Bouvier, Patrick Peroz, Dominique Desruelle, and Athanasios Vamvakidis. 1998.

    169. Financial Sector Development in Sub-Saharan African Countries, by Hassanali Mehran, Piero Ugolini, Jean Phillipe Briffaux, George Iden, Tonny Lybek, Stephen Swaray, and Peter Hayward. 1998.

    168. Exit Strategies: Policy Options for Countries Seeking Greater Exchange Rate Flexibility, by a staff team led by Barry Eichengreen and Paul Masson with Hugh Bredenkamp, Barry Johnston, Javier Hamann, Esteban Jadresic, and Inci Ötker. 1998.

    167. Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, edited by Peter Isard and Hamid Faruqee. 1998

    166. Hedge Funds and Financial Market Dynamics, by a staff team led by Barry Eichengreen and Donald Mathieson with Bankim Chadha, Anne Jansen, Laura Kodres, and Sunil Sharma. 1998.

    165. Algeria: Stabilization and Transition to the Market, by Karim Nashashibi, Patricia Alonso-Gamo, Stefania Bazzoni, Alain Féler, Nicole Laframboise, and Sebastian Paris Horvitz. 1998.

    164. MULTIMOD Mark III: The Core Dynamic and Steady-State Model, by Douglas Laxton, Peter Isard, Hamid Faruqee, Eswar Prasad, and Bart Turtelboom. 1998.

    163. Egypt: Beyond Stabilization, Toward a Dynamic Market Economy, by a staff team led by Howard Handy. 1998.

    162. Fiscal Policy Rules, by George Kopits and Steven Symansky. 1998.

    161. The Nordic Banking Crises: Pitfalls in Financial Liberalization? by Burkhard Drees and Ceyla Pazarbaşioğlu. 1998.

    160. Fiscal Reform in Low-Income Countries: Experience Under IMF-Supported Programs, by a staff team led by George T. Abed and comprising Liam Ebrill, Sanjeev Gupta, Benedict Clements, Ronald Mc-Morran, Anthony Pellechio, Jerald Schiff, and Marijn Verhoeven. 1998.

    159. Hungary: Economic Policies for Sustainable Growth, Carlo Cottarelli, Thomas Krueger, Reza Moghadam, Perry Perone, Edgardo Ruggiero, and Rachel van Elkan. 1998.

    158. Transparency in Government Operations, by George Kopits and Jon Craig. 1998.

    157. Central Bank Reforms in the Baltics, Russia, and the Other Countries of the Former Soviet Union, by a staff team led by Malcolm Knight and comprising Susana Almuiña, John Dalton, Inci Otker, Ceyla Pazarbaşioğlu, Arne B. Petersen, Peter Quirk, Nicholas M. Roberts, Gabriel Sensenbrenner, and Jan Willem van der Vossen. 1997.

    Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.

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