Back Matter

Back Matter

Author(s):
Krishna Srinivasan, Inci Otker, Uma Ramakrishnan, and Trevor Alleyne
Published Date:
November 2017
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Index

A

  • 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

B

  • 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

C

  • 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

D

  • 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

E

  • 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

F

  • 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

G

  • 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

H

  • 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

I

  • 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

J

  • 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

K

  • Khadan, Jeetendra, 15
  • Klemm, Alexander, 109
  • Klinger, Bailey, 34

L

  • 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

M

  • 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

N

  • 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

O

  • 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

P

  • 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

R

  • 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

S

  • 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

T

  • 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

U

  • 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

V

  • 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

W

  • 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

Y

  • Youth vocation training, crime and, 15

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