Fiscal Cycles in the Caribbean / Juliana Araujo.

Format:

Book

Government document

Author/Creator:

Araujo, Juliana.

Contributor:

International Monetary Fund.

Series:

IMF Working Papers; Working Paper ; No. 2009/158

IMF Working Papers

Language:

English

Subjects (All):

Fiscal policy.

Debt.

Physical Description:

1 online resource (29 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

The sharp increase in debt in the Caribbean since the mid-1990s has focused attention on the conduct of fiscal policy in the region. This paper aims to diagnose how fiscal policy has behaved during this period by looking at three main cycles of the economy: the business, election, and natural disaster cycles. Our main findings suggest that fiscal policy has been mostly procyclical in the region, while disasters have been heavily "insured" by foreign transfers. The "when it rains, it pours" phenomena suggested by Kaminsky, Reinhart and Vegh (2004) seems to take place in the Caribbean.

Contents:

Contents; I. Introduction; Figures; 1. Public Sector Debt in Selected Emerging Market Countries, end-2008; II. Business Cycles; A. Descriptive Statistics; Tables; 1. Composition of Fiscal Accounts; B. Fiscal Policy; 2. Expected Correlation of Fiscal Variables and the Business Cycle; 3. Cyclicality of Fiscal Revenue by Type; 4. Correlation of Cyclical Component of Real Government Revenue and Real GDP; 5. Cyclicality of Fiscal Expenditure by Type; 2. Cyclical Component of Real GDP and Real Government Expenditure

6. Correlation of Cyclical Component of Real Primary Government Expenditure and Real GDP7. Cyclicality of Fiscal Balance; C. Financial Flows; 8. Correlation of Cyclical Component of Real Fiscal Balance and Real GDP; 9. Amplitude of Financial Flows; 10. Correlation of Cyclical Component of Real Capital Flows and Real GDP; 3. Cyclical Component of Real GDP and FDI-HP Filter; III. Disaster Cycles; IV. Election Cycles; 11. Transfer Flows in the Aftermath of a Disaster; 4. Election Cycles and Primary Balance; 5. Election Cycles and Primary Expenditure; V. Conclusion; Appendix Table; Election Dates

References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9786612843716

9781462384020

1462384021

9781452712734

1452712735

9781451873054

1451873050

9781282843714

1282843710

OCLC:

645187158