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Western Hemisphere > Dominica

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Cover The Eastern Caribbean Economic and Currency Union
The Eastern Caribbean Economic and Currency Union
Macroeconomics and Financial Systems
Mr. Alfred Schipke
,
Aliona Cebotari
, and
Ms. Nita Thacker

Abstract

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

Keywords:
BOOK; ECCU country; ECCU; OECS; ECCU economy; ECCU member; banking sector; financial crisis; Credit bureaus; Debt restructuring; Caribbean; Global; Central America; Europe; Western Hemisphere; ECCU government; ECCU authorities; South America
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2009 Discussion on Common Policies of Members Countries: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.
Keywords:
ISCR; CR; deficit; OECS-Education Development Project; Grenada; asset; ECCU country; ECCU aggregate; core area; ECCU member; banking system; CARTAC program; Commercial banks; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries’ economies are heavily dependent on the United States for foreign direct investment, mainly in the tourism sector. The Selected Issues paper discusses economic development and policies of the ECCU. About one-third of the stayover tourists to the ECCU countries are from the United States., the top tourist-source country. The flow of remittances is also an important channel of influence, reflecting the significant proportion of Caribbean migrants living in the United States.
Keywords:
ISCR; CR; ECCU economy; ECCU country; ECCB reserves; founder business personality; Ponzi scheme; Real exchange rates; Natural disasters; Insurance; Caribbean
Cover IMF Working Papers
What Attracts Tourists to Paradise?
Ms. Evridiki Tsounta
This paper investigates the determinants of tourism demand in the Eastern Caribbean Currency Union. We estimate the demand function in a panel setting using annual data from 1979 to 2005. Results show that tourism arrivals are significantly affected by economic developments in the source countries, while price considerations and external shocks (such as hurricanes and wars) are also important. Supply factors, such as developments in foreign direct investment and the number of airlines servicing a destination, are also found to be significant determinants of tourism demand.
Keywords:
WP; tourism sector; demand
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This paper assesses the evolution of Eastern Caribbean Currency Union (ECCU) real exchange rates over time, and examines whether the region has lost competitiveness. The main finding is that there is little evidence of overvaluation of the Eastern Caribbean (EC) dollar. The relationship summarized above permits the calculation of equilibrium current account balances or norms. The financing of ECCU current account imbalances appears stable. This paper also provides evidence on the distinctive impact that tourism plays in the determination of the real exchange rate in tourism-driven economies.
Keywords:
ISCR; CR; ECCU; exchange rate; tax; liquidity assistance; tourism flow; CIT rate; banking crisis; ECCU emigration rate; Real exchange rates; Corporate income tax; Liquidity; Tourism; Banking crises; Caribbean; Global
Cover The Caribbean
The Caribbean
From Vulnerability to Sustained Growth
Mr. David Robinson
,
Mr. Paul Cashin
, and
Ms. Ratna Sahay

Abstract

This book sets out the economic challenges facing the island nations of the Caribbean and presents policy options to ameliorate external shocks and embark firmly on a sustained growth path. While the countries of the Eastern Caribbean Currency Union that are the focus of the book have enjoyed a sustained period of price and exchange rate stability, they have been buffeted in recent years by adverse shocks, including the erosion of trade preferences, declines in official foreign assistance, and frequent natural disasters. Strengthening their growth performance will require design of a multifaceted strategy that integrates the Caribbean with the global economy, facilitates an economic transformation from agriculture to tourism, fosters greater regional cooperation, and preserves macroeconomic stability. This volume examines the critical issues that are part of that process, including fiscal and financial sector policy, management of external flows, trade integration and tourism, macroeconomic cycles and volatility, and the economic implications of natural disasters.

Keywords:
BOOK; ECCU country; country; emigration loss; country authorities; ECCU banking system; ECCU economy; Natural disasters; Migration; Fiscal stance; Exchange rate arrangements; Caribbean; Global; North America; countries of the Eastern Caribbean Currency Union; Central America
Cover IMF Working Papers
Stabilization, Debt, and Fiscal Policy in the Caribbean
Ms. Ratna Sahay
Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen rapidly. By 2003, 14 of 15 Caribbean countries ranked in the top 30 of the world's highly indebted emerging market countries. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been largely due to a sharp increase in expenditures rather than a fall in revenues. With the countries of the region now increasingly facing unsustainable debt positions, innovative ways need to be found to raise their economic growth rates and generate fiscal savings to reverse the debt buildup, and to maintain or raise their current living standards.
Keywords:
WP; country authorities; exchange rate regime; Caribbean country; policy stance; government expenditure; real GDP
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) underlies key features of business cycles. To obtain new measures of classical and growth cycles, simple rules were applied to date turning points in the classical business cycle, and a recently developed frequency domain filter was used to estimate the growth cycle. At the regional level, the ECCU countries are facing two shocks, i.e., the depreciation of the U.S. dollar and the depreciation of the Dominican Republic’s peso. The countries of the ECCU have experienced modest erosion in their price and nonprice competitiveness.
Keywords:
ISCR; CR; ECCU country; bank; insurance market; growth cycle; public debt to GDP ratio; ECCU bank; Natural disasters; Real exchange rates; Business cycles; Tourism; Caribbean; Global