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Taming Volatility : Fiscal Policy and Financial Development for Growth in the Eastern Caribbean / Francisco Galrao Carneiro.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Carneiro, Francisco Galrao.
- Series:
- Country Economic Memorandum
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Analysis of Economic Growth.
- Business Cycles and Stabilization Policies.
- Debt Management and Fiscal Sustainability.
- Economic Conditions and Volatility.
- Economic Growth.
- Economic Management.
- Financial Development.
- Fiscal & Monetary Policy.
- Fiscal Policy.
- Macroeconomic Management.
- Macroeconomics and Economic Growth.
- Public Sector Governance.
- Public Sector Governance,Trade and Integration,Economic Management.
- Tax Policy and Administration.
- Taxation & Subsidies.
- Local Subjects:
- Analysis of Economic Growth.
- Business Cycles and Stabilization Policies.
- Debt Management and Fiscal Sustainability.
- Economic Conditions and Volatility.
- Economic Growth.
- Economic Management.
- Financial Development.
- Fiscal & Monetary Policy.
- Fiscal Policy.
- Macroeconomic Management.
- Macroeconomics and Economic Growth.
- Public Sector Governance.
- Public Sector Governance,Trade and Integration,Economic Management.
- Tax Policy and Administration.
- Taxation & Subsidies.
- Physical Description:
- 1 online resource (1 pages)
- Other Title:
- Taming Volatility
- Place of Publication:
- Washington, D.C. : The World Bank, 2016.
- System Details:
- data file
- Summary:
- The report is structured in four chapters that outline the main sources of volatility in the region and suggest ways to mitigate the impacts of that volatility on growth. Chapter one presents stylized facts associated with the growth performance of the Eastern Caribbean over the last 40 years. It contrasts the growth performance of the OECS with the rest of the Latin America region and shows that the two groups of countries have shown significant heterogeneity over the business cycle. The chapter also highlights some of the factors that might be responsible for the volatility of growth in the OECS, including the region's exposure to natural disasters, high debt, and adverse developments in the financial sector. Chapter two provides new evidence on output volatility and the cyclicality of fiscal policy in the OECS and discusses why countries are better off avoiding a pro-cyclical fiscal policy stance. Chapter three assesses the level of financial development in the region as well as the relationship between financial development, growth, and volatility. The chapter also explores critical policy options to strengthen financial development in the OECS. Chapter four assesses empirically the combined effects of terms of trade volatility, fiscal policy (pro) cyclicality, and financial development on growth in the OECS and other countries using two complementary modeling approaches. First, through an econometric model using panel data for 175 countries over the period 1980-2010. Second, by using impulse-response analysis based on a structural model of the business cycle in the OECS region.
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