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Monetary Union and Fiscal Discipline Evidence from CARICOM

Listed author(s):
  • Troy Lorde

    (University of the West Indies)

  • Brian Francis

    (University of the West Indies)

  • Mahalia Jackman

    (Central Bank of Barbados)

This study examines the disciplanary effect of monetary union in the Caribbean Community (CARICOM); specifically, whether there is a systematic difference between fiscal discipline in the Eastern Caribbean Currency Union (ECCU), a sub-regular grouping in CARICOM and other CARICOM members which retain monetary sovereignty. Fixed effects estimation is applied to a panel of 12 CARICOM countries over the period 1984-2004. Results indicate that non-ECCU countries are relatively more fiscally disciplined than ECCU countries, and that the dissimilarities between the 2 groups may be attributed to differences in real GDP per capita, openness, net international reserves and financial depth.

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Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 12 (2009)
Issue (Month): 2 (Winter)
Pages: 109-126

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Handle: RePEc:ekn:ekonom:v:12:y:2009:i:2:p:109-126
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