Front Matter
  • 1, International Monetary Fund

Front Matter Page

Western Hemisphere Department

Authorized for distribution by Anthony Boote and Jorge Guzmán


  • I. Introduction

  • II. Key Principles

  • III. The Caribbean Experience

  • IV. The Experience of Diversification in the Caribbean and Government Policy

  • V. The Sunrise Industries

  • VI. Conclusions

  • Text Figures

  • 1. Agriculture Is Much More Volatile Than Industry or Services

  • 2. Income Volatility Is Quite Low in the Caribbean Region, 1969–2000

  • 3. Growth Variability in the Caribbean Has Declined Over Time

  • 4. Variability of Exports of Goods and Services as a Percentage of GDP by Region

  • 5. Agriculture’s Share in the ECCB Is Quite Low and Has Fallen in Recent Years

  • 6. Output Growth Is Not Well Correlated Across Sectors

  • 7. Service Export Earnings in the ECCB Region Are Less Volatile Than Goods Export Earnings, 1991–99

  • 8. Service Exports in the ECCB Region Exceed Goods Exports

  • 9. Welfare Gain to Eliminating Consumption Variability in the Caribbean

  • 10. Commodity Prices, 1970–88 (Index 1980=100)

  • 11. High Income Countries Have Less Volatile Incomes

  • Text Tables

  • 1. Percent of Total Exports (Five-Year Average, 1995–99)

  • 2. The Growth Performance Among Caribbean Economies Is Not Well Correlated

  • 3. Informatics Industry in the Caribbean

  • 4. Cost of Leased Circuit Telecommunications Services to the United States

  • 5. Comparative Hourly Wage Rates in Information Processing

  • Appendices

  • I. The Decrease in Output Volatility from the Addition of an Extra Industry

  • II. The Welfare Gains from Reducing Consumption Variability

  • References

The Challenge of Diversification in the Caribbean
Author: Mr. A. Salehizadeh, Mr. Peter Berezin, and Mr. Elcior Santana