Index
Entries followed by f indicate a figure, by t a table, and by n a footnote.
A
Accounting and audit standards, securities market and, 345
Accrual rates (pension), 174, 178–179
Actuarial reviews, 171, 181
Administrative expenses
education, 185
pension, 172, 176, 179
Administrative structures, eliminating duplication of, 57
Adverse shocks, 10
African Development Bank (AfDB), 243
debt restructuring and, 276
Policy-Based Guarantee Option, 245, 246, 247
Age of population, 47–48, 48t
Aggregate demand, 9
Agricultural sector, 27
commodity exports, 17f
Agroprocessing, 452
Air access, 444, 445f, 453
Airport indicators, 445f
Akaike information criteria (AIC), 229n4
Allowances
for health sector workers, 189, 189t
proliferation of, 165–166
streamlining, 168
Anguilla, 53
macroeconomic statistical issues, 497
offshore financial centers in, 13
regional integration agreement, 61t
Annual plans, parastatal, 215
Annuities, 323
Antigua, 129n1
debt restructuring in, 9, 278
offshore financial centers in, 13, 349–376
revealed comparative advantage in, 434t
Antigua and Barbuda, 53
bank run in, 299
macroeconomic statistical issues, 497
political calendar and leadership, 42
regional integration agreements, 61t
revealed comparative advantage, 431–432
sovereign debt restructuring in, 233, 278–279, 278f
Antigua and Barbuda Investment Bank (ABIB), 289, 300, 303, 369
Anti-inflationary policy anchor, free float and, 408
Anti-money-laundering measures/combating financing of terrorism (AML/CFT), 360
Arrivals to population, 95, 103t, 104t
Article 56, 29
Assembly of Parliamentarians, 5
Asset quality, 294, 295f
Assets
banking sector, 286, 318t
control by trustees, 330–331
credit union, 307, 308–309, 310f, 318t
ATMs, 467, 468t
Automated System for Customs Data, 156
B
Bahamas, 300
offshore financial centers and, 363
BAICO, 11–12, 312, 314, 315t, 326
collapse of, 321, 322t
BAICO Bahamas, 323, 324f
BAICO Trinidad, 328
Balance of payments, 20t, 491–492
Eastern Caribbean Central Bank and, 384
Balance of Payments and International Investment Position Manual, sixth edition, 16, 489
Balance of payments crisis, 406
Banana market, 425, 428–430, 429f
BanInter, 239
Bank-assets-to-GDP ratio, 286
Bank balance sheets, 15, 409
Bank branches, 286, 447, 467, 468t
Bank Crozier Limited, 290
Banker to governments, 382
Bank for International Settlements (BIS), 350, 362, 363
Banking Act, 298, 300
Banking licenses, 67
Banking sector/banks, 10–11, 54, 67, 285–305
asset quality, 294
assets, 318t
bank resolution, 73, 298–300, 395
capital adequacy, 294–296, 295f, 296f
debt restructuring and, 270–271
deposit insurance, 300–301, 301t
depth of, 462–466, 463f
effect of offshore financial centers on local, 355
exposure to public debt, 118t
financial sector linkages, 288–290, 288t
foreign (see Foreign banks)
foreign currency exposure, 297–298, 298t
governments and parastatals, 289–290, 289f
indigenous (see Indigenous banks)
international, 353
lending to government, 297, 297f
linkages, 285
liquidity, 290–293, 291f, 292t, 293f, 294f
mergers in, 67
nonbank financial sector and, 290
offshore, 290
performance in past decade, 290–298
profitability, 296–297, 296f
regulation and supervision of, 14, 73–74, 301–303, 329, 381
stability of, 437–439
structure of, 285–287, 286t
Banking Sector Reserve Fund, 271
Banking Supervision Department, 395
Banking System Reserve Fund, 393
Bank of Antigua (BOA), 10, 67, 289, 299, 312
run on, 299, 369
Bank of Montserrat, 299, 310
Bank of St. Lucia, 67
Bank recapitalization, 74
Bank reserves, 388
Bank resolution, 73, 298–300, 395
Bank run, in Antigua and Barbuda, 299, 369
Bankruptcy laws, 461
Bank secrecy, 358
Barbados, 300
British Caribbean Currency Board (BCCB) and, 382n2
land area, 447
as offshore financial center, 352, 363
withdrawal from Eastern Caribbean Currency Authority (ECCA), 382
Barbuda, 129n1. See also Antigua and Barbuda
offshore financial centers in, 13
Barclays Bank, 286n3
Basel Core Principles for Effective Banking Supervision (BCPS), 294n8, 304, 370
Basel I standard, 302
Basel II standard, 302
Bear Stearns, 236
Belize, 300, 316, 430
sovereign debt restructuring in, 9, 233, 235–238, 236f, 238f, 272
Benchmarking, 15
Beneficiary registry, 196
Benefits, employment, 165
Bermuda, 316
Berth, 443
Bilateral agreements, 59–63, 63
Bilateral creditors
in Dominica, 257
in Grenada, 263
Bilateral debt relief, 114
Bilateral exports, 413–414, 414t
Bilateral grants, 132
Binding constraints, 425
Board of Directors, ECCB, 381, 383
Bond auctions, 336, 337–338, 344
Bound tests, public debt sustainability, 126–127f
Brain drain, 31
Branches, bank, 286, 447, 467, 468t
British American Insurance Company. See BAICO
British American Trinidad, 328
British banks, 286
British Caribbean Currency Board (BCCB), 14, 55t, 382
British colonies, 54
Budget constraints, 5, 168
Building societies, 395
Burden-sharing, 74
Business
attracting, 426
obstacles to conducting, 474, 475f (see also Doing Business Indicators; Enterprise Surveys)
Business cycles, 28, 388f
fixed exchange rates and, 412
Business Outlook Survey, 493
Business tax rate, 445
C
CAMEL indicators, 316, 317
Canada, insurance crisis in, 334
Canadian banks, 10, 286, 288
Canadian dollar, as anchor for OECS/ECCU, 416–417, 417f, 418t, 421t
Canadian Imperial Bank of Commerce (CIBC), 286n3
Canadian International Development Agency (CIDA), 156
Cancer
mortality rate, 188t
prevalence of, 49, 50t
Capital accounts, 21t, 381, 407
Capital accumulation, 79
Capital adequacy, 294–296, 296f, 315
Capital buffers, 302
Capital flows
offshore financial centers and, 367–368, 368t
reported in balance of payments, 492
short-term, 387
Capital gains, tax on, 144
Capitalization, international standards for, 68
Capital markets, 12–13, 67–68, 335–348, 466–467
challenges and recommendations, 340–345
government securities issuance, 345
investors, 338–340, 344
primary issuance and auctions, 337–338, 337f
primary market, 341–344
Regional Government Securities Market and, 337–340
secondary market, 340, 340f, 344–345
setup and operations, 335–337
Capital needs, 285
Capital project portfolios, 204
Capital returns, 426
Capital revenue, 130t
Capital spending, 197–205
rationalization measures, 163t
Capital-to-labor ratios, 85
Cardiovascular disease, mortality rate, 188t
Caribbean Agreement on Social Security (CASS), 175, 180
Caribbean approach, 263n27
Caribbean Assets and Liabilities Management Services (CALMS) Ltd., 299
Caribbean Basin Economic Recovery Act (CBERA), 62n8
Caribbean Basin Initiative, 62
Caribbean Catastrophic Risk Insurance Facility, 441
Caribbean Centre for Development Administration, 491
Caribbean Community (CARICOM), 5, 25, 56
customs union, 129
exchange rate regime and, 387
natural resources and comparative advantage, 432
Caribbean Community (CARICOM) Single Market and Economy (CSME), 26, 56
Caribbean Community (CARICOM) Treaty, 452
Caribbean Confederation of Credit Unions (CCCU), 309
Caribbean Customs Law Enforcement Council, 154
Caribbean Development Bank (CDB), 6, 30, 33, 111, 236, 238, 249
debt restructuring and, 276
Dominica debt restructuring and, 254, 255, 257–258, 259–260
Caribbean economies, 425
Caribbean Free Trade Area, 56
Caribbean Money Market Brokers, 328
Caribbean Organization of Tax Administration, 154
Caribbean Regional Technical Assistance Center (CARTAC), 209, 488n5, 489, 490, 493, 494
Caribbean Secondary Education Certificate (CSEC) exam, 182, 183f
Caribbean Tourism Organization, 491, 493
Caribbean Union Bank, 310
Cash transfers, 198
Categorical targeting, 213
Cayman Islands, 353, 363
Ceiling on insurable earnings, 177
Censored Tobit estimation methodology, 342, 343t
Center of excellence, 16, 316, 494
Central America, 63
tax incentives in, 147
Central Bank Act, 328
Central Bank of Trinidad and Tobago (CBTT), 326–327
Centralized fiscal authority, 70
Central statistical offices (CSOs), 74, 494
Child mortality, 36t, 38t
Chile, conditional cash transfer program in, 198
Cholesky decomposition of errors, 228–229
Chronic diseases, prevalence of, 49t
Chronic liquidity shortages, 393
CIBC First Caribbean, 286n3
Civil service employment and wages, 163–170
parastatals and, 205–206
rationalization measures, 162t
as share of population, 165, 165f
Civil service pension schemes, 160, 162t, 165n11, 168, 176
reform of, 8, 168–169, 180–181
Claw back option, 269, 276
CL Financial Limited (CLF)
collapse of, 11–12, 314–315, 321, 326–328
consolidated balance sheet, 325f
history of, 323–326
organizational structure, 324f
spillover effects of collapse, 329
CLICO. See Colonial Life Insurance Company (CLICO)
CLICO International Life (CIL), 11, 321
Climate change, 30–31
Climate Vulnerability Monitor, 30
Climate Vulnerable Forum, 30
CMMB Ltd., 324f
Cobb-Douglas production function, 83
Coca-Cola Co., 353
Collateral, 392, 448
Collections enforcement, 7
Collective action clauses (CACs), 10, 235, 237, 242, 245, 247, 270
Collective investment schemes, 13, 353
College of Regulators, 73, 330, 397
Colonial Life Insurance Company (CLICO), 312, 315t, 323
collapse of, 11–12, 314, 321, 322t
Colonial Life Insurance Company (CLICO) Barbados, 323, 326, 329
Colonial Life Insurance Company (CLICO) Guyana, 324f
Colonial Life Insurance Company (CLICO) Investment Bank, 324f, 326, 328
Colonial Life Insurance Company (CLICO) Suriname, 324f
Colonial Life Insurance Company (CLICO) Trinidad, 324f, 326, 328
Colonial Life Insurance Company (CLICO) Turks and Caicos, 324f
Commercial banks, 10, 285
branches, 447
capital market and, 339–340
credit unions vs., 310–313, 313t
debt restructuring in Seychelles and, 245
interest rates, 389, 390–391t
by territory, 396t
Commercial creditors
debt restructuring and, 235
St. Kitts and Nevis, 268
Commercial debt restructuring, in Grenada, 263
Commissions, broker, 344
Commitment controls, for public investment, 202, 204
Commodity exports, 17f
Common external tariff (CET), 63, 64t, 65
Common market, 58, 60
Common pool of foreign reserves, Eastern Caribbean Central Bank and, 383
Common regional sovereign bonds, 72
Commonwealth Secretariat, 447
Communicable diseases, 34
Communications, cost of, 442–443
Communications sector, 27–28
Community banking, 287
Community targeting, 213
Comovements in output, 412–413, 413t
Companies Act, 300
Comparability of treatment clause, 241–242
Comparative advantage index, 427
Compensation and job classification review, 169
Competition, innovation and, 461
Competitiveness, 425, 426–427, 427f. See also External competitiveness
Eastern Caribbean Central Bank and, 387
indicators of, 427
of tourism sector, 79, 91–92, 100f
Complementary factors, 441–445
competitiveness and, 426
Compression ratio, 166–167
Concessional external financing, 118
Conditional cash transfer programs, 198
Confederation Life of Canada, 334
Consolidated supervision, of banks, 302, 303, 304–305
Consolidation, of insurance sector, 331
Constitutional reform, 40
Construction costs, 449t
Construction permitting, 98f
Consultative Group on Exchange Rates (CGER), 387
Consumer price index (CPI), 16, 21t, 490
Consumer Price Index Manual, 490
Contagion, 285, 314
Contingent liabilities shock, 126–127f
Contract enforcement, 15, 99f, 470–471, 471f, 472f
Contract management, public investment, 202
Contribution periods, 174
Contribution rates, to pensions, 8, 177
Contributions, constructing real wages and weeks of, 455
Contributory scheme, civil service pensions as, 181
Convergence, 95, 103t, 104t
Cooperative credit unions, 395
Cooperative Societies Bill (Comprehensive Credit Union Act), 309, 315
Cooperatives society ordinance, 309
Coordinated Portfolio Investment Survey (CPIS), 350, 362, 366
Coordinated supervision, of banks, 73–74
Coordination failure, 73
Core principles, for insurance sector, 329–330
Corporate bonds, 68
Corporate equity, 346
Corporate governance, international standards for, 68
Corporate income tax (CIT), 140–141, 141t, 142f, 144, 148
offshore financial centers and, 359
tax incentives and forgone, 146, 146f
Corporate securities, 346
Corporate securities markets, 13
Corrective action, for banks, 302
Corruption
as obstacle to doing business, 474, 476f
perception of, 91, 92f
Cost
of communications, 442–443
of electricity, 442
of finance, 447–448, 450f
to import, 451f
Cost audits, health facility, 192
Cost-benefit analyses, for public investment, 204–205
Cost controls, health care, 190
Cost recovery
for hospital services, 191
for tertiary education, 184–185
Cotonou agreement, 59
Council of Ministers, 60, 60f
Countercyclical policies, 70
Country risk, 433
Credit
banking sector, 462, 462t, 464f
obtaining, 98f, 471f, 472–473
to private sector, 447, 462
Credit ceilings, 388
Credit growth, 291, 291f, 292f
Credit information bureaus, 473
Creditor bureaus, 15
Creditors, debt restructuring and engagement with, 275–276
Creditors’ committee, 237
Credit risk ratings, 439t
Credit unions, 11, 73, 290, 307–318, 395
commercial banks vs., 310–313, 313t
history/development of, 309, 466
indicators for, 311t, 312t, 318t
membership, 307–308, 308f, 309t
PEARLS indicators, 309, 317
recent developments in, 307–310
strengthening regulation and supervision of, 314–316
Creditworthiness, of bond issuers, 12, 338
Cricket World Cup (2007), effect on banking system, 285
Crime, 25, 34
as obstacle to doing business, 476f, 478
victimization statistics, 47, 47t
Crime rates, 440
Cross-border banks, resolution of, 305
Cross-border capital flows, 352
Cross-border financial flows, into offshore financial centers, 362
Cross-border fiscal transfers, 72
Cross-border investment, 338–339
Cross-border spillovers, 70
Cross-border supervisory efforts, for banks, 302, 304–305
Cross-border trade, 99f
Cross-default clauses, 10, 240, 242
Cross-ownership of banks, 288–289
Cumulative multiplier (CM), 221, 230
Currency. See also Exchange rate regimes; Optimal currency area
Eastern Caribbean Central Bank and authority for, 381–382
stability of, 439
Currency board arrangements (CBAs), 406
Currency boards, 14, 405, 406, 407–408, 409t
public debt and, 119
Currency in circulation, 383
Currency peg, 219
Currency union, 381
Current account, 21t, 381
Current account balance, 425
Current account deficit, 425, 454f
Customs administration reforms, 7
Customs data, automated system for, 156
Customs reform, 149–150
Customs service charge, 134, 136t
Customs union, 5, 58
D
Daehan Life, 334
Daewoo Group, 334
Data disclosure, credit unions and, 307
Data dissemination, of macroeconomic statistics, 493
Dealer-based model, for securities, 345
Debt. See also
Public debt; Sovereign debt
in Caribbean offshore financial centers, 375f
Debt decomposition, 6
Debt exchange, 10. See also Sovereign debt restructuring
Debt-for-land swaps, 10, 271
Debt-for-equity swaps, 265 (see also Debt-for-land swaps)
Debt guarantees, 114
Debt management, 54
Debt management units, 72
Debt overhang, 200, 437
Debt restructuring, 6, 9–10, 111, 114. See also Debt exchange; Sovereign debt restructuring
Debt-service obligations, parastatals and, 206–207
Debt-service ratios, 274f
Debt sustainability analysis, 115, 116–118, 122–125t, 126–127f
Debt-to-GDP ratio, 6, 113, 116, 120t
Decision-making process, Eastern Caribbean Central Bank, 383
Delivery vs. payment (DVP) procedures, 394
Demand liabilities, 14
Demographic indicators, 19t
Demographics, of OECS/ECCU, 4–5, 19t, 35
Dependency ratio, 176
Deposit insurance, 285, 300–301, 301t
Deposit insurance scheme, 11
union-wide, 73
Deposits
bank, 286, 288, 462, 462t, 464f
credit union, 313, 313t
private sector, 293, 293f
Derivative structures, 259
Development assistance, 26, 27
Development banks, 392, 395, 466
Development financing, 30–32, 32f
Development role, of ECCB, 397–399
Diabetes, prevalence of, 49t
Diagnosis-related groups (DRGs), 192–193
Direct taxes, 133f, 140–145
Disclosure requirements, 336
Discount bonds, debt restructuring in St. Kitts and Nevis, 268, 269
Discount rate, 387, 389
Diseconomies of scale, 452
Diversification, 26
economic growth and, 79, 93
economic risk and need for, 452
risk, 335
into tourism, 4, 28, 29–30
Diversified financing, capital markets and, 335
Doing Business Indicators, 15, 91, 91f, 387, 461, 470–474, 471f, 472f
contract enforcement, 470–471, 471f, 472f
getting credit, 471f, 472–473
paying taxes, 473–474, 473f
registering property, 470, 471f, 472f
resolving insolvency, 471–472, 471f, 473f
Doing Business rankings, 98–99f
Dollarization, 14, 405, 406, 407, 409t
Domestic debt, 113t
Domestic goods and services, taxes on, 134–139, 137t
Domestic price stability, 69
Dominica, 53, 129n1
banana production and, 428
Beneficiary Identification System in, 196, 197
credit unions and, 11
debt restructuring in, 9, 254–260 (see also Sovereign debt restructuring)
macroeconomic statistical issues, 498–499
political calendar and leadership, 42
regional integration agreements, 61t
revealed comparative advantage in, 434t
sovereign debt restructuring in, 233, 254–260, 255f, 256f, 257t, 258t, 272–274
Dominican Republic
banana production and, 430
bilateral agreement with, 63
deposit insurance and, 300
sovereign debt restructuring in, 9, 233, 238–242, 240f, 272
Double Taxation Avoidance Agreements (DTAA), 356, 357, 373
Drivers of growth, 27
Drug trafficking, 34
Dual budgeting, 201
Duty-free importation, 29
E
Earthquakes, 54
East African Community (EAC), tax incentives in, 147
East Caribbean Currency Authority (ECCA), 382
East Caribbean Financial Holding Company Ltd., 289
Eastern Caribbean Amalgamated Bank (ECAB), 67, 289, 300
Eastern Caribbean Central Bank (ECCB), 11, 14, 16, 53, 56
capital markets and, 336
development role of, 397–399
exchange rate management and, 386–387
exchange rate regime and, 405, 406
external sector statistics and, 491
financial sector regulation and supervision and, 394–397
history of, 381–382
institutional framework, 382–386
insurance supervision and, 326
interbank market, 289
liquidity management and, 392–393
macroeconomic statistics and, 496–497
Monetary and Financial Statistics (MFS), 493
monetary policy and, 387–392, 388f, 389t, 390–391t
overview, 381–386
payments system, 394
policy developments, 401–403
rebased national accounts and, 489
revenue authorities and, 151
role of, 386–403
supervision of credit unions and, 314–316
supervision of offshore banks and, 369–370
Eastern Caribbean Central Bank (ECCB) Agreement, 55t
Eastern Caribbean Central Bank (ECCB) Agreement Act, 298, 300, 381, 383, 388, 397
bank oversight and, 301–303
Eastern Caribbean Central Bank (ECCB) Monetary Council, 12, 60, 60f, 68, 73, 151, 381, 382–383
credit union supervision and, 314–315
discount rate, 389
Fiscal Tranche II and, 386
oversight of banks and, 301
regulation of insurance sector, 331
single financial space and, 398
Eastern Caribbean Central Bank (ECCU) Bankers Association, 394
Eastern Caribbean Central Securities Depository, 336, 347
Eastern Caribbean Central Securities Registry, 336, 347
Eastern Caribbean Common Market (ECCM), 56
Eastern Caribbean Common Market (ECCM) Agreement, 55t
Eastern Caribbean currency, 53
Eastern Caribbean Currency Authority (ECCA), 14, 55t, 56
Eastern Caribbean Currency Union (ECCU), 487
Eastern Caribbean (EC) dollar, 14, 382
Eastern Caribbean Economic and Currency Union (OECS/ECCU), 3, 53, 406
banking sector, 10–11
capital markets, 12–13
contributions to growth in, 84f
credit unions, 11
debt restructuring (see Sovereign debt restructuring)
economic growth in, 5–6
economic indicators, 17–18f, 20t, 21–22t, 160t
economic integration (see Economic integration)
expenditure rationalization for fiscal stability, 8
financial indicators, 20t, 160t
financial sector, 10–14
fiscal multipliers, 9
fiscal policy and administration in, 6–10
fiscal revenue, enhancing, 7
institutional structure, 5, 60f
insurance sector, 11–12
integration within, 57
macroeconomic statistics for policymaking (see Macroeconomic statistics)
monetary and exchange rate issues, 14–15
offshore financial centers in, 13–14, 362–365
performance relative to world, 88f
policy coordination in, 70–75, 70f
private sector development (see Private sector development, impediments to)
public debt in (see Public debt; Sovereign debt)
social, political, and economic setting, 4–5, 19t
Eastern Caribbean Economic and Currency Union (OECS/ECCU) Payments Council, 394
Eastern Caribbean Enterprise Fund (ECCF), 68, 398
Eastern Caribbean Financial Holding Company Ltd., 67
Eastern Caribbean Home Mortgage Bank, 467
Eastern Caribbean Institute of Banking, 394, 397
Eastern Caribbean Securities Commission, 394
Eastern Caribbean Securities Exchange (ECSE), 12, 301n12, 335, 347–348, 395, 398, 466–467, 467t, 468t
Eastern Caribbean Securities Market (ECSM), 12, 68, 335, 347–348
Eastern Caribbean Securities Regulatory Commission (ECSRC), 301n12, 316, 395
Eastern Caribbean Supreme Court, 154
Eastern Caribbean Unit Trust (ECUT), 68, 398
Econometric analysis, of offshore financial centers, 365–369
data description for, 372–373
Econometric analysis of growth, 86–90
Economic Affairs Council, 60, 60f
Economic and Monetary Community of Central Africa, 336
Economic cooperation relationships, 30
Economic diversification, growth and, 79, 93
Economic growth, 5–6, 79–106
accounting for, 82–86, 101t
average doing business rankings, 98–99f
contributions to (1970-2007), 96f
data and variables, 95
econometric analysis of, 86–90
economic diversification, 79, 93
educational attainment indicators, 106t
impact of debt on, 89–90, 89f, 104t
institutions and, 90–91
in international context, 80–82
offshore financial centers and, 349, 354–355, 366–367, 367t
output growth, 102t
public investment and, 200
tourism and, 79, 91–92, 97f, 100f, 103t
Economic history, 25
Economic indicators, 17–18f, 20–22t, 160t
Economic integration, 27
capital markets and financial sector integration, 67–68
labor market integration, 68–69
level of, 57–70
monetary integration, 69–70
multipronged approach to, 56–57, 57f
phases of, 58
tax policy coordination and, 7
trade integration, 58–67
Economic outlook, stability of, 437
Economic Partnership Agreement (EPA), 63
Economic policy, cooperation and convergence of, 335
Economic risk, 425, 433, 437–439, 437f
Economic setting, 4–5, 25–32
development financing, 30–32
factors shaping current situation, 28–30
growth periods, 26–28, 26f
Economic Union Treaty, 398, 487
Economies of scale, 29, 442
Education, 32
average years of, 441, 441f
expenditures on, 8, 181–186, 181t, 182f, 210–211
rationalization measures, 162t
Educational attainment, 45–46, 46t, 93, 106t
Education Trust Fund, 196
Eight-Point Stabilization and Growth Program, 11, 54, 68, 71, 301
Electricity
access to, 98f, 442
cost of, 442
indicators, 442f
as obstacle to doing business, 15, 474, 475–477, 476f
Eligibility criteria, for social assistance, 196–197
Emergency Assistance for Natural Disasters initiative, 265
Emergency Disaster Database (EM-DAT), 84
Emergency liquidity assistance, 393
Emergency powers, to Eastern Caribbean Central Bank, 395
Emerging markets, 480–481
Emigration, 31
Employer of last resort, 27
Employment
adjusting in response to changing needs, 166
civil service, 165, 165f
distribution of types of, 45, 45t
rigidity of, 446
Employment census, 169
Enforcement
banking regulation, 302
tax administration, 153
Enterprise Surveys, 15, 448, 449, 461, 474–478, 474f, 475f
access to finance, 467, 469f
crime, 476f, 478
infrastructure, 475–477, 476f
regulations and taxes, 476f, 477, 477f
workforce, 476f, 478, 478f
Equilibrium exchange rate, 387
Equities, 68
Equity, in Caribbean offshore financial centers, 375f
Errors of exclusion, in social assistance, 194
Escrow accounts, 10
Established workers, 166n12
Eurobond, 243
Euromarkets, 352
Euromoney country risk rating, 433, 437
Euromoney framework, 437
European Central Bank (ECB), 382, 487, 488
European Union, 54, 56
as example of harmonization, 487
preferential access to, 59
regional credit markets, 336
European Union Code of Conduct, tax incentives and, 147
European Union single market, 425, 428–429
Eurostat, 487, 488
Event risk, 425, 441
Evian approach, 243, 245
Ex ante indicators, of competitiveness, 433–451
complementary factors, 441–445
cost of and access to factors, 446–451
economic risk, 433, 437–439, 437f
event risk, 441
factor productivity, 433
finance, 447–448, 450f
foreign exchange risk, 440
human capital, 441, 441f
infrastructure, 442–444, 442f, 443f, 443t, 444t, 445f
intermediate inputs, 451, 451f
labor, 446–447, 446f, 447f, 448f
land, 447, 449f, 449t
political risk, 440, 440f
tax burden, 445, 445f
Exchange rate management, Eastern Caribbean Central Bank and, 14, 386–387
Exchange rate policy, 9
Exchange rate regimes, 3, 14–15, 69, 406–408, 409t. See also Optimal exchange rate regime
currency boards, 405, 406, 407–408, 409t
dollarization, 405, 406, 407, 409t
full float, 406, 408, 409t
Exchange rate stability, 69
Exchange rate volatility, 405
Excise taxes, 132, 140, 140t, 148
Executive Flexible Premium Annuities, 323
Exemptions, to VAT, 138
Exit consents, 240, 242
Exogenous shocks, 54
Expenditure-based adjustments, 160
Expenditure programs, 9
Expenditure rationalization strategy, 6, 8, 160–161, 162–163t
Expenditure surveys, 44–50
Export industry, 54
Export market shares, 426, 427, 428–430, 428f, 429f
Exports
bananas, 425, 428–430, 429f
bilateral, 413–414, 414t
decline in, 425
to member countries, 66t
Ex post indicators, of competitiveness, 428–433
foreign direct investment shares, 430, 432f
market share, 428–430, 428f, 429f
revealed comparative advantage, 430–433, 434–435t
tourism shares, 430, 431f
Expropriation risk, 440
Extended Balance of Payments Services, 491
Extended Credit Facility, 30, 265
Extended Fund Facility (EFF), 248
External balance sheet, small international financial centers, 374t
External competitiveness, 425–456
complementary factors, 441–445
cost of and access to factors, 446–451
economic risk, 433, 437–439, 437f, 439f, 452
event risk, 441
ex ante indicators, 433–451
ex post indicators, 428–433
factor productivity, 433, 436f
finance, 447–448, 450f
foreign exchange risk, 440
gross and net current account deficit, 454f
human capital, 441, 441f
indicators of, 427
infrastructure, 442–444, 442f, 443f, 443t, 444t, 445f, 452–453
intermediate outputs, 451, 451f
labor, 446–447, 446f, 447f, 448f, 455–456, 456f
land, 447, 449f, 449t
market share, 428–430
political risk, 440, 440f
revealed comparative advantage, 430–433, 434–435t
strengthening financial sector, 452–453
tax burden, 445, 445f
External debt, 20t, 113t
External grants, 132
Externality, index of, 427
External sector statistics, 491–492
External tariffs, 133–134
F
Factor markets, 54
Factor productivity, 433
Federal Reserve System of the United States, 386
Finance
access to, 15, 448–449, 450f
competitiveness and, 447–448, 450f
cost of, 447–448
as obstacle to doing business, 474, 476f
Regional Government Securities Market and cost-effective, 335
role in fostering development, 461
Financial access, 467–470, 469f
Financial Access Survey (FAS), 15, 461, 467
Financial accounts, 21t
Financial Action Task Force (FATF), 13, 349, 360, 361, 362t
Financial conglomerates, 304
Financial deepening, 462–467
Financial development, 461
Financial gap, 464
Financial institutions, resolving weak, 70
Financial intermediation role, of credit unions, 307
Financial markets, harmonized regulation of, 335
Financial programming, 54
Financial regulatory havens, 359–360
Financial safety nets, 54
Financial sector, 10–14
banking sector and, 288–290
integration of, 67–68
regulation and supervision of, 394–397
stability of, 381, 437–439
strengthening, 452–453
Financial Sector Adjustment Company (FINSAC), 333
Financial Sector Assessment Program (FSAP), 360
Financial sector channels, 10
Financial sector coordination, 72–74
Financial Sector Support Fund (FSSF)
in Jamaica, 248, 252, 253
in Seychelles, 248
Financial services, 452
Financial soundness indicators, 10, 493
Financial Stability Board (FSB), 13, 349, 351, 360
Financial Stability Forum, 360n17
Financial statistics, 493
Financial Supervisory Commission (FSC), 333
Financial System Stability Assessment (FSSA), 323, 326
First Caribbean International Bank, 286n3
First Citizens Bank, 328
First International Bank of Grenada, 290
Fiscal and political union, 58
Fiscal benchmarks, 70
Fiscal consolidation, 54, 452
public debt and, 114
Fiscal deficits, 54
Fiscal discipline, 5
Fiscal Monitor, 89, 90
Fiscal multipliers, 9, 219–230
calculation of, 230
data and models, 226–230
estimation of, 221–223, 228–230
evaluation of, 220
role of, 219–220
Fiscal planning, public investment and, 204
Fiscal policy, 6–10
coordination of, 5, 70, 71–72
stimulation of economic activity using, 219
Fiscal reform, 54
Fiscal Reserve Tranche II, 300n11
Fiscal revenue. See Government revenue
Fiscal risk, spending on parastatals and, 205, 206–207
Fiscal shocks, GDP response to, 220, 221–223, 222f
Fiscal space, 437, 452
Fiscal Tranche II, 74, 386
Fiscal union, 5, 13, 72, 345
Fitch Ratings, 252
Fixed exchange rate, 14, 381, 405
Eastern Caribbean Central Bank and, 386, 387
Fixed-income securities, 335
Fixed-peg currency, 14, 382
Flexible exchange rate, 14–15, 68, 405
Flexible Premium Annuities, 323
Flight cost, 444
Floating exchange rate, 406, 408, 409t
Florida real estate investments, 326, 327f
Food voucher program, 195n63
“Foot Review,” 359
Foreign assistance, 5
Foreign banks, 10, 67, 285–286, 288
liquidity ratio, 292–293
Foreign capital inflows, 67
Foreign corporations, offshore financial centers and, 369
Foreign currency exposure, 297–298, 298t
Foreign currency loans, 297–298, 298t
Foreign currency positions of banks, 409, 410t
Foreign currency risk, 335
Foreign direct investment (FDI), 13, 26f, 27, 492
economic growth and, 79, 82
monitoring, 492
offshore financial centers and, 352, 353
round-tripping of, 352n4
tax incentives and, 145, 146n14
Foreign direct investment (FDI) shares, 427
competitiveness and, 428, 430, 432f
Foreign exchange reserves, 410, 411t
Foreign exchange risk, 298, 440
Foreign incorporation, 285
Foreign reserves
currency board and, 407
Eastern Caribbean Central Bank management of, 383–384
Formal sector GDP, 455–456
Forum on Tax Administration, 359
Free economic zones, 145
Free trade area, 58
Free Trade Area of the Americas, 129, 132n5, 134
Full float, 406, 408, 409t
Functional review, 168, 169
G
GDP. See also Real GDP
formal sector, 455–456
government spending to, 95, 103t, 104t
health care spending as percent of, 190
industry-based estimates of, 489–490
investment to, 95, 103t, 104t
at market prices, 19t
nominal, 17f, 19t
production accounts deriving, 488
ratio of domestic bank deposits to, 462, 462t, 464f
ratio of investment to, 95, 103t, 104t
ratio of private credit to, 462, 462t, 464f
ratio of public debt to, 274–275, 275f
response to fiscal shocks, 220, 221–223, 222f
volatility of GDP growth, 82, 82f
wage-bill-to-GDP ratio, 163, 163t
GDP-by-expenditure statistics, 488–489
GDP per capita, 17f, 19t, 33t, 81–82, 81f, 95
debt and, 90, 90f
education expenditure vs., 182f
ratio of personal income tax threshold to, 143f
real, 95
GDP series, rebased, 16
General Agreement on Tariffs and Trade, 58
General Agreement on Trade in Services, 58–59
General Data Dissemination System (GDDS), 493
General Employee CCU, 310, 312t
Geographic access to finance, 15
Geographic targeting, 213
Gini coefficient, 19t, 33t
Global competition, 54
Global Competitiveness Reports, 427
Global Compliance Snapshot, 361, 362t
Global Forum on Transparency and Exchange of Information, 13, 349, 351, 356, 357
Global Forum Website, 373
Global Property Guide, 447
Governance, banking, 302
Governance Indicators, 440, 440f
Government
access to Regional Government Securities Market, 342–343
banks and, 289–290, 289f
role in public expenditure rationalization, 169
Government consumption multiplier, 220, 221, 222f, 224f
Government credit, allocation of, 385t
Government debt securities, 13, 335
Government exposures, 285
Government finances, strength of, 437
Government Finance Statistics Manual, 209, 492
Government guarantees, Grenada debt
restructuring and, 263–265
Government revenue, 7, 129–148
administrative reform efforts, 149–152
direct taxes, 140–145, 141t, 142f, 143f, 143t, 145t
generated from offshore financial centers, 354
indirect taxes, 133–140, 135f, 136t, 137f, 137t, 138t, 139f, 139t, 140t
optimal revenue administration, 149–156
reform challenges in micro states, 152–153
regional coordination and harmonization, 154–156
structure of, 130t
tax incentives, 145–148, 146f
tax revenue and policies, 131f, 132–133, 133f, 134f
Government savings banks, 286
Government securities
common issuance of, 345
Treasury bills, 12, 336, 337–338
Grants, 129, 130t, 132
Dominica debt restructuring, 260
external, 132
Grenada, 53, 129n1
banana production and, 428
banking sector development over time, 464, 465f
debt restructuring in, 9, 261–265
eligibility for social assistance in, 195n64
macroeconomic statistical issues, 499–500
political calendar and leadership, 42
regional integration agreements, 61t
revealed comparative advantage in, 434t
sovereign debt restructuring in, 233, 261–265, 262f, 263t, 264f, 274
spending on social assistance and poverty incidence, 195f
Grenada Electricity Services Ltd., 467
Grenadines. See St. Vincent and the Grenadines
Gross current account deficit, 454f
Gross earnings, 455
Group of 20 (G-20), 356, 357, 358, 359, 360, 361
Growth accounting, 6, 79, 82, 83–85, 101t
Growth cycles, 28
Growth periods, 26–28, 26f
Growth shock, 126–127f
Guarantee facility, debt restructuring in St. Kitts and Nevis and, 270
H
Hamilton, Alexander, 263n27
Hard peg, 406
Harmful Tax Competition Initiative, 355, 372
Harmonization, 487
of macroeconomic statistics, 16, 74–75, 487, 488
of tax policy, 154–156
Harmonized Society for Worldwide Interbank Financial Telecommunication (SWIFT), 394
Harmonized system (HS), 58n6
Health, 25, 34–35
Health care costs, 8
Health care spending, 8
projections, 212
public expenditure, 186–193
rationalization measures, 162t
Health care systems, 210
Health indicators, 48–50, 49–50t, 187, 188t
Heavily Indebted Poor Countries (HIPC) initiative, 243n11
Hedge funds, 13
High blood pressure, prevalence of, 49t
High Court, 298
High-end tourism, 430
High-frequency indicators, 16
High volatility, flexible exchange rate and, 14
Hiring freeze, 168
HIV-AIDS, 35, 37t, 39t
prevalence of, 50, 50t
Holdout creditors, 10, 259, 276
Home Mortgage Bank, 397
Hong Kong Special Administrative Region, 352, 407, 408
Hospitals, occupancy rates, 190
Hotel rates, daily, 100f
Hotels, VAT and, 139f, 140
Household surveys, 25, 44–50
HSBC London, 350n1
Human capital, 441, 441f
competitiveness and, 427
investment in, 198
social assistance programs and, 197
Human Development Index rank, 19t
Human Development Indices, 27
Hurricane Georges, 266f
Hurricane Ivan, 261, 265, 274, 441
Hurricane Lenny, 266f
Hurricane Luis, 266f
Hurricane Omar, 441
Hurricanes, 30, 54
accounting for economic growth and, 84
debt and, 261, 265, 266f
event risk and, 441
Hurricane Tomas, 441
I
Illiquidity, causes of, 344
Illiteracy, 4, 19t
Impact evaluations, of cash transfer programs, 198
Impact multiplier (IM), 221, 230
Implicit deposit insurance, 301
Import, costs to, 451f
Imports-to-GDP ratio, 65
Import substitution industrialization, 29
Import tariffs, exemptions from, 145
Impulse response functions, 220
Income. See also Per capita income, tax revenue and national, 20t
from offshore financial centers, 354
Income tax
corporate, 140–141, 141t, 142f, 144, 148
personal, 132n2, 133, 140–144, 141t, 142f, 143f, 148
Independence, of OECS/ECCU countries, 28
Indexation of pensions, 178
Indigenous banks, 10, 54, 67, 285–287, 288–289
exposure to public debt, 118t
liquidity ratio, 292–293
Indirect taxes, 133–140, 133f
Industrialization by invitation, 4, 28–29
Infant mortality, 188t
Infectious diseases, 34
Inflation, 15, 95, 103t, 104t
capital markets and, 342
exchange rate regimes and, 411–412, 412t
Inflation expectations, 386
Inflation rate, 17f
Eastern Caribbean Central Bank and, 386–387
Inflation targeting, free float and, 408
Informal labor movement, 69
Information exchange
banking supervision and, 304–305
offshore financial centers and, 356
Information management systems, social assistance programs and, 197
Information technology, 452
Infrastructure
building financial, 452–453
competitiveness and, 425, 427, 442–444, 442f, 443f, 443t, 444t, 445f
as obstacle to doing business, 474, 475–477, 476f
Injuries, mortality rate, 188t
Inland Revenue Departments (IRDs), 149
Insolvency, resolving, 15, 99f, 471–472, 471f, 473f
Institutional strength and stability, political risk and, 440
Institutions
competitiveness and, 426
economic growth and, 90–91
growth and, 79
Insurable earnings, 455
ceiling on, 177
Insurance, offshore financial centers and, 353
Insurance Act of 1966, 326
Insurance companies, 73, 290
Insurance law, 331
Insurance regulatory framework, 323–326
Insurance sector, 11–12, 54, 321–334, 322t
CL Financial, 323–328
policy recommendations, 329–331
spillover effects of CL Financial failure, 329
Insurance sector crises, 333–334. See also CL Financial Limited (CLF)
Canada, 334
Jamaica, 333
Republic of Korea, 333–334
Insurance supervision, 323, 326
Inter-American Development Bank (IDB), 236, 238, 249
Interbank market (IBM), 67–68, 289, 345, 392–393
informal, 393
Interbank market rates, 290
Intercountry demand, for securities, 344
Interest rates, 15, 398t
Dominica debt restructuring and, 260
Eastern Caribbean Central Bank and, 389, 389t, 390–391t, 392
exchange rate regimes and, 411, 412t
key, 291f
offshore financial services and, 352
step-up, 237
Interest rate shock, 126–127f
Interest rate spreads, 465–466
Intermediate inputs, 425, 451, 451f
Internal rates of return, 174, 174f
pension system, 178, 178f
International airports, 444
International Association of Insurance Providers’ Insurance Core Principles, 331
International Association of Insurance Supervisors, core principles, 330
International banking, 13, 353
International Conference on Statistics, 495
International Cooperation Review Group (ICRG), 361
International experiences, exchange rate regimes and, 406
International financial institutions (IFIs), involvement in debt restructuring, 276
International investment position (IIP), 491
International Monetary Fund (IMF)
debt restructuring and, 10
Enterprise Surveys (See Enterprise Surveys)
Financial Access Survey (see Financial Access Survey [FAS])
letter of intent on fiscal reserves and, 386
macroeconomic statistical assistance, 493, 494, 495
offshore financial center assessment program, 359–360
role in debt restructuring, 234, 235, 276–277
in Antigua and Barbuda, 278
in Belize, 238
in Dominica, 255, 260
in Dominican Republic, 242
in Grenada, 261, 263, 265
in Jamaica, 252–253
in Seychelles, 244, 248
in St. Kitts and Nevis, 271
International Monetary Fund (IMF)-supported programs, 74
International reserves, pooling, 69
International Standard Industrial Classification 3.1, 389
International standards
for capitalization, 68
for offshore financial centers, 350, 367–369
International tax standard, 356, 357t
International tax treaties, 351
International trade, taxation of, 133–134, 135f, 136t
Internet penetration, 436f
Internet use rates, 443t
Interpolation method, 226
Intraregional trade, 65
Investment, competitiveness and, 427
Investment allowances, 145
Investment portfolios, pension, 179–180
Investor protection, 99f
Investors, 338–340, 344
IT systems
customs administration reform and, 7
for tax administration, 152, 153
J
Jamaica
conditional cash transfer program in, 198
currency board, 382n2
deposit insurance and, 300
insurance crisis in, 333
real estate costs in, 447
sovereign debt restructuring in, 9, 234, 248–253, 250f, 251f, 272
Jamaica debt exchange (JDX), 249, 250, 252
Judicial manager, for CLICO Barbados, 329
Jump-sum policies, 333
K
Korea, Republic of, insurance crisis in, 333–334
Korea Deposit Insurance Corporation (KDIC), 333–334
L
Labor
competitiveness and, 446–447, 446f, 447f, 448f
cost of, 425, 446
output per worker, 85–86, 86f
shortage of skilled, 441
Labor accumulation, 79
Labor force participation rates, 44–45, 45t
Labor income, tax wedge on, 143t
Labor market
integration of, 68–69
overview, 44–46
Labor market statistics, 491
Labor mobility, 5, 68
Labor productivity growth, 446, 448f
Land, competitiveness and, 447, 449f, 449t
Land swap, 265, 271
Large-value funds transfer system, 394
Leading creditor groups, 276
Leeward Islands, 382n2
Legislative framework, for oversight of parastatals, 214
Lender of last resort
dollarization and, 407
Eastern Caribbean Central Bank as, 14, 382, 384, 386
Lending and deposit rates, 447
Lending-deposit spreads, 466f
Lending to government, by banking sector, 289f, 297, 297f
Level accounting, 79, 85–86
Licensing, 394–395, 474, 477
Life expectancy, 4, 19t, 32, 33, 33t, 95, 103t, 104t, 188t, 441
retirement age and, 177
Lifestyle-related illnesses, 34–35
Liquidity, 290–293, 291f, 292f, 292t, 293f, 294f
Liquidity management, 14
Eastern Caribbean Central Bank and, 381, 392–393
Liquidity ratio, 292, 293f, 294f
Liquidity risk, 285
Liquidity risk supervision, 302
Loan classification, 302–303
Loans
bank, 286
collateral for, 448
credit union, 313, 313t
foreign currency, 297–298, 298t
Loans-to-deposit ratio, 298
Local incorporation, of foreign banks, 285
Lombard facility, 393
Lomé agreement, 59
London Club, 10, 240–241, 276
Long-run multiplier, 230
Low-growth equilibrium, 27
Low-income countries, 482–483
Luxembourg Stock Exchange, 242
M
Macro balance approach, 387
Macroeconomic risk, 451–452
Macroeconomic statistics, 16, 487–502
current state of, 488–493
data dissemination practices, 493
Eastern Caribbean Central Bank and, 397–398
external sector statistics, 491–492, 496–502
financial sector, 496–502
fiscal sector, 496–502
General Data Dissemination System, 496–502
government finance statistics, 492
harmonization of, 16, 74–75, 487, 488
monetary and financial statistics, 493
progress in addressing issues in OECS/ECCU, 496–502
real sector statistics, 488–491, 496–502
small states and production of, 494–495
technical assistance to Caribbean region, 493–494
Mandatory debt-management, 254, 259
Manufacturing, 28
Market-based monetary policy instruments, 70
Market baskets, 490
Market maker, 340
Market risk framework, 302
Market shares, 100f, 427, 428–430, 428f, 429f
Market value of properties, 144
Maternal health, 36t, 38t
Maturity, of debt, 335
Maturity profiles, 337
Maximum tariffs, 65
Medium-term expenditure frameworks, 160
Medium-term rolling frameworks, 201
Methanol Holdings, 326, 327f, 328
Mexico, conditional cash transfer program in, 198
Microcredit institutions, 11
Microstates, 3
economic diversification of, 452
exchange rates and, 15
flexible exchange rate regimes and, 405
tax administration reform in, 152–153
Migration, 31–32, 32t
Millennium Development Goals (MDGs), 4, 25
progress toward, 35, 36–39t
universal primary education, 182
Minimum wage, 446
Ministries of Finance (MOFs)
oversight of parastatals and, 208, 209, 214
role in public investment, 204
Mobility of factors of production, 68
Monetary and economic union, 58
Monetary and Financial Statistics (MFS), 493
Monetary authority, currency board and, 407
Monetary base, 411t
endogenous nature of, 388
Monetary integration, 69–70
Monetary issues, 14–15
Monetary policy, 14, 60
currency board and, 407
Eastern Caribbean Central Bank and, 381, 382, 387–392
links to U.S. monetary policy, 223
stability of, 439
Monetary policy instruments, 69
Monetary sector, 20t, 54
Monetary stability, Eastern Caribbean Central Bank and, 386
Monetary union, 58
Monetized economies, 285
Money laundering, 351, 352, 360–361
Money market rates, 412t
Money transfer services, 73
Monitoring framework, for parastatals, 209
Monopoly rents, 68
Montego Bay Conference, 54
Montserrat, 53
credit unions and, 11
macroeconomic statistical issues, 500
offshore financial centers in, 13
regional integration agreements, 61t
Moody’s, 237, 249, 437, 439, 440, 441
Moral hazard, 301
Mortality rate, 19t, 188t
Mortgage and finance companies, 395
Mortgages, securitizing, 13
Most Favored Nation (MFN) tariffs, 428, 429, 430
Multilateral Investment Guarantee Agency, 447
Multilateral Memoranda of Understanding, 360
Multilateral trade liberalization, 5, 29, 58–59
Multistate central banks, 382
Multivariate panel-VAR models, 221, 223, 228–230
Murders, 34t
Mutual assessment, complying with international financial standards, 13
N
Naming and shaming exercises, 13, 351, 356, 360
impact on capital flows, 368t
National accounts, rebased, 489
National Commercial Bank, 67, 289
National Commercial Bank of St. Vincent and the Grenadines (NCB), 300
National Cooperative Credit Union (NCCU), 310n3
National income and prices, 20t
National insurance schemes, public debt and, 116, 118t
National Insurance Services (NIS), 46
National pension schemes, 162t, 171–175
policy reforms for, 176–180
National regulatory organizations, 395
National sovereignty in budgets, 72
National statistical bureaus (NSBs), 494
National supervisory authority, for insurance sector, 12
Natural disasters, 54
accounting for economic growth and, 83–84
development financing and, 30
event risk and, 441
public spending on, 161n5
Natural resource endowments, 54
comparative advantage and, 432
Net current account deficit, 454f
Nevis. See St. Kitts and Nevis
Nevis Offshore Banking Act, 74, 395
Nominal GDP, 17f, 19t
Nominal interest rate, 15
Nonbank financial sector, 290
assets, 318t
harmonized legislation on, 73, 73t
regulation and supervision of, 54
supervision of, 329–330
Noncommunicable diseases, 190
mortality rate, 188t
Noncompetitive subscription process, 12
Nondiscrimination, offshore financial centers and, 356
Nonestablished workers, 166n12, 167, 167n17, 189n53
Non-Paris Club creditors, in Seychelles, 246
Nonparticipating creditors, Grenada debt restructuring and, 263
Nonperforming loan (NPL) ratio, 294, 295f
Nonperforming loans (NPLs), 10, 18f, 285, 288
credit unions and, 309, 314
economic risk and, 437
loan classification and, 303
Nonresidents, banking licenses and, 67
Nontariff barriers, 65
Nontax revenue, 130t, 132
Nontradable sector, 69
Nonwage benefits, 69
O
Occupancy rates, hospital, 190
OECS treaty. See Treaty of Basseterre
Off-balance-sheet activities, 353
Off-budget operations, 6
Offshore Banking Acts, 74
Offshore banks and trusts, 290
Offshore financial centers (OFCs), 10, 13–14, 349–376
background, 350–351
demand for, 351–353
econometric analysis, 365–369, 372–373
economic growth and, 354–355, 366–367, 367t
financial regulatory havens, 359–360
international initiatives for scrutiny of, 355–361, 362t
list of, 372t
money laundering and, 360–361
in OECS/ECCU, 362–365
overview, 351–355
portfolios, 375–376f
rationale for, 351–355
regulation and supervision of, 369–370
small international financial centers, 374t
tax evasion and, 355–358
tax minimization and, 359
terrorism financing and, 360–361
Off-site supervision, of banks, 302
On-site examinations, of banks, 395
On-site supervision, of banks, 302
Open capital accounts, 67
Open market operations, 387
Openness, 95, 103t, 104t
Operational reviews, of parastatals, 215
Optimal currency area, 14–15, 68, 388, 409
country rankings, 421t
index, 414–418, 416t, 417f, 418t, 419f, 420t
Optimal exchange rate regime, 409–421, 409t
bank balance sheets, 409
bilateral trade, 413–414, 414t
comovements in output, 412–413, 413t
empirical indicators of suitability of various regimes, 409–414
foreign exchange reserves, 410, 410t, 411t
inflation, 411–412, 412t
interest rates, 411, 412t
seigniorage gains and losses, 410–411
terms of trade variation, 413, 414t
testing for optimal currency area index, 414–418, 416t, 417f, 418t, 419f, 420t
Organization for Economic Cooperation and Development (OECD), 349
efforts against tax minimization practices, 359
international standards for offshore financial centers and, 367–369
limiting tax evasion and, 355–356
Organization of Eastern Caribbean States (OECS), 14, 53, 56, 381–382, 487. See also Eastern Caribbean Economic and Currency Union (OECS/ECCU)
Organization of Eastern Caribbean States (OECS) Assembly, 60, 60f
Organization of Eastern Caribbean States (OECS) Authority, 5, 53, 60, 60f
Organization of Eastern Caribbean States (OECS) Commission, 60, 60f
Organization of Eastern Caribbean States (OECS) Distribution and Transportation Company, 399
Organization of Eastern Caribbean States (OECS) Economic Union Task Force, 56
Organization of Eastern Caribbean States (OECS) Secretariat, 398, 494
Output growth, 102t
Output per worker, 85–86, 86f
Overall balance, 21t, 22t
Overbanked region, 286
Overvaluation, of real exchange rate, 387
P
Pan-OECS/ECCU regulator and supervisor, 70, 73
Parastatal entities (PEs), 211
bank ownership and, 289
creation of, 167
expenditure rationalization and, 8
oversight system for, 214–215
public expenditure on, 205–210, 207t
public investment and, 201
rationalization measures, 163t
Par bonds, debt restructuring and, 268
Paris Club, 10, 233, 234, 236, 238, 239
comparability of treatment and, 241–242
debt restructuring and, 276
debt restructuring in Antigua and Barbuda and, 279
debt restructuring in Dominica and, 257, 259
debt restructuring in Grenada and, 261
debt restructuring in St. Kitts and Nevis and, 268, 269
Evian approach and, 243, 245
Partial guarantees, 10, 265
Partnership agreement, with European Union, 56
PATH (Programme of Advancement through Health and Education), 198, 272
Pay-as-you-go (PAYGO) pension schemes, 170
contribution rates, 171, 173f
Payments system, 14, 394
Eastern Caribbean Central Bank and, 381
PEARLS indicators, 316, 317
PEARLS system, 11, 309, 317
Peer review process, 70
limiting tax evasion and, 356–357
Penetration rate, of banks, 286
Pensionable earnings, calculations for, 177–178
Pension benefits, 8
Pension commission, 8
Pension databases, 455
Pension parameters, 171–172, 173f
Pensions
automatic indexation of, 178
internal rates of return on, 174f
net cash flow and reserves of, 172f
pay-as-you-go, 170, 171, 173f
private occupational, 170
social security, 170–181
Per capita income, tax revenue and, 131f
Performance, rewarding, 166–167
Performance reports, parastatal, 215
Perimeter of regulation, 14
Permits, 477
Personal income tax (PIT), 132n2, 133, 140–144, 141t, 142f, 143f, 148
Plantation economy model, 4, 28
Policy, competitiveness and, 426
Policy-Based Guarantee Operation, 245, 246, 247
Policy coordination, 70–75, 70f
financial sector coordination, 72–74
fiscal policy coordination, 71–72
harmonization of macroeconomic statistics, 74–75
Policy reform
for civil service pension schemes, 180–181
for national pension schemes, 176–180
Policy-related lending, 286
Political business cycles, 4, 40
Political calendar, 25, 42–43
Political instability, 474
Political risk, 440, 440f
Political setting, 4–5, 40
Political systems, Westminster-based, 4–5, 25
Political union, 54
Political violence, 440
Ponzi schemes, 369, 370
Portability, of pensions, 175, 180
Port capacity, 443, 444t
Portfolio investment liability (PIL), 366, 367t, 376f
Portfolios, OECS/ECCU offshore financial centers, 364f, 365f, 365t
Poverty, 19t, 25, 33–34, 33t, 47t
Poverty assessments, 4, 194, 195
Poverty Reduction and Growth Facility (PRGF), 30n6, 254, 263, 265
Preferences, trade, 425
Preferential access, to UK banana market, 428–430
Preferential trading arrangements, 27, 56
Present value of pension contributions and benefits, 174n31
Price and exchange stability, Eastern Caribbean Central Bank and, 386
Price discovery, 336
Price expectations, 381
Prices, 20t
property, 447, 449f, 449t
Primary balance, 6, 22t
public debt and, 114f, 115t
Primary balance shock, 126–127f
Primary education, 35, 36t, 38t, 95, 103t, 104t, 182
completion rate, 4, 33, 33t
Primary issuance, 335, 337–338, 337f
Primary market, 341–344
Principal reinstatement clauses, 10, 246
Private depositors, 289
Private investment, risk and uncertainty and, 435
Private occupational pension schemes, 170
Private sector, credit to, 447, 462
Private sector development, impediments to, 15, 461–483
contract enforcement, 470–471, 471f, 472f
crime, 478
Doing Business Indicators, 470–474, 471f
Enterprise Surveys, 474–478, 474f, 475t, 476f, 477f
financial access, 467–470
financial deepening, 462–467
infrastructure, 475–477, 476f
nonfinancial, 470–478
obtaining credit, 472–473
paying taxes, 473–474, 473f
registering property, 470, 471f, 472f
regulations and taxes, 477, 477f
resolving insolvency, 471–472, 471f, 473f
workforce, 478, 478f
Proactive restructuring loans, 295
Procurement rules, for public investment, 202, 204
Procurement test, 206
Production, factors of, 426
Productivity
competitiveness and, 426
constructing, 455–456
of public investment, 200
real wages and, 456f
total factor, 436f
Profitability, of banks, 296–297, 296f
Program of Advancement through Health and Education (PATH), 198
Property prices, 447, 449f, 449t
Property registration, 15, 98f, 470, 471f, 472f
Property taxes, 144–145, 145t, 148
Public debt, 6–7, 111–127, 160t. See also Sovereign debt
composition of, 112f, 113t
contributors to, 115f
debt sustainability in OECS/ECCU, 116–118, 117–118t, 122–125t, 126–127f
decomposition of, 119
economic growth and, 79, 89–90, 89f, 104t
levels of, 18f, 437, 438f
maturity and structural composition of, 335
overview, 111–113
parastatals and, 206–207, 208t
reasons for accumulation of, 113–116, 115f, 120–121t
St. Kitts and Nevis, 266–267, 267f
total, 22t
Public debt sustainability, expenditure rationalization and, 8
Public debt target, 159
Public-debt-to-GDP ratios, 111, 113, 115–116, 119, 234f
Public-debt-to-GDP target, 72
Public Expenditure and Financial Accountability assessments, 202
Public Expenditure Commission, 72
Public expenditure rationalization, 8, 159–215, 162–163t
capital spending, 197–205
civil service employment and wages, 163–170
education, 181–186
health care, 186–193, 212
parastatal entities, 205–210, 214–215
social assistance, 193–197
social security, 170–181
targeting, 213
Public financial management, 168
Public health programs, 190, 192
Public investment, prioritization of projects, 201–202
Public investment expenditure multiplier, 220, 221, 222f, 223, 224f
Public investment planning, 201
Public investment spending, 197–205, 199f
productivity and, 200
Public-private partnerships (PPPs), 202–203, 205, 211
Public sector deficits, 114
Public sector finance, 20t
Public sector investment programs (PSIPs), 54, 200–201, 203–204, 211
Public services, rationalizing provision of, 57
Q
Quality of health care, 187
Quasi-currency board, 14, 405, 407n7
Eastern Caribbean Central Bank as, 381
R
Rate of return on capital, 426
Rationalizing public services, 57
Real estate costs, 447
Real exchange rate, 425n1, 427
overvaluation of, 387
Real GDP, 21t
interpolation of, to obtain quarterly series, 226–228
sectoral, 81f
Real GDP growth, 17f, 80f, 160t
of offshore financial centers, 366, 367t
Real lending rate, 447–448
Real per capita GDP, 95
Real sector linkages, 10
Real sector statistics, 488–491, 496–502
Real-time gross settlement system (RTGS), 394
Real wages, 456f
constructing, 455
growth in, 446–447, 448f
Rebased national accounts series, 489
Recapitalization Committee (RECAP), 74
Receipts per tourist, 95, 103t
Regional agreements, on business taxation, 146–148
Regional assembly, 53
Regional capital market, 10
Regional code of conduct, 72
Regional cooperation
on health care, 193
on public expenditures, 8
Regional Debt Coordinating Committee (RDCC), 336
Regional development banks, debt restructuring and, 10
Regional financial market, 335
Regional financial space, 335
Regional Government Securities Market (RGSM), 12–13, 68, 290, 335, 393
government access to, 342–343
investors, 338–340
primary issuance and auctions, 337–338, 337f
public debt and, 116
recommendations for, 340–345
secondary market activity, 340
Regional integration, 53–54. See also Economic integration; Policy coordination
of financial sector, 397
history of, 54–56
Regional markets, capital markets, 12–13
Regional money market institutions, 68
Regional Oversight Committee, 303
Regional revenue authority, 154
Regional sovereign debt securities, 345
Regional Technical Operating Committee, 394
Regulation and supervision
Eastern Caribbean Central Bank and financial sector, 394–397
of banking sector, 301–303, 381
of credit unions, 307, 314–316
of nonbanks, 329–330
of offshore financial centers in OECS/ECCU, 369–370
Regulations, as obstacles to doing business, 474, 476f
Regulatory Oversight Committee, 73, 316, 395, 397
Regulatory perimeter, bank, 302, 303
Remittances, 31–32, 82, 492
Repatriation of profits, 440
Repo market, 340, 345, 393
Reports on Observance of Standards and Codes, 360
Republic Bank Ltd., 324f, 328
Reserve cover, 14, 384, 384f
Reserve requirements, 387, 388
Reserves, pension, 171, 172f, 175
Resolution Trust Corporation (RTC), 11, 74, 300
Retirement age, 171–172, 177
Revealed comparative advantage (RCA), 428, 430–433, 434–435t
Revenue administration, 7
Revenue administration capacity, 132
Revenue and expenditure, 161f
Revenue and grants, 18f, 129, 130t, 133f
Revenue authorities, 151n18
Revenue effort, 129
Revenue mobilization, 6, 129
Revised Kyoto Convention, 149
Revised Treaty of Basseterre, 55t, 57–70, 399, 487n2
Revised Treaty of Chaguaramas, 55t, 432
Ring-fencing, 356
Risk, private investment and, 435
Risk-based supervision, 302
Risk concentrations, managing, 302
Risk diversification, capital markets and, 335
Risk management, international standards for, 68
Risk sharing, 5, 57
Risk taking, credit unions and, 307
Risk weighting procedures, 302
Rollover risks, 337
Room supply, shares in, 100f
Roseau Cooperative Credit Union, 309, 310, 312t
Royal Bank of Scotland (RBS) Bahamas, 350n1
S
Saint Lucia, 12, 53, 129n1
banana production and, 428
banking sector development over time, 464, 465f
macroeconomic statistical issues, 500–501
political calendar and leadership, 43
regional integration agreements, 61t
revealed comparative advantage in, 435t
SDRs (special drawing rights), 248
Sea access, improving, 453
Sea freight rates, 443, 444t
Sea levels, rise in, 30–31
Sea transportation, access to, 443, 443f, 444f, 453
Secondary markets, 12, 335, 337, 340, 341f, 344–345
Second-round effects, of offshore financial centers, 354
Security, political risk and, 440
Seigniorage, 15, 386
dollarization and, 407
Seigniorage gains and losses, 410–411
Selective default, in Jamaica, 252
Self-selection targeting, 213
Seychelles
debt restructuring in, 9, 243–248
exchange rate regime, 14
floating exchange rate and, 406
sovereign debt restructuring in, 234, 243–248, 244f, 245f, 272
Shipping connectivity index, 443, 443f
Shocks, 26
asymmetric and idiosyncratic, 70
exogenous, 54
fixed exchange rate and, 387
public debt sustainability and, 126–127f
social assistance programs and, 193–194
Short-term capital flows, 387
Short-term securities, 337–338, 338f
Single financial space, 68, 381
Eastern Caribbean Central Bank and, 398
Single regulatory units (SRUs), 73, 315–316, 370, 395, 397, 493
Single trading platform, 346
Sinking funds, 259
Size (land area), 95, 103t, 104t
Slavery, 4
legacy of, 25, 32
Small enterprises, banks and, 286
Small firms, access to finance and, 448–449
Small international financial centers (SIFCs), 363, 374t
Small island developing states, 29n5
Small island economics, 16
Small island (SI) states, 95, 103t, 104t
growth performance and, 80
production of statistics in, 494–495
Small open economy models, 4, 29
Small savers, banks and, 286
Small states, 483
Social assistance programs, 8, 160, 211
public expenditure on, 193–197, 194f
rationalization measures, 8, 162t
Social indicators, 4, 19t, 32–35, 33t, 34t
Social investments, 175
Social safety nets, 54
Social security, 8, 170–181, 210, 392
civil service pension schemes, 176, 180–181
national pension schemes, 171–175, 176–180
policy reforms for, 176–181
public debt and, 116, 118t
rationalization measures, 162t
Social security administrations, 344
Social security databases, 455
Social setting, 4–5, 19t, 32–39
legacy of slavery, 25, 32
progress toward Millennium Development Goals, 35, 36–39t
social indicators, 32–35, 33t, 34t, 46–48
Social vulnerability indicators, 46–48
Source-country business cycles, impact on tourism, 88
Sovereign debt, 437. See also Public debt
cycle of, 74
default on, 74, 111
joint sovereign borrowing and crises of, 345
Sovereign debt restructuring, 233–279
Antigua and Barbuda, 278–279, 278f
Belize, 235–238, 236f, 238f, 272
Dominica, 254–260, 255f, 256f, 257t, 258t, 272–274
Dominican Republic, 238–242, 240f, 272
Grenada, 261–265, 262f, 263t, 264f, 274
Jamaica, 248–253, 250f, 251f, 272
lessons learned, 275–277
public-debt-to-GDP ratios of, 234f
Seychelles, 243–248, 244f, 245f, 272
St. Kitts and Nevis, 265–271, 266f, 267f, 268t, 269f, 274
summary, 272–275
Sovereign risk, 435n10
Special purpose vehicles (SPVs), 13, 236, 276, 349, 369
debt restructuring in St. Kitts and Nevis and, 269, 271
Spillovers, 115n5, 314, 354
St. Kitts and Nevis, 53, 129n1
debt restructuring in, 9, 265-272
macroeconomic statistical issues, 501
offshore financial centers in, 13
political calendar and leadership, 43
regional integration agreements, 61t
revealed comparative advantage in, 434t
sovereign debt restructuring in, 233, 265–271, 266f, 267f, 268t, 269f, 274
St. Kitts-Nevis-Anguilla National Bank, 286, 296–297
St. Kitts Sugar Manufacturing Company, 267
St. Vincent and the Grenadines, 53, 129n1
banana production and, 428
banking sector development over time, 464, 465f
macroeconomic statistical issues, 502
parastatal entities in, 205, 206, 207t
political calendar and leadership, 43
public investment execution rate, 203f
regional integration agreements, 61t
revealed comparative advantage in, 435t
Stabilization funds, 10, 265, 276
Stabilization policies, debt restructuring and, 272
Standard and Poor’s ratings, 237, 244, 249, 252, 261, 439, 439t, 440
Standard Integrated Government Tax Administration System (SIGTAS), 152, 153, 156
Standard International Trade Classification (SITC), 432n5
Standardized procedures, for debt issuance, 335–336
Stand-by arrangement, International Monetary Fund, 30
Dominica and, 255
Dominican Republic and, 242
Jamaica and, 253
Seychelles and, 248
Stanford Financial Group, 10, 271n33, 299
Stanford International Bank, 369
Statistics. See Macroeconomic statistics
Statutory bodies, 8
harmonization of macroeconomic statistics and, 74
Statutory reserve requirements, 300
Stay-over arrivals, 491
Step-up interest rate, 237
Sticky wages, 387
Stock of reserves, 407
Stress testing practices, 302
Strip bonds, 259
Structural composition of debt, 335
Structural constraints, 452
Structural impediments, to private development, 15
Structural issues
civil service pensions and, 176
national pension schemes and, 174–175
Structural reform, 452
Structural transformation, 425
into tourism, 430
Structural vector autoregression (SVAR) models, 9, 220, 228–230
Structural weaknesses, 27
Structured finance, 353
Student-teacher ratios, 166, 182–183, 185
Study-leave program, 184, 186
Sugar industry, closure of, 265, 266f
Supervision. See Regulation and supervision
Supervisory powers, for banks, 304
Supporting Economic Management in the Caribbean (SEMCAR), 156
Supranationality, 56–57
Surveillance
of banks, 395
macroeconomic statistics and, 16
Sustainability issues
civil service pensions and, 176
national pension schemes and, 171–172
Systemic risk, 335
Systemic risk and interconnectedness, 302
T
Tariff dispersion, 65
Tariff rates, 136t
Tariffs, 63–67, 64t, 129
common external, 63, 64t, 65
external, 133–134
Tax administration, 474, 477
organizational structure, 150–151, 150f
reform of, 129, 149–153
Tax amnesty programs, 358
Tax arbitrage, 144, 351, 352, 353
Tax audits, 150
of larger taxpayers, 150
Tax avoidance, 150
Tax base, 7, 129
widening, 148
Tax burden, 7
competitiveness and, 445, 445f
Tax Commission, 72
Tax competition, 146
Tax effort, 156–157
Taxes
competitiveness and, 426, 445, 445f
direct, 140–145, 141t, 142f, 143f, 143t, 145t
excise, 132, 140, 140t, 148
on goods and services, 134–139, 137t
income (see Income tax)
indirect, 133–140, 135f, 136t, 137f, 137t, 138t, 139f, 139t, 140t
as obstacle to doing business, 474, 476f, 477, 477f
offshore financial centers and, 355
paying, 99f, 473–474, 473f
policy incentives, 148
property, 144–145, 145t, 148
revenues and policies, 131f, 132–133, 133f, 134f
structure of, 134f
Tax evasion, 7, 150, 353
offshore financial centers and, 351, 355–358
Tax harmonization, 72, 148
Tax havens, 350, 351, 352, 358, 359, 367, 368t
defined, 372
list of, 373t
Tax holidays, 29, 145
Tax incentives, 7, 29, 145–148, 146f
coordinating, 147
Tax Information Exchange Agreements (TIEAs), 13, 356–358, 369, 369t, 373
Tax liabilities, offshore financial centers and, 351
Tax minimization, 353, 359, 369
offshore financial centers and, 351, 352
Taxpayer audit, 7
Taxpayer identification numbers, 152
Taxpayer population, segmenting, 151, 153
Taxpayer services, 7, 156
Tax policy, harmonization of, 7, 148, 154–156
Tax rates, on international trade and transactions, 65t
Tax rebates, 145
Tax reductions, 9
Tax reform, 132, 159
Tax Reform and Administration Commission, 154
Tax revenue, 7, 130t, 132, 133f
per capita income and, 131f
trends in, 131f
Tax revenue multiplier, 220, 221, 222f, 223, 224f
Tax standard, international, 356, 357t
Tax standard progress report, 368
Tax structure, 129
competitiveness and, 426
Tax treaties, 351, 355, 358
Teachers
number of trained, 184, 184f, 186
pensions, 170n23
student-teacher ratios, 182–183, 185
Technical assistance, on macroeconomic statistics, 493–494
Technological change, contribution to economic growth, 83
Telephone penetration, 436f
Terms of trade, 18f, 54, 95, 103t, 104t
variation in, 413, 414t
Terrorism, financing of, 360–361
Total factor productivity (TFP), 6, 79, 82, 84–85, 436f
output per worker and, 85
Total revenues and grants, 22t
Total-trade-to-GDP ratio, 65
Tourism
competitiveness of, 91–92, 100f, 430, 431f
diversification into, 4, 28, 29–30
economic growth and, 79, 80, 82, 97f, 103t
growth volatility and, 88–89
long-term growth and, 86, 87–88
as percent of GDP, 27
revealed comparative advantage and, 432, 433
shift from mass to upscale, 92
total tourist arrivals, 17f
tourist stayover arrivals, 18f
Tourism market shares, competitiveness and, 430, 431f
Tourism productivity, 430
Tourism satellite accounts (TSAs), 491
Tourism services, VAT rate for, 138–139, 139f
Trade. See also
Terms of trade
as obstacle to doing business, 474, 476f
optimal currency area index and, 415
schedule of commitments in, 62t
Trade data, 492
Trade integration, 58–67
bilateral agreements and the Economic Partnership Agreement, 59–63
in the Caribbean, 63–67
multilateral trade liberalization, 58–59
Trade openness, 66t
Trade preferences, 5, 80, 387, 425
Transfer and convertibility rating, 439
Transparency, 70
debt restructuring and, 237
offshore financial centers and, 356
Regional Government Securities Market and, 340
in social assistance programs, 196
Transportation, as obstacle to doing business, 474, 477
Treasury bills, 12, 336, 337–338
Treaty of Basseterre, 5, 14, 53, 55t, 56, 381–382, 398
Treaty of Chaguaramas (CARICOM), 55t, 56, 432n6
Trinidad and Tobago
banking sector, 10, 286
BCCB and, 382n2
CL Financial Limited and, 11, 12
deposit insurance and, 300
Trusteeship, control of assets under, 330–331
Trust indenture, 242
2008-09 global crisis
banking sector and, 10–11
fiscal multipliers and, 220
weaknesses of Eastern Caribbean Economic and Currency Union and, 54
Two-way price quotations, 340
U
Uncertainty, private investment and, 435
UN Committee of Experts on International Cooperation in Tax Matters, 356
Unemployment, 4, 25, 33–34, 33t, 44, 45t
Unemployment rates, 437, 438f
Uniform Banking Act, 301, 395
Uniform Securities Act, 301n12
Uniform Settlement Systems Act, 394
United Kingdom
banana imports, 428–430, 429f
banking and, 286
United Nations Statistical Commission, 488
Unit labor costs, 427
Universities, 93
Unremunerated reserves, 383
U.S.-Caribbean Basin Trade Partnership Act, 62n8
U.S. dollar, as anchor for OECS/ECCU, 416–418, 417f, 418t, 419f, 420t, 421t
U.S. Federal Reserve System, 14
U.S. Securities and Exchange Commission, 290, 353
User fees, for health care, 187, 189–190, 191, 192
exemptions, 189
V
Value added tax (VAT), 7, 65, 132, 136, 138–140, 138t, 139t, 148, 151
exemptions from, 138, 145
reforms in, 72, 149
Value for money (VfM), 202, 205, 206, 209, 211
Vesting period, 175n35, 176
Visitor arrivals, 430, 431f
Visitor expenditures, 430, 431f
Volatility
of GDP growth, 82, 82f
tourism and growth, 88–89
Volcanic eruptions, 54
W
Wage bill, 8, 168
Wage-bill rationalization strategy, 168
Wage-bill-to-GDP ratio, 163, 163t
Wage freezes, 166, 168
Wage premium, 165
Wage rates, 446, 447f
Wages
average annual, 46t
civil service, 162t, 163–170, 163t, 164f
sticky, 387
Watch-listed banks, 74
Wellness revolution, 35n12
West Indian Commission, 56
West Indian Currency Conference, 55t
West Indies, 3, 25
West Indies Associated States (WISA), 56
West Indies Associated States (WISA) Council, 55t
West Indies Associated States (WISA) Supreme Court, 55t
West Indies Conference of Credit Societies, 309
West Indies Federation, 54, 55t
Westminster-based electoral structure, 4–5, 25
Windward Islands, 382n2, 428
Workers, established and nonestablished, 166n12, 167, 167n17, 189n53
Workforce
education and, 93
as obstacle to doing business, 474, 476f, 478, 478f
World Bank, 15, 169, 360, 440, 464. See also Doing Business Indicators
beneficiary identification system, 196
Jamaica debt restructuring and, 249
recommended student-teacher ratios, 182
World Competitiveness Yearbook, 427
World Council of Credit Unions (WCCU), 309, 315, 316, 317
World debt and growth, 89f
World Governance Indicators, 367, 373
World Trade Organization (WTO), 56
banana dispute, 428–430
valuation agreement and rules of origin, 149
Y
Youth Empowerment through Skills Program, 34
Youth unemployment, 4, 34
Z
Zero-rating, VAT and, 138