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

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

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

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

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

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

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

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

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

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

Khadan, Jeetendra, 15

Klemm, Alexander, 109

Klinger, Bailey, 34

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

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

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

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

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

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

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

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

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

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

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

Youth vocation training, crime and, 15