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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2016 Discussion on Common Policies of Member Countries-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This IMF Staff Report for the 2016 Discussion on Common Policies of Eastern Caribbean Currency Union (ECCU) Member Countries highlights that the regional recovery in ECCU is gaining ground, supported by continued low oil prices, strong tourism arrivals, and robust citizenship-by-investment receipts. Risks to the near-term outlook are balanced, but growth in the ECCU continues to be hindered by weak competitiveness, banking sector fragilities, susceptibility to natural disasters, and large public debt. The Executive Directors have encouraged the authorities to press ahead with sound macroeconomic policies and structural reforms to decisively address these issues and strengthen the conditions for robust long term growth.
Keywords:
ISCR; CR; Anguilla CARTAC; country authorities; ECCU; aggregate; discussion; ECCU price aggregate; ECCU well; FAD tax mission; ECCU aggregate; CARTAC framework; Natural disasters; Commercial banks; Interest rate parity; Caribbean; Global
Cover IMF Working Papers
Macroeconomic Fluctuations in the Caribbean: The Role of Climatic and External Shocks
Mr. Sebastian Sosa
and
Mr. Paul Cashin
This paper develops country-specific VAR models with block exogeneity restrictions to analyze how exogenous factors affect business cycles in the Eastern Caribbean. It finds that external shocks play a key role, explaining more than half of macroeconomic fluctuations in the region. Domestic business cycles are especially vulnerable to changes in climatic conditions, with a natural disaster leading to an immediate and significant fall in output-but the effects do not appear to be persistent. Oil price and external demand shocks also contribute significantly to domestic macroeconomic fluctuations. An increase in oil prices (external demand) is contractionary (expansionary), and the effects dissipate up to three years after the shock.
Keywords:
WP; external shock; economy; real interest rate; output fluctuation; open economy; Business cycle; external shocks; VAR; block exogeneity; Eastern Caribbean; oil price shock; ECCU country; economy block; world real interest rate shock; Real interest rates; Oil prices; Natural disasters; Business cycles; Vector autoregression; Caribbean; Global
Cover IMF Working Papers
A Statistical Analysis of Banking Performance in the Eastern Caribbean Currency Union in the 1990s
Mr. V. Hugo Juan-Ramon
,
Mrs. Ruby Randall
, and
Mr. Oral Williams
Private foreign banks dominate the banking system although their market share declined in the 1990s while that of private indigenous banks increased. The banking system was not concentrated either within or across countries. Stigler’s survivor test indicated that large banks tended to reduce their scale over time. Private foreign and private indigenous banks exhibited similar distributions with respect to operating expenses but private foreign banks were most profitable. High interest rate spreads appeared attributable to higher average costs related to market size and geographic peculiarities.
Keywords:
WP; bank Size; public bank; bank code; ECCB area; banking system; Bank Structure; Competition; Performance; indigenous bank; performance indicator; State-owned banks; Foreign banks; Commercial banks; Loans; Deposit rates; Caribbean
Cover IMF Working Papers
Interest Rate Spreads in the Eastern Caribbean
Mrs. Ruby Randall
This paper examines interest rate spreads in the Eastern Caribbean and seeks to explain why they are persistently high by comparison with other low-inflation countries. The paper concludes that operating costs appear to be a key determinant of observed interest rate spreads, giving rise to the policy recommendation that efforts to expand the market size of efficient banks might help pave the way for greater efficiency.
Keywords:
WP; interest rate; commercial bank; ECCB; Eastern Caribbean; interest rate spreads; commercial bank costs; return on assets; banking industry; ECCB area; bank interest; ECCB aggregate; ECCB rate; overdraft rate; ECCB loan loss; ECCB interest rate; marginal revenue; bank interest rate spread; United States interest rate; Commercial banks; Deposit rates; Loans; Loan loss provisions; Personal income; Caribbean