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Stabilization, Debt, and Fiscal Policy in the Caribbean

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  • Ratna Sahay
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    Abstract

    Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen rapidly. By 2003, 14 of 15 Caribbean countries ranked in the top 30 of the world''s highly indebted emerging market countries. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been largely due to a sharp increase in expenditures rather than a fall in revenues. With the countries of the region now increasingly facing unsustainable debt positions, innovative ways need to be found to raise their economic growth rates and generate fiscal savings to reverse the debt buildup, and to maintain or raise their current living standards.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/26.

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    Length: 43
    Date of creation: 01 Feb 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/26

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    Related research

    Keywords: Stabilization measures; Stabilization programs; public debt; debt; interest; fiscal balance; expenditures; payments; primary fiscal balance; fiscal policy; fiscal deficits; fiscal balances; debt management; deficits; interest costs; debt sustainability; fiscal performance; fiscal expansion; fiscal consolidation; fiscal accounts; government expenditures; fiscal surpluses; expansionary fiscal; fiscal imbalances; debts; fiscal planning; fiscal discipline; expansionary fiscal policy; primary fiscal deficits; debt restructuring; restructuring; debt forgiveness; debt service; central government expenditures; fiscal deficit; capital expenditures; fiscal costs; fiscal positions; debt relief; fiscal adjustment; fiscal outcomes; increase in expenditures; fiscal losses; government revenue; fiscal management; debt level; fiscal efforts; expenditure increases; expansionary fiscal policies; domestic public debt; creditors; expenditure composition; fiscal policies; liabilities; fiscal surplus; fiscal savings;

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    1. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany.
    2. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers, Harvard - Institute for International Development 517a, Harvard - Institute for International Development.
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    Cited by:
    1. Heger, Martin & Julca, Alex & Paddison, Oliver, 2008. "Analysing the Impact of Natural Hazards in Small Economies: The Caribbean Case," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) RP2008/25, World Institute for Development Economic Research (UNU-WIDER).
    2. Rui Ota & Stephanie Medina Cas, 2008. "Big Government, High Debt, and Fiscal Adjustment in Small States," IMF Working Papers 08/39, International Monetary Fund.
    3. Rupa Duttagupta & Guillermo Tolosa, 2006. "Fiscal Discipline and Exchange Rate Regimes," IMF Working Papers 06/119, International Monetary Fund.
    4. Judith Gold & Ruben Atoyan & Cornelia Staritz, 2007. "Guyana," IMF Working Papers 07/86, International Monetary Fund.
    5. Greenidge, Kevin & Drakes, Lisa & Craigwell, Roland, 2010. "The external public debt in the Caribbean Community," Journal of Policy Modeling, Elsevier, Elsevier, vol. 32(3), pages 418-431, May.

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