The challenges of fiscal consolidation and debt reduction in the Caribbean

Charles Amo-Yartey, Machiko Narita, Garth Peron Nicholls, Joel Chiedu Okwuokei, Alexandra Peter ...

This paper examines debt dynamics in the Caribbean and discusses policy options for reducing the high debt levels. Based on empirical studies of factors underlying global large debt reduction episodes, important policy lessons are drawn for the Caribbean. The analysis shows that major debt reductions are associated with strong growth and decisive and lasting fiscal consolidation efforts. Since growth in the current environment is virtually nonexistent, significant fiscal consolidation is inevitable in the region. Better control of the public wage bill, increasing public sector efficiency and t

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Year of publication:	2012
Authors:	Amo-Yartey, Charles ; Narita, Machiko ; Nicholls, Garth Peron ; Okwuokei, Joel Chiedu ; Peter, Alexandra
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Öffentliche Schulden \| Public debt \| Schuldenmanagement \| Debt management \| Haushaltskonsolidierung \| Fiscal consolidation \| Karibischer Raum \| Caribbean countries

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Extent:	Online-Ressource graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/276 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"November 2012" -- verso of t.p At head of title: Western Hemisphere Department -- verso of t.p Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Abstract; Contents; I. Overview of Issues; Tables; 1. Caribbean Economies: Debt to GDP Ratios; II. Fiscal Performance in the Caribbean Before and After the Global Financial Crisis; A. Fiscal Performance in the Caribbean During the Past Two Decades; B. Public Debt and Fiscal Balances During the Financial Crisis; C. Accounting for Public Debt Accumulation During the Crisis; Boxes; 1. Accounting for Public Debt; III. How Can High Public Debt Levels in the Caribbean be Reduced?; A. Global large Debt Reductions-Stylized Facts; B. Factors Behind the Global Decline in Public Debt to GDP Ratio 2. The Determinants of Global Large Debt Reduction: An Econometric AnalysisIV. Fiscal Consolidation in the Caribbean: Past and Current Experiences; A. Defining and Identifying Fiscal Consolidation; B. Features of Fiscal Consolidation in the Caribbean; 3. Defining a Fiscal Consolidation Episode: Alternative Views from the Literature; 2. Fiscal Consolidation in the Caribbean, 1980-2011; C. Current Fiscal Consolidation Efforts in the Caribbean; 3. Caribbean Economies: Illustrated Fiscal Adjustments; 4. Modified Debt Benchmarks in the Caribbean D. Fiscal Consolidation in Selected Caribbean CountriesV. Challenges to fiscal consolidation in the caribbean and lessons from the literature; A. Challenges to Fiscal Consolidation in the Caribbean; B. Lessons from Country Experiences and the Empirical Literature; 4. Fiscal Adjustment Basis by Country; 5. Fiscal Multipliers in the Caribbean; 6. Evidence on Expansionary Fiscal Consolidation - Non-Keynesian Effects; VI. Conclusion and Policy Recommendations; 7. Designing and Implementing a Fiscal Consolidation Plan: A Checklist; 8. Reducing Public Debt in the Caribbean 9. Caribbean Economies: Debt Relief Received Since 2000References Electronic reproduction; Available via World Wide Web
ISBN:	978-1-55775-496-7 ; 978-1-55775-496-7
Source:	ECONIS - Online Catalogue of the ZBW

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