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Can the Eastern Caribbean Currency Union Afford to Grow Old?

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  • Mr. Hunter K Monroe

Abstract

The demographic transition in the Eastern Caribbean Currency Union (ECCU) now underway is rapid compared with international experience, and emigration is playing a particularly large role. This paper describes and quantifies several factors which could magnify the challenge of pension reform. First, for some ECCU countries, continued emigration at historical rates would considerably advance the projected date at which pension scheme assets are depleted. Second, there is a significant risk that assets will underperform, given the large exposures to the highly-leveraged public sector and to a lesser extent the record with private sector investments. Third, portfolio diversification away from the public sector could be complicated by age-related pressure for greater central government health spending.

Suggested Citation

  • Mr. Hunter K Monroe, 2009. "Can the Eastern Caribbean Currency Union Afford to Grow Old?," IMF Working Papers 2009/038, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2009/038
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22688
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    References listed on IDEAS

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    1. International Monetary Fund, 2006. "United Kingdom: Selected Issues," IMF Staff Country Reports 2006/087, International Monetary Fund.
    2. Mr. Shaun K. Roache, 2007. "Public Investment and Growth in the Eastern Caribbean," IMF Working Papers 2007/124, International Monetary Fund.
    3. International Monetary Fund, 2006. "Germany: Selected Issues," IMF Staff Country Reports 2006/436, International Monetary Fund.
    4. Shaun K. Roache, 2007. "Public Investment and Growth in the Eastern Caribbean," Money Affairs, CEMLA, vol. 0(2), pages 111-129, July-Dece.
    5. International Monetary Fund, 2007. "Eastern Caribbean Currency Union: Selected Issues," IMF Staff Country Reports 2007/097, International Monetary Fund.
    6. International Monetary Fund, 2006. "Germany: Selected Issues," IMF Staff Country Reports 2006/017, International Monetary Fund.
    7. International Monetary Fund, 2004. "Germany: Selected Issues," IMF Staff Country Reports 2004/340, International Monetary Fund.
    8. Docquier,Frederic & Marfouk,Abdeslam, 2004. "Measuring the international mobility of skilled workers (1990-2000) : release 1.0," Policy Research Working Paper Series 3381, The World Bank.
    9. International Monetary Fund, 2004. "United Kingdom: Selected Issues," IMF Staff Country Reports 2004/055, International Monetary Fund.
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    Cited by:

    1. Koffie Ben Nassar & Mr. Joel Chiedu Okwuokei & Mike Li & Timothy Robinson & Mr. Saji Thomas, 2016. "National Insurance Scheme Reforms in the Caribbean," IMF Working Papers 2016/206, International Monetary Fund.
    2. International Monetary Fund, 2011. "Eastern Caribbean Currency Union: Selected Issues," IMF Staff Country Reports 2011/032, International Monetary Fund.

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