Author: DeLisle WorrellPublisher:
ISBN: 9789768104113
Category : Currency question
Languages : en
Pages : 32
Book Description
A Currency Union for the Caribbean
Author: Mr.Rupert WorrellPublisher: International Monetary Fund
ISBN: 1451845375
Category : Business & Economics
Languages : en
Pages : 35
Book Description
The experiences of Caribbean Economic Community countries show that exchange rate depreciation in these countries is inflationary, and that, while changes in the relative prices of tradables may affect exports, tourism, and imports, nominal exchange rate changes have no predictable effect on those relative prices. Under these circumstances, economic literature indicates that a fixed exchange rate regime is optimal, and Caribbean countries with (quasi-) currency boards have been successful in maintaining durable exchange rate pegs. Commitment to a currency board is a potentially vital step in achieving a currency union for the Caribbean.
A Common Currency for the Caribbean
Author: DeLisle WorrellPublisher:
ISBN: 9789768104113
Category : Currency question
Languages : en
Pages : 32
Book Description
Caribbean Monetary Integration
Author: Terrence W. FarrellPublisher: Caribbean Information Systems & Services
ISBN:
Category : Caribbean Area
Languages : en
Pages : 294
Book Description
Eastern Caribbean Currency Union
Author: International Monetary Fund. Western Hemisphere Dept.Publisher: International Monetary Fund
ISBN: 1484303377
Category : Business & Economics
Languages : en
Pages : 78
Book Description
This paper discusses key points of 2017 Discussions on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). Favorable external conditions continue to support economic recovery in the ECCU, but flat tourism receipts and falling revenues from citizenship programs have weakened growth. The fiscal position has deteriorated slightly, and public debt remains high. Despite progress on financial sector reform, bank lending continues to decline while indigenous banks’ profitability is adversely impacted by increasing costs to secure correspondent banking relationships. The short-term outlook is favorable and risks are broadly balanced, but strong structural policies are needed to address impediments to medium-term growth.
Eastern Caribbean Currency Union: 2021 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union
Author: International MonetaryPublisher: International Monetary Fund
ISBN: 151357292X
Category : Business & Economics
Languages : en
Pages : 84
Book Description
The fallout from the COVID-19 crisis is hitting ECCU economies hard. Tourism receipts (accounting for nearly 40 percent of GDP) have dried up, as tourist arrivals have come to a grinding halt. The authorities successfully contained the spread of the virus at the onset of the pandemic by largely closing the borders, but a reopening of the economies since the summer has led to a surge in COVID cases. The ECCU economy is projected to contract by 16 percent in 2020 and by a further near 1⁄2 percent in 2021. Fiscal positions have deteriorated sharply, and public debt is projected to reach near 90 percent of GDP in 2021 and remain at an elevated level for years to come. Headline indicators suggest the financial system is relatively sound with ample liquidity buffers, but nonperforming loans are expected to rise significantly. The outlook is clouded by exceptionally high risks, including from the uncertainty concerning the evolution of the pandemic.
Pacific Island Countries
Author: Christopher BrownePublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 24
Book Description
This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.
Eastern Caribbean Currency Union
Author: International Monetary Fund. Western Hemisphere Dept.Publisher: International Monetary Fund
ISBN: 1475546378
Category : Business & Economics
Languages : en
Pages : 119
Book Description
The regional recovery is gaining ground, supported by continued low oil prices, the return to pre-2007 levels of tourism arrivals, and buoyant citizenship-by-investment receipts. Three failed banks have been resolved with no spillovers to the rest of the region and authorities have demonstrated improved fiscal management. Risks in the short run appear to be balanced but the region still faces many vulnerabilities that jeopardize the medium-term outlook. This year’s discussions took stock of the progress made and the policies needed to address key vulnerabilities related to the weak banking system, high debt, susceptibility to natural disasters, and competitiveness.
Eastern Caribbean Currency Union
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 145521390X
Category : Business & Economics
Languages : en
Pages : 90
Book Description
Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
Monetary Integration in Caricom
Author: Karl BennettPublisher:
ISBN:
Category : Currency question
Languages : en
Pages : 24
Book Description
Eastern Caribbean Currency Union
Author: International Monetary Fund. Western Hemisphere Dept.Publisher: International Monetary Fund
ISBN: 1498300065
Category : Business & Economics
Languages : en
Pages : 82
Book Description
This 2018 discussion on common policies of the Eastern Caribbean Currency Union (ECCU) highlights that the member countries are gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017. Conditions remain favorable to growth, however, risks are increasing. The fiscal balance for the region as a whole worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending. The IMF team made several policy recommendations including shifting focus from the current emphasis on recovery from natural disasters to building ex-ante resilience. The report also recommends intensifying decisive and timely actions to resolve weaknesses in the financial sector, including longstanding problems in the banking sector and emerging risks in the non-banking sector. The authorities expressed commitment to the acceleration of key reforms to upgrade and strengthen the financial sector regional oversight framework. In addition to fiscal consolidation, injecting new vigor into the structural policy agenda will help enhance competitiveness and make growth more inclusive.