Monetary Union and Fiscal Discipline Evidence from CARICOM
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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Volume (Year): 12 (2009)
Issue (Month): 2 (Winter)
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