Search Results

You are looking at 1 - 10 of 48 items for :

  • "growth in the ECCU" x
Clear All
Mr. Montfort Mlachila

T his chapter explores the extent and effects of regional and international integration of the Eastern Caribbean Currency Union (ECCU) countries. 1 It reviews their basic integration strategy, achievements, and shortcomings. It focuses on various aspects of integration to show how, despite being fairly open economies, the ECCU countries are not fully integrated into the global economy. The chapter then explores empirically the contribution of integration to growth in the ECCU. ECCU countries have developed behind a wall of high protection, combined with

Mr. Shaun K. Roache
This paper quantifies the effect of public investment on growth in the ECCU. The results, emerging from panel vector autoregressions, indicate that the return on public investment, as defined by Perreira (2000), is very likely negative. This means that the total change in real output induced by one EC dollar of public investment, due to its short-run impact on demand, or the longer-run impact on supply, is below one EC dollar. Public investment shocks also appear to appreciate the real exchange rate, suggesting that the short-run demand impact is larger than the long-run supply response.
International Monetary Fund. Western Hemisphere Dept.

’ progress in addressing key challenges and the regional economic recovery, which is gradually gaining ground supported by strong external demand, low oil prices, and buoyant 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. In this context, Directors encouraged the authorities to press ahead with sound macroeconomic policies and structural reforms to decisively address these issues

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.
Mr. Shaun K. Roache

This paper quantifies the effect of public investment on growth in the ECCU. The results, emerging from panel vector autoregressions, indicate that the return on public investment, as defined by Perreira (2000), is very likely negative. This means that the total change in real output induced by one EC dollar of public investment, due to its short-run impact on demand, or the longer-run impact on supply, is below one EC dollar. Public investment shocks also appear to appreciate the real exchange rate, suggesting that the short-run demand impact is larger than the long-run supply response.

International Monetary Fund

INTERNATIONAL MONETARY FUND EASTERN CARIBBEAN CURRENCY UNION (ECCU) Selected Issues Prepared by S. Acevedo, J. Kang, A. McIntyre, K. Nassar, S. Ogawa, R. Perrelli, M. Tashu, N. Thacker, A. Viseth (all WHD), A. Simone, S. Tareq (FAD) Approved by Western Hemisphere Department September 21, 2010 Contents I. Growth in the ECCU: What Went Wrong and Can It Be Fixed A. Introduction B. ECCU’s Growth Performance in an International Perspective C. Explaining the Declining Trend in Growth in the ECCU D. Tourism’s Contribution to Growth in the ECCU E

International Monetary Fund

Concessions D. Benefits of Incentives: FDI Performance in the ECCU E. Summary and Policy Conclusions VI. Emigration and Brain-Drain: Evidence from the Caribbean A. Introduction B. Theory C. Data and Evidence D. Results E. Conclusion and Policy Implications VII. Integration and Growth in the Eastern Caribbean A. Introduction B. The Integration and Growth Literature C. The ECCU Experience with Regional Integration and Growth D. Modeling the Contribution of Integration to Growth in the ECCU E. Concluding Remarks

International Monetary Fund

I. G rowth in the ECCU: W hat W ent W rong and C an it be F ixed 1 A. Introduction 1. Growth in the ECCU countries has been on a declining trend since the 1990s, with the current global slowdown exacerbating this trend . The ECCU region has been buffeted by a series of adverse exogenous shocks over time, including the erosion of trade preferences; the decline in official foreign assistance; recessions in the developed countries, the main source of tourism and FDI for the region; and frequent natural disasters. The recent global slowdown has

International Monetary Fund

. Enhancing ECCU and Fund Engagement IV. Staff Appraisal Boxes 1. Public Debt in ECCU Countries 2. Collapse of the CL Financial Group 3. Moving Forward with the Establishment of an Economic and Monetary Union 4. Improving the Efficiency of Public Expenditure in the ECCU 5. ECCU Banking Sector Sensitivity Analysis 6. ECCU Banking System: Crisis Preparedness and Management 7. Exchange Rate Assessment 8. Growth in the ECCU 9. Technical Assistance from the Fund in 2009 and 2010 10. Features of the Rebased GDP and Revised CPI Tables 1. Selected

International Monetary Fund
The objective of this paper is to analyze the growth performance of the ECCU countries since independence and the policy challenges they face to ensure sustained growth in the period ahead. Although tourism specialization may bring about higher growth, it could also increase volatility in growth by amplifying the impact of business cycles in source countries on the tourism sector. Low productivity growth is principally the reason for the slowdown in growth. High debt levels have been a major drag on growth.