Regional Financial Integration In The Caribbean Evidence From Financial And Macroeconomic Data PDF Download
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| Author | : Raphael A. Espinoza |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2009-07 |
| Genre | : Business & Economics |
| ISBN | : |
Download Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data Book in PDF, ePub and Kindle
This paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 worked days, even when looking only at large arbitrage opportunities (using a Threshold Auto-Regressive model). A speculative methodology using macroeconomic data seems to confirm these findings. A strong mean reversion of the current account (respectively regional trade imbalances) is interpreted, following Obstfeld and Taylor (2004), as a lack of ways to finance current account deficits, i.e. a lack of global (respectively regional) financial integration. The region appears to be much less integrated than the EU15 or the ASEAN+3 groups, although it fares well compared to other LDCs.
| Author | : Mr.Sanjaya P Panth |
| Publisher | : International Monetary Fund |
| Total Pages | : 143 |
| Release | : 2008-10-09 |
| Genre | : Business & Economics |
| ISBN | : 1589067932 |
Download The Caribbean Book in PDF, ePub and Kindle
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
| Author | : Abdullah Al-Hassan |
| Publisher | : International Monetary Fund |
| Total Pages | : 79 |
| Release | : 2020-01-17 |
| Genre | : Business & Economics |
| ISBN | : 1513525867 |
Download Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration Book in PDF, ePub and Kindle
Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.
| Author | : Luc Eyraud |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2017-01-18 |
| Genre | : Business & Economics |
| ISBN | : 1475568681 |
Download Benefits of Global and Regional Financial Integration in Latin America Book in PDF, ePub and Kindle
The timing is ripe to pursue greater regional financial integration in Latin America given the withdrawal of some global banks from the region and the weakening of growth prospects. Important initiatives are ongoing to foster financial integration. Failure to capitalize on this would represent a significant missed opportunity. This paper examines the scope for further global and regional financial integration in Latin America, based on economic fundamentals and comparisons to other emerging regions, and quantifies the potential macroeconomic gains that such integration could bring. The analysis suggests that closing the financial integration gap could boost GDP growth be 1⁄4 - 3⁄4 percentage point in these countries, on average.
| Author | : Mr.Raphael A. Espinoza |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2010-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1451982585 |
Download Regional Financial Integration in the GCC Book in PDF, ePub and Kindle
We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.
| Author | : Mr.Alfred Schipke |
| Publisher | : International Monetary Fund |
| Total Pages | : 546 |
| Release | : 2013-04-10 |
| Genre | : Business & Economics |
| ISBN | : 1616352655 |
Download The Eastern Caribbean Economic and Currency Union Book in PDF, ePub and Kindle
The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.
| Author | : Stephanie Fullerton-Cooper |
| Publisher | : Cambridge Scholars Publishing |
| Total Pages | : 385 |
| Release | : 2017-06-23 |
| Genre | : Social Science |
| ISBN | : 1443864870 |
Download The Caribbean in a Changing World Book in PDF, ePub and Kindle
This collection is a critical reflection of the evolution of Caribbean countries since the demise of the West Indies Federation in 1962. At this historical juncture, some territories opted for independence while others remained dependent territories. The volume examines Caribbean societies in comparative and general ways, covering aspects of their ongoing development and challenges. It covers such areas as Caribbean integration, the state of human capital and social policy in the region, the education sector, Caribbean economic sustainability, and, significantly, the physical environment of the Caribbean. A central question has always been: should these territories have gone independent or stayed under some British tutelage? The book addresses this question, illustrating that these island states have made considerable progress, especially in the maintenance and deepening of democratic practices.
| Author | : José Antonio Ocampo |
| Publisher | : Brookings Institution Press |
| Total Pages | : 388 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : |
Download Regional Financial Cooperation Book in PDF, ePub and Kindle
"Assesses how regional financial institutions can help developing countries, often at a disadvantage within the global financial framework, finance their investment needs, counteract the volatility of private capital flows, and make their voices heard"--Provided by publisher.
| Author | : Dyna Heng |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2016-04-12 |
| Genre | : Business & Economics |
| ISBN | : 1484327535 |
Download Advancing Financial Development in Latin America and the Caribbean Book in PDF, ePub and Kindle
This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.
| Author | : Mr.Alexei P Kireyev |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2019-02-13 |
| Genre | : Business & Economics |
| ISBN | : 1484378377 |
Download Economic Integration in the Maghreb Book in PDF, ePub and Kindle
Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their total trade, substantially lower than in all other regional trading blocs around the world. Geopolitical considerations and restrictive economic policies have stifled regional integration. Economic policies have been guided by country-level considerations, with little attention to the region, and are not coordinated. Restrictions on trade and capital flows remain substantial and constrain regional integration for the private sector.
