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Mr. Sanjaya P Panth, Mr. Paul Cashin, and Mr. W. A Bauer
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

With few exceptions, countries in the Caribbean region have performed reasonably well in recent years. They will, however, need to accelerate policy actions in a number of areas to address he challenges they are likely to face in the near future.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The economic performance of most of the countries in the Caribbean region has been broadly satisfactory in recent years, but insufficiently robust to substantially reduce unemployment. In the five-year period ended 1998, real GDP growth in the region was somewhat higher than in the major trading partner countries, inflation declined, and the fiscal and external positions improved. Also, progress was made toward trade liberalization.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The English-speaking Caribbean region has, for the most part, enjoyed economic stability, modest growth in per capita incomes, and a standard of living that compares fairly well with the rest of Latin America and the Caribbean as a whole. Also, social indicators are generally good and political systems stable. However, the increased integration of the region in the global economy has led to a number of risks that have to be addressed promptly for the countries of the region to accelerate growth and social progress in the period ahead. Although the region faces a number of issues that could be discussed, this paper concentrates on three broad topics, namely the need to: (1) lower the costs of financial intermediation and to strengthen supervision over onshore and offshore financial institutions; (2) improve the public finances—and, thereby, savings—to act as a buffer against external shocks; and (3) advance structural reforms—including further liberalization of trade—to enhance external competitiveness and promote the diversification of exports.

International Monetary Fund. Research Dept.

Articles in the June 2014 issue of the IMF Research Bulletin look at “The Rise and Fall of Current Account Deficits in the Euro Area Periphery and the Baltics” (Joong Shik Kang and Jay C. Shambaugh) and “The Two Sides of the Same Coin?: Rebalancing and Inclusive Growth in China” (Il Houng Lee, Murtaza Syed, and Xin Wang). The Q&A looks at “Seven Questions on the Monetary Transmission Mechanism in Low-Income Countries” (Andrew Berg, Luisa Charry, Rafael A. Portillo, and Jan Vleck). This issue of the Research Bulletin includes updated listings of IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore. Readers can also find information on free access to a featured article from “IMF Economic Review.”

International Monetary Fund
In this paper, the following statistical data are presented in detail: national accounts at current prices, index of industrial production, selected sugar statistics, tourism statistics, retail labor index, wage indicators, operations of the consolidated public sector, central governments operations and transfers, summary accounts of the consolidated banking system, selected interest rates, total exports and imports, financial system credit to the private sector, liquidity position of commercial banks, services, investment income, current transfers, summary of external debt, direction of trade, and so on.
International Monetary Fund
This paper reviews economic developments in Barbados during the 1990s. Economic activity declined during 1990–92 but began to recover in 1993. The recovery started slowly in 1993, but picked up in 1994, and real GDP grew by 3.8 percent in that year. Adverse weather in 1994 led to a drop in sugar output in 1995 and a deceleration in the growth rate of the economy to 2.9 percent. As sugar production reverted to normal levels, real GDP growth reached 5.2 percent in 1996.
Gregorio Impavido
Inflation in Barbados is mainly imported. But how are external shocks transmitted to the domestic economy? Shouldn’t there be also a domestic component, albeit very small, given the presence of capital controls? We focus on short term dynamics and contribute to the existing literature in three ways: (i) we identify the process with which inflation expectations are likely to be formed in Barbados; (ii) we add forward looking inflation expectations as one of the main channels through which external monetary shocks are transmitted to the economy; and (iii) we measure the importance of domestic shocks. We find that due to the peg, forward-looking inflation expectations in the reserve currency country are an important component of the inflation expectation process in Barbados and that they are a key channel in the international monetary transmission mechanism. Domestic factors, mainly monetary shocks, also matter given the limited degree of monetary autonomy provided by capital controls.
Mr. A. Salehizadeh, Mr. Peter Berezin, and Mr. Elcior Santana
It is typically assumed that countries in the Caribbean suffer from a lack of output and export diversification. Contrary to this popular perception, we find no evidence that output variability is higher in Caribbean countries than in larger, more diversified, developing economies. In addition, we find no evidence that export earnings are more volatile in the Caribbean economies than elsewhere. In fact, export earnings are quite stable in the Caribbean, reflecting the fact the region is rather unique in that most of its export earnings are generated from service exports, which tend to be considerably less volatile than goods exports.