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International Monetary Fund

countries, the imputed rates increased during this period for three of the six ECCU countries (Antigua and Barbuda, Dominica and St. Vincent and the Grenadines), possibly indicating better collection rates and/or a decline in tariff exemptions. As of 2002, the differential between actual and imputed tariffs was smallest for St. Lucia (at 3.2 percent), and largest for Grenada (at 5.5 percent). Figure VII.1. ECCU: Actual Tariff Rate and Imputed Tariff Rate, 1995–2002 (In percent) Sources: ECCU Country authorities, IMF Trade Restrictiveness Database, and staff

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.
International Monetary Fund
This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.