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Iuliia Brushko and Ms. Yuko Hashimoto

index is significant and positive (for equity securities) but the interaction term is significant and negative (for debt securities). This suggests that the low-concentration type reallocates the portfolio more slowly in response to an increase in the growth of the stock index. We did the same comparison analysis for the sub-samples with different shares of invested assets and across time dimension. The low-concentration type countries tend to under-react or react in the opposite direction relative to the reactions of the high-concentration type countries

Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé

in the following linear form q i j ( p ˜ ) = v i − p i j − δ ( p i j − p ¯ ) where q i j ( p ˜ ) is the demand to the j-th i-type country with i ∈ {L, H} and j ∈ {1,2,…, n i }, δ > 0 is a substitutability parameter, p ¯ is the average price level in the economy and v H > v L . We assume v L to be large enough so that, q i j ( p ˜ ) is always positive. In a Non-Cooperative Equilibrium , the H -type

Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé
The pervasive use of tax incentives is costly for the Caribbean countries, yet the benefits seem limited. Better policy coordination at the regional level is needed to help overcome the collective action problems and generate more revenue to support the much-needed infrastructure investment. Using the region’s Citizenship-by-Investment (CBI) programs as an example, we also show that a price-quantity coordination mechanism can help achieve an efficient outcome with greater CBI incomes for member countries.
International Monetary Fund. Western Hemisphere Dept.

form q i j ( p ˜ ˜ ) = ν i − p i j − δ ( p i j − p ¯ ) where q i j ( p ˜ ) is the demand to the j -th i -type country with i ∈ {L,H} and; j ∈ {1,2, …,n i }, δ > 0 is a substitutability parameter, p ¯ is the average price level in the economy and v H > v L . We assume v L to be large enough so that, q i j ( p ˜ ) is always positive. In a Non-Cooperative Equilibrium ( p L N a n