Western Hemisphere > Bahamas, The

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  • General Financial Markets: General (includes Measurement and Data) x
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Chuan Li and Joyce Wong
Many Caribbean financial systems are relatively well developed for their size but benefits are concentrated in a small part of the population. In several large countries, the financial development levels are below what is warranted by that country’s own macroeconomic fundamentals. SMEs, in particular, remain severely credit constrained, and data to inform better analysis remains scarce. Using available data, this paper takes stock of the current state of financial development and inclusion in the Caribbean region and, based on a quantitative general equilibrium model, examines potential trade-offs between growth, inequality, and financial stability—all critical considerations when policies are designed. A case study for Jamaica is examined in detail.
International Monetary Fund
In this study, the economic developments and policy responses of Trinidad and Tobago after the crisis is reviewed. Policy recommendations are used to strengthen the legal and regulatory framework. According to the IMF’s financial system stability assessment (FSSA), there were critical gaps in the overall legal, regulatory, and supervisory structure for the insurance sector. The quality of insurance sector supervision can be assessed against internationally accepted established “core principles.” In this paper, an overview is presented of why the crisis occurred and some suggestions on how to prevent a future crisis.
Goohoon Kwon and Mr. Raphael A Espinoza
This paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 worked days, even when looking only at large arbitrage opportunities (using a Threshold Auto-Regressive model). A speculative methodology using macroeconomic data seems to confirm these findings. A strong mean reversion of the current account (respectively regional trade imbalances) is interpreted, following Obstfeld and Taylor (2004), as a lack of ways to finance current account deficits, i.e. a lack of global (respectively regional) financial integration. The region appears to be much less integrated than the EU15 or the ASEAN+3 groups, although it fares well compared to other LDCs.
International Monetary Fund

Abstract

Globalization requires enhanced information flows among financial regulators. Standard-setting bodies for financial sector regulation provide extensive guidance, but financial sector assessments have often found that problems in cooperation and information exchange continue to constrain cross-border supervision and financial integrity oversight. In July 2004, the IMF organized a conference on cross-border cooperation for standard setters, financial intelligence units (FIUs), and financial regulatory agencies. This book brings together conference papers in which participants discuss: information exchange for an effective anti–money laundering/combating the financing of terrorism (AML/CFT) regime, in terms of both standards and practices; the standards for cooperation in the insurance sector; and the experiences of regulators from banking, securities, and unified regulatory agencies with international cooperation. The book also includes papers providing a general overview of international standards and their implementation and, on the basis of survey results, of practices among financial sector regulators and FIUs.

International Monetary Fund

Abstract

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.