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Cover IMF Working Papers
Front Matter
Abdullah Al-Hassan, Mary E. Burfisher, Mr. Julian T Chow, Ding Ding, Fabio Di Vittorio, Dmitriy Kovtun, Arnold McIntyre, Ms. Inci Ötker, Marika Santoro, Lulu Shui, and Karim Youssef

Rates, 2015–2017 14. The Caribbean: Average Tariff Rates, 2015–2017 15. The Caribbean: Impacts of Further Liberalization TABLES 1. Actions Taken Toward Implementation of the CSME 2.The Caribbean: Trade Linkages 2.The Caribbean: Trade Linkages 3.Selected Indicators of Economic Integration 4. Trade-weighted Average Tariff Rates of CARICOM Members 5. Ad valorem Equivalents of NTMs in CARICOM 6. Impacts of CARICOM Trade Liberalization 7. Effects of CARICOM Trade Liberalization on Real Factor Prices and Unskilled Employment REFERENCES

Keywords:
WP; sovereign state; common market; ECCU authorities; labor market; CARICOM state; OECS authorities; factor market; average revenue; CARICOM economy; banking sector; CARICOM trade; trade cost; national budget; CARICOM member; Tax incentives; Regional integration; Caribbean; Global; Europe; exercise authority
Cover IMF Working Papers
Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration
Abdullah Al-Hassan, Mary E. Burfisher, Mr. Julian T Chow, Ding Ding, Fabio Di Vittorio, Dmitriy Kovtun, Arnold McIntyre, Ms. Inci Ötker, Marika Santoro, Lulu Shui, and Karim Youssef
Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.
Keywords:
WP; sovereign state; common market; ECCU authorities; labor market; CARICOM state; OECS authorities; factor market; average revenue; CARICOM economy; banking sector; CARICOM trade; trade cost; national budget; CARICOM member; Tax incentives; Regional integration; Caribbean; Global; Europe; exercise authority; Economic integration; CARICOM; CSME; Cooperation
Cover IMF Working Papers
Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration
Abdullah Al-Hassan, Mary E. Burfisher, Mr. Julian T Chow, Ding Ding, Fabio Di Vittorio, Dmitriy Kovtun, Arnold McIntyre, Ms. Inci Ötker, Marika Santoro, Lulu Shui, and Karim Youssef

, despite the stated commitments of the CARICOM members . As of end-2017, 18 years after the Revised Treaty, 57 percent of the actions required to establish the CSME had been completed. This implementation deficit has created increasing skepticism about completing the CSME and its benefits and may have taken a toll on the region’s commitment to the integration movement. The March 2017 Jamaican Commission Report on CARICOM and CARIFORUM frameworks stressed that regional integration remains as valuable and relevant today as at its inception, but called for specific, time

Keywords:
WP; sovereign state; common market; ECCU authorities; labor market; CARICOM state; OECS authorities; factor market; average revenue; CARICOM economy; banking sector; CARICOM trade; trade cost; national budget; CARICOM member; Tax incentives; Regional integration; Caribbean; Global; Europe; exercise authority