## UNITED NATIONS MULTI-COUNTRY SUSTAINABLE DEVELOPMENT COOPERATION FRAMEWORK
## THE ENGLISH- AND DUTCH-SPEAKING CARIBBEAN 2022-2026
JOINT STATEMENT AND SIGNATURE PAGE
By signing hereunder the governments of ……….. endorse the UN MSDF 2022-2026 and underscores the commitment to achieve the agreed ...
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## UNITED NATIONS MULTI-COUNTRY SUSTAINABLE DEVELOPMENT COOPERATION FRAMEWORK
## THE ENGLISH- AND DUTCH-SPEAKING CARIBBEAN 2022-2026
JOINT STATEMENT AND SIGNATURE PAGE
By signing hereunder the governments of ……….. endorse the UN MSDF 2022-2026 and underscores the commitment to achieve the agreed results.
TABLE OF CONTENTS
JOINT STATEMENT AND SIGNATURE PAGE ... 2
ACRONYMS AND ABBREVIATIONS ... 5
EXECUTIVE SUMMARY ... 7
RATIONALE FOR A MULTI-COUNTRY COOPERATION FRAMEWORK ... 8
CHAPTER 1: REGIONAL CHALLENGES TOWARDS THE 2030 AGENDA ... 10
CHAPTER 2: UN DEVELOPMENT SYSTEM SUPPORT TO THE 2030 AGENDA ... 12
2.1. FROM CMCA TO COOPERATION FRAMEWORK PRIORITIES ... 12
2.2 THEORY OF CHANGE ... 13
2.4 COOPERATION FRAMEWORK OUTCOMES AND PARTNERSHIPS ... 20
Priority area 1: Shared Prosperity and Economic Resilience ... 20
Priority area 2: Equality, Well-Being and Leaving no One Behind ... 27
Priority area 3 Resilience to climate change and shocks and sustainable natural resource management 34
Priority area 4 Peace, Safety, Justice and the Rule of Law ... 42
CHAPTER 3: COOPERATION FRAMEWORK IMPLEMENTATION PLAN ... 49
3. 1 COOPERATION FRAMEWORK GOVERNANCE AND MANAGEMENT STRUCTURE ... 49
3.2 RESOURCING THE COOPERATION FRAMEWORK ... 52
3.3 DERIVATION OF UN ENTITY COUNTRY/REGIONAL PROGRAMMING INSTRUMENTS FROM THE COOPERATION FRAMEWORK.53
3.4 JOINT WORK PLANS ... 53
3.5 BUSINESS OPERATIONS STRATEGY IN SUPPORT OF THE COOPERATION FRAMEWORK ... 54
CHAPTER 4: CMCA UPDATE, MONITORING,EVALUATION AND LEARNING PLAN ... 54
4.1. UPDATES OF THE UN COMMON MULTI-COUNTRY ANALYSIS ... 54
4.2. MONITORING IMPLEMENTATION OF JOINT WORK PLANS ... 55
4.3 COOPERATION FRAMEWORK ANNUAL PERFORMANCE REVIEW AND COUNTRY/MSDCF RESULTS REPORTING ... 55
4.4 EVALUATION PLAN ... 56
ANNEXES ... 58
ANNEX 1 : CARIBBEAN PROGRESS TOWARDS THE SUSTAINABLE DEVELOPMENT GOALS, 2020 ... 58
ANNEX 2: RESULTS MATRIX ... 59
ANNEX 3: SDGS TARGETS ... 75
ANNEX 4: LEGAL ANNEXES ... 81
ANNEX 5: CMCA PROBLEM TREE ... 84
LIST OF FIGURES AND TABLES
FIGURE 1 - SIMPLIFIED SOLUTION TREE ... 13
FIGURE 2 -MSDCF DIAGRAM ... 18
FIGURE 3 - MSDCF OUTCOME AND SDGS TARGETS INTERLINKAGES ... 19
FIGURE 4 - THEORY OF CHANGE DIAGRAM OUTCOME 1 ... 23
FIGURE 5 - THEORY OF CHANGE DIAGRAM - OUTCOME 2 ... 26
FIGURE 6 -THEORY OF CHANGE DIAGRAM - OUTCOME 3 ... 30
4
FIGURE 7 - THEORY OF CHANGE DIAGRAM - OUTCOME 4 ... 33
FIGURE 8 THEORY OF CHANGE DIAGRAM - OUTCOME 5 ... 37
FIGURE 9 - THEORY OF CHANGE DIAGRAM - OUTCOME 6 ... 41
FIGURE 10 THEORY OF CHANGE DIAGRAM - OUTCOME 7 ... 45
FIGURE 11 THEORY OF CHANGE DIAGRAM - OUTCOME 8 ... 48
FIGURE 12 - MSDCF GOVERNANCE ... 50
FIGURE 13 -MSDCF IMPLEMENTATION TOOLS ... ERROR! BOOKMARK NOT DEFINED.
BOX 1 UN VISION 2030 ... 14
TABLE 1 - MSDCF MANAGEMENT STRUCTURE ... 51
ACRONYMS AND ABBREVIATIONS
ADR Alternative Dispute Resolution
CARICOM Caribbean Community
CCA Common Country Analysis
CIP Country Implementation Plan
CMCA Common Multi-Country Analysis
CRR Country Results Report
DRM Disaster Risk Management
DRR Disaster Risk Reduction
ECLAC Economic Commission for Latin America and the Caribbean
GBV Gender-Based Violence
GEWE Gender Equality and Women’s Empowerment
IFI International Financial Institutions
JSC JWP
Joint Steering Committee Joint Work Plan
LNOB Leaving No One Behind
MCO Multi-Country Office
MPTF Multi-partners Trust Fund
MSDCF Multi-country Sustainable Development Cooperation Framework
MSME Micro, Small and Medium Enterprises
NRM Natural Resource Management
OESC Organization of Eastern Caribbean States
OMT Operations Management Team
PMT Programme Management Team
RCO Resident Coordinator Office
RG Results group
RSC Regional Steering Committee
RMETT Regional Monitoring and Evaluation Task Team
SCP Sustainable Consumption and Production
SDG Sustainable Development Goal
SIDS Small Island Development States
SME Small and Medium enterprises
UNCT UNST
United Nations Country Team United Nations Sub-Regional Team
EXECUTIVE SUMMARY
The Multi-Country Sustainable Development Cooperation Framework (MSDCF) for the English- and Dutch-speaking Caribbean, covering the period 2022-2026, is the most important instrument for planning and implementation of the UN development activities towards the fulfilment of the 2030 Agenda. This framework has been developed as the world continues to grapple with the COVID-19 pandemic. In the Caribbean, as elsewhere, the impact of the pandemic aggravated and revealed existing structural vulnerabilities and provides the opportunity to ‘build back better’. To address such vulnerabilities the UN and the governments in the region are committing to contribute to significant structural changes in the economies and governance systems of the countries, towards:
1. Economic resilience and shared prosperity
2. Equality and well-being
3. Resilience to climate change and shocks, and sustainable natural resource management
4. Peace, safety, justice, and the rule of law
Under each of these four priority areas, specific desired changes were defined for UN contribution, as reported in the below diagram. The Vision is for the region to become more resilient, possess greater capacity to achieve all the SDGs, and become a place where people choose to live and can reach their full potential. UN contributions will be operationalised at the country level, while adopting regional solutions where relevant, fostering regional cooperation and integration, and being guided by the principle of ‘leaving no one behind’.
The MSDCF outcomes cover all SDGs, recognising their interconnected nature. However, the strategic prioritisation process undertaken by the UN with its partners, considering UN comparative advantages and the region’s peculiarities, led to the selection of 73 specific SDG targets (out of the total 169). Related selected SDG indicators were chosen for monitoring purposes, taking into consideration availability of data as captured in previous CARICOM analysis 1.
Since 2017, the UN and the governments in the region have worked with a multi-country framework to be more efficient, leverage regional synergies and adopt collective approaches, where relevant. This document represents the second generation of this framework. It was collegially developed by the six UN Country Teams covering the 22 countries and territories in the region and their host governments, in consultation with regional organizations, the private sector, development partners, civil society organizations and other stakeholders. It will be implemented under the guidance of the MSDCF Joint Steering Committee and operationalised at the country level under the oversight and strategic direction of national Joint Steering Committees. Strategic action on issues regional in scope will be facilitated by the regional commission and agencies working with relevant regional mandate through the UN Regional Steering Committee, supported by a Regional Programme Management Team, which will ensure that synergies, cross-fertilisation, and joint actions are pursued for the realisation of the results set in this programmatic framework.
A country-specific joint workplan which takes into full account the individual country development priorities, circumstances and legislation, will be developed for each of the participating countries. Each joint workplan will capture UN contributions towards the MSDCF outcomes, for national and regional review and monitoring. A final independent evaluation will be conducted in the penultimate year of implementation to draw lessons-learned for the next programming cycle.
RATIONALE FOR A MULTI-COUNTRY COOPERATION FRAMEWORK
The MSDCF 2022-2026 builds on lessons learned from the first multi-country sustainable development framework for the English and Dutch-speaking Caribbean (from now on referred to only as the ‘Caribbean’) covering the 2017-2021 period. Maintaining a regional approach and developing of a regional Cooperation Framework offers the opportunity to:
• Provide more effective support to the countries in the region through efficient use of UN resources, including reducing transaction costs for UN counterparts in their cooperation with UN entities.
• Leverage regional synergies while remaining relevant at the national level.
• Adopt collective approaches to common challenges such as climate change, noncommunicable diseases (NCDs), COVID-19 and others as indicated in Chapter 1.
1 CARICOM Secretariat 2018, “CARICOM Core Indicators for the Sustainable Development Goals (SDGS): Assessment of Data Availability in Member States and Associate Members”
• Build on and strengthen common instruments such as the SAMOA Pathway, the CARICOM Strategic Plan, Caribbean Cooperation in Health Phase IV (CCH4) and other regional and international frameworks.
• Deepen regional and triangular cooperation and improve the effectiveness of UN technical cooperation.
• Bring into effect the goals and objectives of the recently approved UN Development system reform, ensuring that the UN response is fit for purpose.
Furthermore, the reform of the UN Development System (UNDS) undertaken by the UN Secretary General, has elevated the United Nations Sustainable Development Cooperation Framework to be “the most important instrument for planning and implementation of the UN development activities” in any given country, while emphasising the importance of analysing and acting upon cross-border challenges and opportunities. Nevertheless, the Regional Steering Committee will maintain engagement on issues of common concern across all countries with CARICOM, OECS, as well as other mechanisms and platforms, including the Caribbean Development and Cooperation Committee (CDCC). The Cooperation Framework outlines the UN Development System’s contributions to reach the Sustainable Development Goals (SDGs) in an integrated and multidimensional manner. The Framework identifies synergies, with a commitment to the principle of leaving no one behind, to promoting human rights, Gender Equality and Women’s Empowerment (GEWE), resilience, sustainability and other international standards and obligations.
CHAPTER 1: REGIONAL CHALLENGES TOWARDS THE 2030 AGENDA
In preparation for the MSDCF, a series of UN-led national-level common country analyses (CCAs) 2 and a Common Multi-Country Analysis (CMCA) were conducted. These studies combined a multi dimensional risk analysis with the potential for economic and social transformation, analysis of climatic and environmental factors, dimensions of governance and political economy, and preparedness for complex emergencies that place people in need of immediate assistance at the centre. The analysis allowed for the identification of critical challenges that are common to different countries and for highlighting transboundary issues that could benefit from combined regional solutions. An assessment of multi-country progress on Agenda 2030 reveals the following: 3
• Throughout the Caribbean, the SDGs related to Planet (12, 13, 14, 15) remain under serious threat and are generally not improving.
• While data is still incomplete, the People-centred SDGs (1, 2, 3, 4, 5, 6) are likely to have taken a particular hit from COVID-19 and will require recalibration of priorities to minimize the negative impact.
• Different segments of the population are in particularly vulnerable situations and struggle to engage with the opportunities presented by social and economic development. Factors such as gender identity, age, sex, ethnicity, health/HIV, disability, migration, refugee status, current occupation, and place of residence can all have critical effects on a person’s ‘life chance’.
• Notwithstanding the heterogeneity across (as well as within) countries, overall, the data shows that dramatic acceleration is required across multiple SDGs in all countries if Agenda 2030 is to be substantially achieved.
The critical challenges identified in the CCAs and CMCA in summary are:
• The COVID-19 pandemic, which has had major human, social, and economic costs across the Caribbean, has further complicated policymakers’ task of ensuring sustainable, inclusive, and transformational development within their respective countries and, by extension, throughout the region. As the Caribbean already faces a number of health issues, notably high mortality, morbidity, and disability from noncommunicable diseases (NCDs), COVID-19 has resulted in major setbacks for sustainable development.
• Structural challenges/vulnerabilities or historical characteristics of economies including size, limited resource base, overly specialized economies, small domestic markets, trade imbalances (deficits), and sub-optimal positioning on value chains. The talent and potential
2 Common Country Analysis were produced for Barbados and the Eastern Caribbean, the Bahamas, Belize, Bermuda,
Cayman Islands, Guyana, Jamaica, Suriname, Trinidad and Tobago, and Turks and Caicos.
3 See Annex 1 for further detail on SDG progress across MSDCF signatory countries.
of people living in the region are not yet being translated into higher performance on established indicators of research, development and innovation, and labour productivity
• Economic stagnation and growing poverty and inequality are challenges faced by most economies in the region in the decade before the pandemic occurred. Growth in the Caribbean (with notable exceptions, such as Guyana, Suriname, and Trinidad and Tobago) over the last ten years has not matched that of other emerging market economies. COVID 19 resulted in a contraction of Caribbean economies of 9.1 percent in 2020, driving up unemployment, inequality, and poverty. In particular, the impact on tourism and services, on which most economies are largely dependent, has been severe. As a direct result of the above, fiscal space in most countries in the region is generally limited (though there are exceptions). The damage to key industries and reduction in employment opportunities have exacerbated existing inequities with youth, women, refugees and migrants experiencing the greatest job losses due to COVID-19. 4
• Violence and crime continue to affect human security and business development. Some of the causes are national or sub-national, associated with particular socioeconomic factors, governance, efficient justice systems and law enforcement capacity, and, in some cases, social norms. Gender-based violence (GBV), as well as femicide and homicide are much higher than global averages. 5 Other causes relate to the geography of the Caribbean and the inherent challenges of maritime security among multiple small islands which expose countries in the region to higher risks of narcotics trafficking, trafficking in people, and trafficking of arms.
• Climate change (both anthropogenic and natural hazards). Rising sea levels and more frequent and intense extreme rainfall events willthreaten communities in low-lying coastal areas and a significant number of major urban centres across the region. Food production in coastal areas is threatened, with knock-on effects on food security. Increasing temperatures will heighten the intensity and frequency of tropical cyclones. They will also increase the frequency of heatwaves, drought, and, paired with reduced net levels of precipitation, will even raise the risks of fires in the rainforests of Guyana, Suriname, and Belize. Water scarcity will become a significant challenge in multiple countries. The location of most population and infrastructure centres in coastal areas and the dependence on tourism and agriculture further compound vulnerabilities to disasters, environmental degradation and climate change.
• A system of governance that does not yet ensure equitable, fair, resilient, and just access to, and utilization of quality education, health, nutrition, social and care services, undermined at times by corruption and structural inequalities, including patterns of discrimination and xenophobia and in some cases a regressive tax system.
4 Azcona et al., 2020; ILO, 2020; ILO Office for the Caribbean, 2020
5 https://evaw-global-database.unwomen.org/en
• Data availability, robustness, transparency, and dissemination continue to be common challenges to measuring progress in the region and to focusing social policies on the most vulnerable. This poses major challenges for building inclusive societies through evidence based planning. Though significant progress has been made in data collection and collation at national level, notably reflected in the completion of Voluntary National Reviews of SDG progress in some countries, data gaps are extensive and investment in research limited. The absence of high-quality and timely data effectively precludes evidence-based policy and decision making at the government level and makes it harder for the United Nations and other development partners to provide relevant and specific support to those who need it most.
CHAPTER 2: UN DEVELOPMENT SYSTEM SUPPORT TO THE 2030 AGENDA
2.1. FROM CMCA TO COOPERATION FRAMEWORK PRIORITIES
The CMCA outlines several challenges to the fulfilment of the 2030 Agenda in the Caribbean as well as common underlying root causes. These are visualized in a comprehensive problem tree which can be found in Annex 5. From this, a ‘simplified solution tree’ was derived (see Figure 1 below), drawing from the five key dimensions of the 2030 Agenda (Planet, People, Prosperity, Peace, Partnership).
The solution tree was scrutinised and agreed upon in a regional workshop held on 21 May 2021, involving all potential signatory countries and territories as well as regional inter-governmental organizations (i.e., CARICOM, OECS). The workshop further highlighted areas where a solution at the regional level would be more effective, as well as intervention strategies to be adopted. The outcomes of this workshop were further elaborated by the UN results groups formed around the four key priority areas that had been identified (Economic Resilience and Shared Prosperity; Equality and Well-being; Resilience to Climate Change/shocks and Sustainable Natural Resource Management; Peace, Safety, Justice, and the Rule of Law). The priority areas represent long-term endeavours and, as such, are strongly aligned with the pillars of the first Multi-country Sustainable Development Framework for the Caribbean (2017-2021). However, the impact of the COVID-19 pandemic further revealed outstanding vulnerabilities, particularly in the economic realm. The analysis and subsequent prioritization process highlighted the role that the United Nations can play in supporting the region in transforming their economies towards more resilient and sustainable models.
2.2
Figure 1 - Simplified Solution Tree
THEORY OF CHANGE
The starting point for the development of a Theory of Change was to review regional and country level long-term development visions and add to them a UN perspective, both in terms of expected changes as well as considering the UN comparative advantages in this regional context.
The UN Regional Steering Committee undertook a visioning exercise based on the above and drafted a vision statement (see Box 1 UN Vision 2030). Through consultations with national and regional stakeholders, these aspirational statements were translated into specific proposed outcomes for the period 2022-2026. In some countries, civil society organizations and private sector were consulted at national level to validate the outcomes and inform their underpinning theory of change.
Achieving an inclusive, sustainable and full recovery from COVID-19 in the Caribbean (with full awareness that the pandemic at time of writing is still not over and will continue to represent a significant challenge), whilst re-setting a course towards the achievement of the SDGs will mean restructuring economic systems, boosting employment, building resilience to future shocks (in partic
Caribbean Economic Review and Outlook 2024 - 2025 | Caribbean Development Bank Skip to main content Caribbean Economic Review and Outlook 2024 - 2025 Downloads Download PDF Summary The Caribbean economy, excluding Guyana, expanded at a moderate pace, buoyed by steady global growth of 3.2%2 , led by ...
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Caribbean Economic Review and Outlook 2024 - 2025 | Caribbean Development Bank Skip to main content Caribbean Economic Review and Outlook 2024 - 2025 Downloads Download PDF Summary The Caribbean economy, excluding Guyana, expanded at a moderate pace, buoyed by steady global growth of 3.2%2 , led by the United States of America (US}, the region's main trading partner. Regional real gross domestic product (GDP) grew by 1 .7%, supported by the continued expansion of tourism services and increased commodity production. However, the overall picture is nuanced, with economic performance varying across the Borrowing Member Countries (BMC), as they encountered a diverse array of opportunities and challenges. Several BMCs grappled with setbacks, most notably with the impact of Hurricane Beryl laying bare the region's high vulnerability to natural hazards. Four BMCs, including Haiti, remained below their pre-pandemic output levels, with Haiti's ongoing instability continuing to hinder economic progress. In contrast, Guyana achieved extraordinary growth, expanding at a rate of 43.5%, fuelled by the continued expansion of oil production. Looking ahead, regional growth will remain moderate. Excluding Guyana, the Caribbean economy is projected to expand by 2.5% in 2025, but prospects vary across countries, with some anticipating a more robust expansion than others. Tourism and construction activity are expected to remain key drivers of growth. The fiscal and debt position is expected to improve further and continue to support economic growth and stability. However, some countries that are scaling up public investment or with scheduled general elections are expected to face heightened expenditure pressures. Many governments will continue to face constraints from limited fiscal space and risks to fiscal and debt sustainability, notwithstanding, fiscal responsibility frameworks in several countries should help maintain sustainable fiscal outcomes. The outlook is shadowed by the potential escalation of geopolitical tensions, a slowdown in major export markets, and possible disruptions to global trade flows resulting from the surge in protectionist policies, as well as the recurrent threat of natural hazards. Note: The data presented in this report was accessed and analysed before February 21, 2025. More recent data may have become available since then. All estimates for 2024 are preliminary. Table of contents Foreword Notes Country Abbreviations Executive Summary Economic Review BMC Economic Performance Labour Market Developments Inflation and Price Dynamics Fiscal and Debt Performance External Sector Performance Financial Sector Performance BMC Outlook and Key Risks Development Imperatives Optimising Trade Connectivity and Logistics for Growth Statistical Appendix Related NEWS & EVENTS News Dec 13, 2012 St. Lucia to Receive Additional Hurricane Tomas Recovery Financing from CDB News Dec 8, 2016 CDB approves GBP13.9 mn grant to rehabilitate road network in Antigua and Barbuda Events Mar 1, 2017 VYBZING 2017
### Caribbean Development Dynamics 2025
## Caribbean Development Dynamics 2025
This work is published under the responsibility of the Secretary-General of the OECD and the Inter-American
Development Bank (IDB). The opinions expressed and arguments employed herein do not necessarily reflect the of...
Private Sector Strategy 2023-2028 | Caribbean Development Bank
Private Sector Strategy 2023-2028
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Summary
The new Private Sector Strategy (PSS) 2023-2028 seeks to expand on and deepen the private sector development aspects of the Private Sector Development Policy and Strategy (PSDPS) 20...
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Private Sector Strategy 2023-2028 | Caribbean Development Bank
Private Sector Strategy 2023-2028
Downloads
Summary
The new Private Sector Strategy (PSS) 2023-2028 seeks to expand on and deepen the private sector development aspects of the Private Sector Development Policy and Strategy (PSDPS) 2017-2020,
The new CDB PSS has two objectives. The first is to enhance private sector ecosystems in Borrowing Member Countries (BMCs) to facilitate the development of dynamic and internationally competitive, high-growth firms. This will lead to higher incomes and increased economic resilience at both the national and regional levels. The objective to enhance BMC ecosystems is based on a new relationship with the private sector, not only in terms of increased CDB support but also as a key partner in the region’s development. Fostering this new expanded partnership with the private sector is a second objective of the PSS.
Table of contents
Executive Summary
1. Context and Rationale
2. Private Sector Strategy 2023-2028
3. Private Sector Strategy Implementation
Appendices
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Building Economic Solidarity: Caribbean ROSCAs in Jamaica, Guyana, and Haiti --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtua...
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Building Economic Solidarity: Caribbean ROSCAs in Jamaica, Guyana, and Haiti --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWatcher NEW! Printed from https://ideas.repec.org/h/pal/pfschp/978-1-137-60047-9_5.html My bibliography Save this book chapter Building Economic Solidarity: Caribbean ROSCAs in Jamaica, Guyana, and Haiti In: The Black Social Economy in the Americas Author & abstract Download 2 Citations Related works & more Corrections Author Listed: Caroline Shenaz Hossein (York University) Registered: Abstract Caribbean women create rotating savings and credit associations (ROSCAs) to take care of the need of their communities when commercial banks and formalized financial alternatives fail to do so. Informal banking collectives are important because they are inclusive, locally driven institutions to meet the livelihood needs of people, particularly women. In this chapter, it shows the various ways that the Black women participate in the social economy through self-managed groups, called ROSCAs. This chapter examines five country cases in Jamaica, Trinidad and Tobago, Grenada, Guyana, and Haiti to show how ROSCAs not only build savings, community relations but also enable people to access large lump sums of cash to invest in their businesses. The Banker ladies are upholding ancient African traditions of collectivity to increase savings and to allow for lending opportunities. Suggested Citation Caroline Shenaz Hossein, 2018. " Building Economic Solidarity: Caribbean ROSCAs in Jamaica, Guyana, and Haiti ," Perspectives from Social Economics , in: Caroline Shenaz Hossein (ed.), The Black Social Economy in the Americas , chapter 0, pages 79-95, Palgrave Macmillan. Handle: RePEc:pal:pfschp:978-1-137-60047-9_5 DOI: 10.1057/978-1-137-60047-9_5 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher To our knowledge, this item is not available for download . To find whether it is available, there are three options: 1. Check below whether another version of this item is available online. 2. Check on the provider's web page whether it is in fact available. 3. Perform a search for a similarly titled item that would be available. Citations Citations are extracted by the CitEc Project , subscribe to its RSS feed for this item. as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Cited by: Julie-Marthe Lehmann & Peer Smets, 2020. " An innovative resilience approach: Financial self-help groups in contemporary financial landscapes in the Netherlands ," Environment and Planning A , , vol. 52(5), pages 898-915, August. Sedai, Ashish Kumar & Vasudevan, Ramaa & Alves Pena, Anita, 2021. " Friends and benefits? Endogenous rotating savings and credit associations as alternative for women’s empowerment in India ," World Development , Elsevier, vol. 145(C). More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:pfschp:978-1-137-60047-9_5 . See general information about how to correct material in RePEc. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here . This allows to link your profile to this item. 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Project MUSE - Women’s Power and Community Resilience Rotating Savings and Credit Associations in Barbados and the Bahamas
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Credit, Identity, and Resilience in the Bahamas and Barbados | Ethnology: An International Journal of Cultural and Social Anthropology Credit, Identity, and Resilience in the Bahamas and Barbados Authors Brent W. Stoffle National Oceanic and Atmospheric Administration Trevor Purcell University of So...
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Credit, Identity, and Resilience in the Bahamas and Barbados | Ethnology: An International Journal of Cultural and Social Anthropology Credit, Identity, and Resilience in the Bahamas and Barbados Authors Brent W. Stoffle National Oceanic and Atmospheric Administration Trevor Purcell University of South Florida Richard W. Stoffle University of Arizona Kathleen Van Vlack University of Arizona Kendra Arnett College of the Bahamas Jessica Minnis College of the Bahamas Keywords: Women’s power, rotating credit, Bahamas, Barbados Abstract People of the Caribbean have maintained social networks that provide security in the face of human and natural perturbations. Rotating savings and credit associations (ROSCAs) constitute one such system, which probably came to much of the Caribbean with African people and persisted through slavery. As a foundation of creole economic systems throughout the Caribbean, ROSCAs are time-tested dimensions of traditional culture and a source of pride and identity. This analysis of the history and contemporary functions of ROSCAs in Barbados and the Bahamas is based on more than a thousand extensive and intensive first-person interviews and surveys. This article argues that ROSCAs continue, much as they did in the past, to provide critical human services, social stability, and a source of African-ancestor identity in these two nations. Downloads PDF Published 2010-04-16 Issue Vol. 48 No. 1 (2009) Section Articles License Authors of papers accepted for publication in a future issue of ETHNOLOGY will be asked to enter into a Copyright Publication Agreement, the terms of which are: 1. Author grants to Publisher and its agents the following rights, which rights may be sub-licensed by Publisher: a. the exclusive right and license to publish, archive, and make accessible the Article in whole or in part, in all forms of media now or hereafter known, and in all languages throughout the world, for a term of three (3) years after Publisher first publishes the Article; and b. the nonexclusive perpetual right and license to publish, archive, and make accessible the Article in whole or in part, in all forms of media now or hereafter known, and in all languages throughout the world. 2. Publisher shall provide Author with an electronic file of the Article which may be reproduced and used by Author for non-commercial purposes for the three (3) year period following Publisher’s first publication of the Article, PROVIDED, HOWEVER, that Author ensures that all such copies retain the reference to the original Journal publication. 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Kirton Mark Figueroa (University of the West Indies, Jamaica University of the West Indies, Jamaica University of the West Indies, Jamaica) Registered: Abstract This article examines the macroeconomic factors influencing the flow of remittances to selected English-speaking Caribbean countries. A balanced two way fixed effects (FE) model, a random effects (RE) model and the adjusted fully modified ordinary least squares (FMOLS) model (designed to correct biases in OLS)are employed in estimating a relationship between per capita remittances and selected macroeconomic variables. This article also examines the time series properties of the data within a panel unit root and cointegration framework and in this respect, adds an important new dimension to the time series models on remittances by removing the possibility of a spurious relationship (Pedroni 1995,1997, 2000). The results strongly suggest that there is cointegration among the variables, and that remittances are influenced not only by altruistic motives but also by the investment motive in financial instruments. In addition, the results further indicate that there may be scope for public policy to increase these flows. Suggested Citation Dillon Alleyne * & Claremont D. Kirton & Mark Figueroa, 2008. " Macroeconomic determinants of migrant remittances to Caribbean countries: panel unit roots and cointegration ," Journal of Developing Areas , Tennessee State University, College of Business, vol. 41(2), pages 137-153, January-M. Handle: RePEc:jda:journl:vol.41:year:2008:issue2:pp:137-153 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher File URL: http://muse.jhu.edu/journals/jda/summary/v041/41.2alleyne.html Download Restriction: no ---> Citations Citations are extracted by the CitEc Project , subscribe to its RSS feed for this item. as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Cited by: Veronica Bayangos & Karel Jansen, 2010. " The Macroeconomics of Remittances in The Philippines ," Revista ESPE - Ensayos sobre Política Económica , Banco de la Republica de Colombia, vol. 28(61), pages 18-58, August. Veronica Bayangos & Karel Jansen, 2010. " The Macroeconomics of Remittances in The Philippines ," Revista ESPE - Ensayos Sobre Política Económica , Banco de la República, vol. 28(61), pages 18-58. Bayangos, V.B. & Jansen, K., 2009. " The Macroeconomics of Remittances In the Philippines ," ISS Working Papers - General Series 19676, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague. Abdilahi Ali & Baris Alpaslan, 2017. " Is There an Investment Motive Behind Remittances? Evidence From Panel Cointegration ," Journal of Developing Areas , Tennessee State University, College of Business, vol. 51(1), pages 63-82, January-M. Lim, Sokchea & Simmons, Walter O., 2015. " Do remittances promote economic growth in the Caribbean Community and Common Market? ," Journal of Economics and Business , Elsevier, vol. 77(C), pages 42-59. Artatrana Ratha and Eungmin Kang, 2020. " Macroeconomic Determinants of International Remittances: Evidence from Time-Series and Panel Methods ," Journal of Economic Development , Chung-Ang Unviersity, Department of Economics, vol. 45(3), pages 51-76, September. Abdilahi Ali & Baris Alpaslan, 2013. " Do Migrant Remittances Complement Domestic Investment? New Evidence from Panel Cointegration ," Economics Discussion Paper Series 1308, Economics, The University of Manchester. Dillon Alleyne & Alfred A. Francis, 2008. " Balance Of Payments‐Constrained Growth In Developing Countries: A Theoretical Perspective ," Metroeconomica , Wiley Blackwell, vol. 59(2), pages 189-202, May. More about this item Keywords Remittances ; Caribbean ; Panel unit roots ; Cointegration ; All these keywords JEL classification: E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. 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The Propensity to Remit: Macro and Micro Factors Driving Remittances to Central America and the Caribbean
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The Propensity to Remit: Macro and Micro Factors Driving Remittances to Central America an...
## Do remittances have a flip side? A general equilibrium analysis of remittances, labor supply responses, and policy options for Jamaica
### Maurizio Bussolo and Denis Medvedev *
Development Prospects Group, The World Bank, 1818 H St NW, Washington, DC 20433
#### Abstract:
Econometric analysis ...
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## Do remittances have a flip side? A general equilibrium analysis of remittances, labor supply responses, and policy options for Jamaica
### Maurizio Bussolo and Denis Medvedev *
Development Prospects Group, The World Bank, 1818 H St NW, Washington, DC 20433
#### Abstract:
Econometric analysis has established a negative relationship between labor supply and remittances in Jamaica. We incorporate this ex-post evidence in a general equilibrium model to investigate economy-wide effects of increased remittance inflows. In this model, remittances reduce labor force participation by increasing the reservation wages of recipients. This exacerbates the real exchange rate appreciation, hurting Jamaica’s export base and small manufacturing import-competing sector. Within the narrow margins of maneuver of a highly indebted government, we show that a revenue-neutral policy response of a simultaneous reduction in payroll taxes and increase in sales taxes can effectively counteract these potentially negative effects of remittances.
Keywords: Jamaica, Remittances, Labor supply, Tax policy, General equilibrium
JEL classification: D58, F24, J22, H24, H31
World Bank Policy Research Working Paper 4143, March 2007
The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the view of the World Bank, its Executive Directors, or the countries they represent. Policy Research Working Papers are available online at http://econ.worldbank.org.
* Corresponding author. Tel: 202-210-3520, Fax: 202-522-2578, Email: dmedvedev@worldbank.org
## WPS4143
1 Introduction
What is the role of international remittances in the economic development of recipient countries?
This important question is not completely new, and some answers have already been provided by
the large literature on aid effectiveness: the positive or negative effects of remittances on
economic development depend on how they are used. 1 For example, remittances are likely to
have small effects on development if they are used primarily for the consumption of imported
consumer goods. When remittances do not increase savings, they have little or no impact on
domestic investment and thus do little to enhance the longer-term economic growth and may even
create dependency. In general, however, very little hard evidence and firm data exist on how
remittances are used and no hypotheses have been proved or discarded. An additional issue that
has received relatively little attention is whether recipients adjust their labor supply in response to
international remittance inflows. More specifically, do remittances cause an increase in
reservation wages and thus induce reductions in the labor supply?
This paper investigates the latter issue for the case of Jamaica, a country that during the
1990s witnessed, on the one hand, a combination of persistently high unemployment rate (around
20%) and rising real wages and, on the other hand, a remarkable increase in international
remittance inflows, reaching almost 20% of GDP in 2003. Working with Jamaican household
surveys for the 1995-2002 period, Kim (2006) finds an empirical negative link between increased
remittances and labor supply decisions of Jamaican households. Based on this finding, a
computable general equilibrium (CGE) model of Jamaica with an endogenous labor supply
calibrated to the elasticity estimates of Kim (2006) is constructed here to analyze three main
empirical and policy relevant questions. First, we assess the potential economy-wide
repercussions of a labor supply reduction due to an increase in remittances; the CGE model
measures the macro effects on aggregate GDP, consumption, investment and government budget,
and also estimates which sector or group of households will more likely be affected. Second, by
altering the relative prices of tradables and non-tradables increasing external inflows normally
cause real exchange rate appreciation and Dutch disease effects. These effects are accounted in
our model which actually highlights that an endogenous labor supply that responds negatively to
rising remittances exacerbates the real exchange rate appreciation, mainly by increasing wages
more than in a case with an inelastic labor supply. Third, and perhaps this is the most important
question, a numerical model can be used to simulate potential corrective policies that the
government could implement to deal with the negative effects. In particular, we simulate policies
1 See, for example, Burnside and Dollar (2002) and Collier and Dollar (2002).
that aim at stimulating labor demand by reducing labor costs. A reduction of payroll taxes is the most straightforward of such policies, however one can also think of other polices that increase labor market flexibility and ultimately support labor demand. The costs of such policies need to be taken into account, especially in the case of a very highly indebted country such as Jamaica, and in our simulation a compensatory increase in sales tax rates maintains the government balance unchanged. A major result of this paper is that a revenue-neutral policy that reduces labor costs can almost completely sterilize the negative labor supply effect of rising remittances—an encouraging outcome for a country struggling with high unemployment rates. The paper is organized as follows. The next section provides some background information on the Jamaican labor markets, remittance flows and on the still sparse evidence on the links between these flows and labor supply provided by the recent literature. Section 3 briefly presents the analytical structure of our model and the basic dataset it utilizes. Section 4 describes the scenarios and the results, both at the aggregate and detailed sectoral level. Section 5 offers concluding remarks.
2 Labor markets and remittances in Jamaica In the period between 1980 and 2000, Jamaica’s labor market performance has been mixed. The average urban unemployment rate has been around 20 percent, which is very high by both regional and global standards. In the same period, employment has grown at 1.6 percent per
annum, at about the same pace as GDP, but with female participation lagging behind (see Table
1). However, real wages have grown decisively faster: between 1992 and 2002, their average yearly growth rate was 3.2 percent.
Table 1: Latin America and Caribbean economic performance and labor indicators
| | | | | | | | | | | Female Labor | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | | | | | | | | | Average | | | | |
| | | | | | | Employment | | | | | | Force | | | | | | |
| | | | | GDP Growth | | | | | | | | | | | Urban | | | |
| | | | | | | Growth 1980- | | | | | Participation | | | | | | | |
| | | | | 1980-2001 | | | | | | | | | Unempl. rate | | | | | |
| | | | | | | | 1999 | | | Growth 1980- | | | | | | | | |
| | | | | | | | | | | | | | | 1980-2000 | | | | |
| | | | | | | | | | | | | 1999 | | | | | | |
| Argentina | | | | | 1.13 | | 1.16 | | | | | 1.12 | | | | 9.30 | | |
| Brazil | | | | | 2.49 | | 2.72 | | | | | 2.11 | | | | 5.62 | | |
| Chile | | | | | 4.81 | | 2.63 | | | | | 2.17 | | | 10.09 | | | |
| Colombia | | | | | 3.09 | | 3.23 | | | | | 3.56 | | | 12.10 | | | |
| Peru | | | | | 1.55 | | 3.52 | | | | | 2.27 | | | | 8.03 | | |
| Uruguay | | | | | 1.80 | | 1.43 | | | | | 2.37 | | | 10.62 | | | |
| Barbados | | | | | 1.17 | | 1.28 | | | | | 1.30 | | | 15.77 | | | |
| Jamaica | | | | | 1.56 | | 1.60 | | | | | 0.89 | | | 19.40 | | | |
| Trinidad and Tobago | | | | | 0.11 | | 0.78 | | | | | 1.30 | | | 15.85 | | | |
| Average | | | | | 1.97 | | 2.04 | | | | | 1.90 | | | | | | |
Source: Heckman and Pages (2003)
There are several potential reasons explaining why high unemployment rates do not seem
to have had an effect on wage growth. First, workers may have strong bargaining power and were
thus able to obtain nominal increases of their compensation above current inflation, particularly
during the (historically) low inflation period of the late 1990s. 2 Another explanation may be that
excessive labor market rigidity creates barriers to entry of new (or unemployed) individuals in the
job market. Finally, it may be that a significant share of current unemployed may be waiting for
better job offers given that their reservation wages are too high.
Labor market rigidity, which may be due to excessive workers bargaining power and or
excessive regulations, does not seem to be a major issue for Jamaica, at least if one considers the
available empirical evidence. Table 2 shows that, apart from relatively high firing costs,
Jamaica’s labor market seems fairly flexible. In particular, the 22.6 score on the collective
relation index, puts Jamaica below the score of the US (25.8) and very close to that of the UK
(18.5). The latter is the lowest value in the sample considered in Botero et al (2004), thus
indicating that Jamaican collective relation laws are comparable to the UK ones, which allow
high flexibility in settlements of collective dispute. Jamaican unionization rates have decreased to
about 16% in the first half of the 1990s from just below 30% twenty years earlier. 3 As estimated
by Heckman and Pages (2003), non-wage costs of labor market regulations are low in Jamaica
relative to the rest of Latin America and Caribbean. For Barbados, Trinidad and Tobago, and
Jamaica—the three Caribbean countries included in their survey of studies on Latin America—
the authors conclude that “the effects of job security on employment are statistically insignificant
and the signs are positive in some cases.”
Despite this evidence pointing towards a comparatively flexible labor market in Jamaica,
some signs of regulatory issues can still be identified. In their study on labor markets and
regulations in the Caribbean, Downes et al (2000) found for the case of Jamaica some negative
effect on aggregate employment stemming from the imposition of minimum wages 4.
Additionally, recent IMF reports list further reform of the labor markets among the most urgent
structural reforms the government should adopt (IMF 2004a, IMF 2004b). In particular, the
reports cite that government spending on public wages exceeds 12% of GDP (in 2003), signaling
very high public sector employment level; besides, high redundancy costs, according to private
2 The observed nominal wage growth during the 1990s suggests that workers have been setting their wage
targets through backwards-looking expectations—nominal wage increases tend to be higher in the years
following periods with high consumer price inflation.
3 See Forteza and Rama (2001).
4 The authors use aggregate employment and specify a coverage-weighted minimum wage index, so their
aggregate data include many workers whose wage and employment are unlikely to be affected by changes
in minimum wages.
sector representatives, “are a key remaining issue to be addressed in order to improve the labor regime” (IMF 2004b, p.16).
Table 2: Labor Market Rigidity Indicators
Indicator Jamaica Region OECD
Difficulty of Hiring Index 11.0 40.5 30.1
Rigidity of Hours Index 0.0 50.9 49.6
Difficulty of Firing Index 20.0 29.5 27.4
Rigidity of Employment Index 10.0 40.3 35.8
Hiring cost (% of salary) 11.5 15.9 20.7
Firing costs (weeks of wages) 60.2 62.9 35.1
Collective relation Index 22.6 46.5 46.2
Social Security Index 16.8 57.8 73.9
Source: For the first 6 rows the Doing Business (2006) website, for the bottom two rows Botero et al (2004). Note: Four areas are subject to statutory regulation in all countries: employment, social security, industrial relations and occupational health and safety. Doing Business focuses on the regulation of employment. The rigidity of employment index (in italics in the table) is the average of three subindices: a difficulty of hiring index, a rigidity of hours index and a difficulty of firing index. All the subindices have several components, and all take values between 0 and 100, with higher values indicating more rigid regulation. The hiring cost indicator measures all social security payments and payroll taxes associated with hiring an employee. The cost is expressed as a percentage of the worker’s salary. The firing cost indicator measures the cost of advance notice requirements, severance payments and penalties due when dismissing a redundant worker, expressed in weekly wages. In Botero et al (2004), the Collective relation index combines information from two sub-areas of the collective action laws: (i) the power granted by the law to labor unions and (ii) the laws governing collective disputes. The sub-index of labor union power measures the power of labor unions over working conditions. The second sub-index measures protection of employees engaged in collective disputes. Higher values of the index are associated to higher workers’ protection. The Social security index considers coverage and generosity of pensions, sickness and healthcare insurance, and unemployment.
Even if it does not constitute a formal test, the previous evidence casts some doubts on the validity of the first two hypotheses— unbalanced labor bargaining power and excessive intervention in the labor market—on why high unemployment rates do not seem to exert downward pressure on wages. What about the third one? Is it possible that an ‘exogenous’ increase in non-labor income of households and individuals has resulted in rising reservation wages and thus higher unemployment rates? Remittance flows have shown tremendous growth in recent decades and, as shown in Kim (2006), there is some evidence that they have reduced labor supply through a positive and large income effect. In terms of their size, remittance receipts are not only an important source of income for Jamaican households, but are also a major source of financing for the economy as a whole. In 2002, remittances accounted for 14.3 percent of GDP and financed 19.8 percent of household consumption. In addition, workers’ remittances were approximately half of all financial inflows from the rest of the world and therefore contributed significantly to financing the current account gap. The importance of remittances for Jamaica has steadily grown over the last three decades: Figure 1 shows the receipts of worker’s remittances rising from less than two percent of GDP in 1976 to 17 percent of GDP in 2003. In real terms, the average annual growth over the period has been 7.8 percent. Even more striking is the growth over the last ten years, when the volume of remittances grew at an average annual rate of 18.2
percent. During the same time, the share of remittances in household consumption and GDP grew
by 14 and 15 percent per year, respectively.
Figure 1 Evolution of remittances in Jamaica
0
5
10
15
20
25
1976 1980 1984 1988 1992 1996 2000
Remittances as a share of GDP Remittances as a share of household final consumption
There is little agreement in the literature on the economy-wide effects of increased
remittance inflows. Connell and Brown (2005) argue that while “[some studies show that]
consumption is of considerable importance, they also show that higher levels of consumption are
a major welfare gain and contribute to meeting basic needs that are otherwise sometimes poorly
satisfied. They also show that remittances have been increasingly important for both investment
and savings […] Remittances are also invested in economic activities, in human capital, and in
the well being of others.” Focusing more specifically on the relationship between labor supply
and remittances, there is very little scientific evidence to substantiate the common preconception
that remittances elicit reductions in the labor force participation of recipient households.
Controlling for endogeneity represents a major difficulty in empirical tests of this labor supply
behavior. In analyses of cross section data, it is quite difficult to establish whether remittances
cause lower labor supply or, conversely, remittances from relatives working abroad are a
response to adverse conditions at home and support incomes of family members who have been
unable to offer their labor services in the domestic market. Panel data offer better chances to
establish exogeneity, but they are still rare for many developing countries.
Apart from the above direction-of-causality concerns, households who receive
remittances normally self-select into this group by sending a working member of the household
abroad. Since this decision affects the labor supply choices of the entire household, labor supply
could even increase in connection with remittance flows. As reported by Amuedo-Dorantes and
Pozo (2005): “Remittances, on the one hand, may help lift budget constraints, raise reservation
wages and, through an income effect, reduce the employment likelihood and hours of work of
remittance-receiving individuals. On the other hand, these monetary inflows are usually preceded
by the migration of a working-aged household member, which may induce other remaining
family members to increase their labor supply to supplement for lost household income.”
Despite these difficulties, a few studies find a negative relationship between remittances
and labor supply. Rodriguez and Tiongson (2001), who examine the labor force participation of
households in Manila in 1991, estimate that having a migrant abroad reduces the probability of
working by 9.4 percentage points for men and 18.1 percentage points for women. When
remittances are increased from $0 to $40 per non-migrant family member, men decrease their
labor force participation by a third of a percentage point, whereas women respond by reducing
their labor force participation by only one-fifth of a percentage point. Funkhouser’s (1992) study
of households in Nicaragua also concentrates on the responses of urban households. His probit
estimates indicate that an increase in remittances from $0 to $100 decreases male and female
labor force participation by 2 and 5 percentage points, respectively. However, Funkhouser also
finds that self-employment hours increase by about 1 percent for both men and women. Hence,
Funkhouser (1992) finds evidence of the work effort shifting across various types of employment
on account of remittance receipt.
While not specifically addressing the impact of remittances on total work effort, Matshe
and Young (2004) measure the responsiveness of rural households in Zimbabwe to overall non
labor income. In particular, they assess how households’ decision with respect to supplying their
labor to the off-farm labor market is affected by non-labor income flows. They find that these
income flows reduce off-farm labor activity. Amuedo-Dorantes and Pozo (2005) carry out a
preliminary analysis of the impact that remittances sent by Mexican migrants may have on the
labor supply patterns of their working-age male and female family members back home. They
find that remittance income sometimes reduces hours worked, whereas other times these
monetary inflows increase work effort depending on the type of work, the gender of the recipient
and the location of the household. For the specific case of Jamaica, Kim (2006) constructs a
pseudo-panel data using household surveys covering the period 1995 to 2002 and finds a negative
impact of remittances on labor market participation. This finding is used to inform the general
equilibrium analysis carried out in this pap
Do remittances promote economic growth in the Caribbean Community and Common Market? --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economic...
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Do remittances promote economic growth in the Caribbean Community and Common Market? --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWatcher NEW! Printed from https://ideas.repec.org/a/eee/jebusi/v77y2015icp42-59.html My bibliography Save this article Do remittances promote economic growth in the Caribbean Community and Common Market? Author & abstract Download 30 References 50 Citations Most related Related works & more Corrections Author Listed: Lim, Sokchea Simmons, Walter O. Registered: Sokchea Lim Abstract The paper investigates the economic importance of remittance flows to the Caribbean Community and Common Market (CARICOM). Utilizing panel cointegration tests, the results show that there is no evidence of a long-run relationship between remittances and real GDP per capita or investment but some evidence of a long-run relationship between remittances and consumption. This suggests that remittance inflows to the CARICOM region are used for consumption purposes rather than productivity improving spending. Suggested Citation Lim, Sokchea & Simmons, Walter O., 2015. " Do remittances promote economic growth in the Caribbean Community and Common Market? ," Journal of Economics and Business , Elsevier, vol. 77(C), pages 42-59. Handle: RePEc:eee:jebusi:v:77:y:2015:i:c:p:42-59 DOI: 10.1016/j.jeconbus.2014.09.001 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher File URL: http://www.sciencedirect.com/science/article/pii/S014861951400054X Download Restriction: Full text for ScienceDirect subscribers only File URL: https://libkey.io/10.1016/j.jeconbus.2014.09.001?utm_source=ideas LibKey link : if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item ---> As the access to this document is restricted, you may want to search for a different version of it. References listed on IDEAS as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Choi, In, 2001. " Unit root tests for panel data ," Journal of International Money and Finance , Elsevier, vol. 20(2), pages 249-272, April. Lueth Erik & Ruiz-Arranz Marta, 2008. " Determinants of Bilateral Remittance Flows ," The B.E. Journal of Macroeconomics , De Gruyter, vol. 8(1), pages 1-23, October. Pedroni, Peter, 2004. " Panel Cointegration: Asymptotic And Finite Sample Properties Of Pooled Time Series Tests With An Application To The Ppp Hypothesis ," Econometric Theory , Cambridge University Press, vol. 20(3), pages 597-625, June. Peter Pedroni, 2004. " Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis ," Department of Economics Working Papers 2004-15, Department of Economics, Williams College. Ross Levine & Asli Demirgüç-Kunt, 2008. " Finance, Financial Sector Policies, and Long-Run Growth ," World Bank Publications - Books , The World Bank Group, number 28021, April. Demirguc-Kunt, Asli & Levine, Ross, 2008. 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" Are Bilateral Remittances Countercyclical? ," Scholarly Articles 9642640, Harvard Kennedy School of Government. Mishra Prachi, 2007. " Emigration and Brain Drain: Evidence from the Caribbean ," The B.E. Journal of Economic Analysis & Policy , De Gruyter, vol. 7(1), pages 1-44, May. Ms. Prachi Mishra, 2006. " Emigration and Brain Drain: Evidence From the Caribbean ," IMF Working Papers 2006/025, International Monetary Fund. Mrs. Poonam Gupta, 2005. " Macroeconomic Determinants of Remittances: Evidence from India ," IMF Working Papers 2005/224, International Monetary Fund. Adams Jr., Richard H., 2009. " The Determinants of International Remittances in Developing Countries ," World Development , Elsevier, vol. 37(1), pages 93-103, January. Christian Nsiah & Bichaka Fayissa, 2013. 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" Remittances, Financial Development, and Growth ," IZA Discussion Papers 2160, IZA Network @ LISER. Ziesemer Thomas H.W., 2009. " Worker Remittances and Growth: The Physical and Human Capital Channels ," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik) , De Gruyter, vol. 229(6), pages 743-773, December. Ziesemer, Thomas, 2006. " Worker Remittances and Growth: The Physical and Human Capital Channels ," MERIT Working Papers 2006-020, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT). Lucas, Robert E B & Stark, Oded, 1985. " Motivations to Remit: Evidence from Botswana ," Journal of Political Economy , University of Chicago Press, vol. 93(5), pages 901-918, October. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. " Testing for unit roots in heterogeneous panels ," Journal of Econometrics , Elsevier, vol. 115(1), pages 53-74, July. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. " Testing for Unit Roots in Heterogeneous Panels ," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge. Tom Doan, 2025. " IPSHIN: RATS procedure to implement Im, Pesaran and Shin panel unit root test ," Statistical Software Components RTS00098, Boston College Department of Economics. Rapoport, Hillel & Docquier, Frederic, 2006. " The Economics of Migrants' Remittances ," Handbook on the Economics of Giving, Reciprocity and Altruism , in: S. Kolm & Jean Mercier Ythier (ed.), Handbook of the Economics of Giving, Altruism and Reciprocity , edition 1, volume 1, chapter 17, pages 1135-1198, Elsevier. Rapoport, Hillel & Docquier, Frédéric, 2005. " The Economics of Migrants’ Remittances ," IZA Discussion Papers 1531, IZA Network @ LISER. Jeffrey D. Sachs & Andrew Warner, 1995. " Economic Reform and the Process of Global Integration ," Brookings Papers on Economic Activity , Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118. Jeffrey Sachs & Andrew Warner, 1995. " Economic Reform and the Progress of Global Integration ," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research. Miguel Ramirez, 2013. " Do Financial and Institutional Variables Enhance the Impact of Remittances on Economic Growth in Latin America and the Caribbean? A Panel Cointegration Analysis ," International Advances in Economic Research , Springer;International Atlantic Economic Society, vol. 19(3), pages 273-288, August. Miguel Ramirez, 2012. " Do Financial and Institutional Variables Enhance the Impact of Remittances on Economic Growth in Latin America and the Caribbean? A Panel Cointegration Analysis ," Working Papers 1202, Trinity College, Department of Economics. World Bank, 2013. " World Development Indicators 2013 ," World Bank Publications - Books , The World Bank Group, number 13191, April. Raju Jan Singh & Markus Haacker & Kyung-woo Lee & Maëlan Le Goff, 2011. " Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa ," Journal of African Economies , Centre for the Study of African Economies, vol. 20(2), pages 312-340, March. Mr. Raju J Singh & Kyung-woo Lee & Mr. Markus Haacker, 2009. " Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa ," IMF Working Papers 2009/216, International Monetary Fund. Maëlan Le Goff & Markus Haacker & Kyung-Woo Lee & Raju Jan Singh, 2011. " Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa ," Post-Print halshs-00569044, HAL. Catrinescu, Natalia & Leon-Ledesma, Miguel & Piracha, Matloob & Quillin, Bryce, 2009. " Remittances, Institutions, and Economic Growth ," World Development , Elsevier, vol. 37(1), pages 81-92, January. Catrinescu, Natalia & Leon-Ledesma, Miguel & Piracha, Matloob & Quillin, Bryce, 2006. " Remittances, Institutions and Economic Growth ," IZA Discussion Papers 2139, IZA Network @ LISER. Full references (including those not matched with items on IDEAS) Most related items These are the items that most often cite the same works as this one and are cited by the same works as this one. Lim, Sokchea & Basnet, Hem C., 2017. " International Migration, Workers’ Remittances and Permanent Income Hypothesis ," World Development , Elsevier, vol. 96(C), pages 438-450. Siti Mas’udah, 2020. " Remittances and Lifestyle Changes Among Indonesian Overseas Migrant Workers’ Families in Their Hometowns ," Journal of International Migration and Integration , Springer, vol. 21(2), pages 649-665, June. Sokchea Lim & Walter O. Simmons, 2016. " What Have Remittances Done to Development? 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" Growth effects of remittances in developing countries: A growth accounting approach ," Emerging Markets Review , Elsevier, vol. 67(C). Abida Zouheir & Imen Mohamed Sghaier, 2014. " Remittances, Financial Development and Economic Growth: The Case of North African Countries ," Romanian Economic Journal , Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 17(51), pages 137-170, March. Jounghyeon Kim, 2019. " The Impact of Remittances on Exchange Rate and Money Supply: Does “Openness” Matter in Developing Countries? ," Emerging Markets Finance and Trade , Taylor & Francis Journals, vol. 55(15), pages 3682-3707, December. Abdilahi Ali & Baris Alpaslan, 2013. " Do Migrant Remittances Complement Domestic Investment? New Evidence from Panel Cointegration ," Economics Discussion Paper Series 1308, Economics, The University of Manchester. Ziesemer, Thomas H.W., 2012. " Worker remittances, migration, accumulation and growth in poor developing countries: Survey and analysis of direct and indirect effects ," Economic Modelling , Elsevier, vol. 29(2), pages 103-118. Abdilahi Ali & Baris Alpaslan, 2017. " Is There an Investment Motive Behind Remittances? Evidence From Panel Cointegration ," Journal of Developing Areas , Tennessee State University, College of Business, vol. 51(1), pages 63-82, January-M. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. " Migration and Remittances during the Global Financial Crisis and Beyond ," World Bank Publications - Books , The World Bank Group, number 13092, April. Faruk Balli & Faisal Rana, 2014. " Determinants of Risk Sharing Through Remittances: Cross-Country Evidence ," CAMA Working Papers 2014-12, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University. Giulia Bettin & Andrea F. Presbitero & Nikola L. Spatafora, 2017. " Remittances and Vulnerability in Developing Countries ," The World Bank Economic Review , World Bank, vol. 31(1), pages 1-23. Giulia Bettin & Mr. Andrea F Presbitero & Mr. Nikola Spatafora, 2014. " Remittances and Vulnerability in Developing Countries ," IMF Working Papers 2014/013, International Monetary Fund. Giulia Bettin & Andrea Filippo Presbitero & Nikola Spatafora, 2014. " Remittances and vulnerability in developing countries ," Mo.Fi.R. Working Papers 93, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences. Bettin, Giulia & Presbitero, Andrea F. & Spatafora, Nikola, 2014. " Remittances and vulnerability in developing countries ," Policy Research Working Paper Series 6812, The World Bank. Balli, Faruk & Rana, Faisal, 2015. " Determinants of risk sharing through remittances ," Journal of Banking & Finance , Elsevier, vol. 55(C), pages 107-116. Cazachevici, Alina & Havranek, Tomas & Horvath, Roman, 2019. " Remittances and Economic Growth: A Quantitative Survey ," EconStor Preprints 205812, ZBW - Leibniz Information Centre for Economics. Cazachevici, Alina & Havranek, Tomas & Horvath, Roman, 2019. " Remittances and Economic Growth: A Quantitative Survey ," MPRA Paper 96823, University Library of Munich, Germany. Nayab Karim & Muhammad Tariq & Muhammad Azam Khan, 2025. " Examining the Moderated-Mediation Role of the Financial Sector and Institutional Quality in the Relationship Between Remittances and Economic Growth in Developing Countries ," Journal of International Migration and Integration , Springer, vol. 26(1), pages 279-316, March. Miguel Ángel Mendoza González & Marcos Valdivia López, 2016. " Remesas, crecimiento y convergencia regional en México: aproximación con un modelo panel-espacial ," Estudios Económicos , El Colegio de México, Centro de Estudios Económicos, vol. 31(1), pages 125-167. Kim, Jounghyeon, 2023. " Does population aging matter for remittances in developing countries? ," Economic Analysis and Policy , Elsevier, vol. 80(C), pages 1038-1056. More about this item Keywords CARICOM ; Remittances ; Long-run economic growth ; Consumption ; All these keywords Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jebusi:v:77:y:2015:i:c:p:42-59 . See general information about how to correct material in RePEc. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here . This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about. If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form . 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## International Migration in the Caribbean
Background paper for the World Development Report 2023: Migrants, Refugees, and Societies
#### April 2023
### Pascal Jaupart*
Abstract This paper provides a broad overview of the migration phenomenon in the Caribbean based on available evidence. It fir...
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## International Migration in the Caribbean
Background paper for the World Development Report 2023: Migrants, Refugees, and Societies
#### April 2023
### Pascal Jaupart*
Abstract This paper provides a broad overview of the migration phenomenon in the Caribbean based on available evidence. It first describes the migration context in the region, with a focus on key migration related facts, significant trends, and current and future challenges. It then identifies and discusses examples of policies implemented in the region, including evidence on their impact track record. Migration presents both significant challenges and opportunities for the long-term socioeconomic development of the region. The paper’s main takeaways include the following. Mass emigration of working-age individuals is a significant concern for all countries in the region as skills gaps in sectors such as education, health, and information technology have emerged. Empirical evidence and theory suggest that the most effective way to address issues related to brain drain is to increase opportunities and incentives for skilled nationals to stay in the origin country. While some Caribbean countries participate in temporary migration work programs with the United States and Canada, there is scope to increase take-up and the positive impacts of such programs for migrants, origin countries, and destination countries. High remittance transfer costs remain an obstacle for migrants sending money through official channels and limit economic gains for migrants and their families. Migration policy evaluations should be conducted more systematically to enable decision makers to better promote safer and more orderly migration. Last but not least, systematic compilation and analysis of migration data are important gaps to be addressed.
*Pascal Jaupart is an Economist in the Latin America and Caribbean unit of the Social Protection and Jobs Global Practice at the World Bank. Email: pjaupart@worldbank.org. This paper serves as a background paper to the World Development Report 2023: Migrants, Refugees, and Societies. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. Venezuela refers to the República Bolivariana de Venezuela. This background paper was prepared with guidance from Timothy Johnston, Çağlar Özden, Quy-Toan Do, and Maheshwor Shrestha. Peer reviewers Natalie Dietrich Jones and Mauro Testaverde provided highly valuable comments, which helped improved the paper. Diletta Doretti, Joyce Antone Ibrahim, Aylin Isik-Dikmelik, Luz Stella Rodriguez, Clemente Avila Parra, Jose Romero, Briana Wilson, Harry Moroz, Elena Ianchovichina, Nataliya Mylenko, and Ricardo Habalian shared useful resources and suggestions.
### Introduction
Migration is one of the most effective ways to reduce poverty and better share prosperity. Migrants’
incomes typically increase three to six times when they move from lower- to higher-income countries. The
majority of empirical studies suggest that destination countries and their citizens in the labor force also
benefit from immigration. Due to a combination of barriers, however, most people cannot move. Currently
only about 3 percent of the world’s population live in a country in which they were not born (World Bank
2018).
Migration presents both significant challenges and opportunities for the long-term socioeconomic
development of the Caribbean. The region is highly heterogeneous with countries differing on several
important dimensions, including population size, levels of economic development, languages spoken,
ethnic diversity, and land area. Caribbean countries have a long history of migration dating back before the
era of European colonization. Today labor migration in the Caribbean involves two main flows: the
emigration of job seekers to the United States, Canada, and the United Kingdom; and smaller flows of
Caribbean workers within the region. Return migration is also an important feature for the region—although
information about returns is limited.
This paper aims to provide a snapshot of the migration phenomenon in the Caribbean based on the available
body of evidence. It first provides an overview of the migration and development context in the region.
Second, it identifies and discusses examples of migration policies implemented in the region, with a focus
on their impact track record. This chapter was prepared using secondary sources, including regional and
country reports, official migration datasets, and academic studies.
Systematic migration data compilation and evaluations of migration policies are important gaps to be
addressed for countries in the region. Despite migration taking place on a significant scale for all countries
in the Caribbean and the numerous government policies implemented in an attempt to better manage
movements of people, national migration statistics are scarce. Collecting comparable data across countries
in a consistent and timely manner would improve the mapping of mobility patterns and the understanding
of the dynamics surrounding migration. Very few migration policies are subject to formal reviews and
evaluations. Conducting policy evaluations more systematically would enable decision makers to take
better measures to promote safer and more orderly migration.
The paper considers 15 countries, collectively referred to as the Caribbean region: Antigua and Barbuda,
The Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Saint
Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago. Cuba
and overseas territories are not included in most of the discussion due to the limited availability of
comparable data.
The remainder of this paper is structured as follows. The second section describes the characteristics of
migration flows in the Caribbean and recent regional trends. The third section discusses high-skilled
migration and brain drain. The fourth section focuses on three of the most important active labor migration
agreements for the region. The fifth section concentrates on international remittances. The final section
concludes and presents policy recommendations.
### Major migration trends in the Caribbean region
This section provides a detailed look at the major migration trends characterizing the region. It provides
descriptive statistics pulled from various international and official national databases to discuss the
prevalence of migration in the region, identify the main destination countries for migrants, and describe the
demographic characteristics of migrants. The section includes discussions of return and undocumented
migration as well migrant and refugee flows Venezuela. It ends with a brief presentation of the challenges
posed by climate change.
Prevalence of migration
Most Caribbean countries are net migrant-sending countries, with emigration outflows surpassing
immigration inflows. In 2020, only The Bahamas and Belize had a positive net migration rate (figure 1). 1
Relatively high levels of income per capita and proximity to the United States attract migrants to The
Bahamas, while Belize, because of its location, hosts relatively large numbers of Central American
immigrants. All the other countries had negative migration rates in 2020, with Guyana, Jamaica, and Haiti
recording the largest net outflows in relative terms.
Figure 1. Net migration rate in Caribbean countries, 2020
Source: Our World in Data, based on United Nations Department of Economic and Social Affairs (UN DESA)
2020 data.
Note: No data are available for two countries: Dominica and St. Kitts and Nevis.
For all Caribbean countries, the number of emigrants represents a large share of the total population. In 6 of the 15 countries listed in table 1, the number of emigrants expressed in percentage of the in-country population is higher than 50 percent. In Dominica, the volume of emigrants is even larger than the population living in the country and the ratio stands at 109 percent. The Bahamas and Belize have the smallest numbers of emigrants in relative terms (13.7 percent and 13.3 percent, respectively). These are relatively high ratios by international standards, however. In absolute terms, Haiti, the Dominican Republic, and Jamaica have the largest diasporas, with well over one million emigrants worldwide each. Although a somewhat less known phenomenon, immigration is also an important feature of population movements in the Caribbean. In six of the countries examined in table 1, immigrants represent more than
-7.72
-3.87 -3.17 -2.84 -1.82 -1.8 -1.75 -0.58 -0.28
0 0
2.61 3.16
0
2
4
P e r 1
,0
0
0
10 percent of the population. In Antigua and Barbuda, immigrants make up as much as 30 percent of the
population. The majority of immigrants to the region are intraregional migrants (UN DESA 2020). The
Dominican Republic has the largest number of immigrants in absolute terms and Haitians represent more
than 82 percent of that volume (UN DESA 2020). More recently, countries in the southern Caribbean that
are proximate to Venezuela, such as Guyana and Trinidad and Tobago, have witnessed the arrival of
Venezuelan refugees and migrants.
Table 1. Numbers and share of immigrants and emigrants in Caribbean countries
Country Name Population
(total)
| | Country Name | | | | Population | | | | Immigration | | | | Immigration | | Emigration | | | Emigration | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | (total) | | | | (stock) | | | | (% of population) | | (stock) | | | (% | of population) | |
| | Antigua and Barbuda | | | | 97,928 | | | | 29,386 | | | | 30.0 | | 66,561 | | | 68.0 | | |
| | Bahamas, The | | | | 393,248 | | | | 63,583 | | | | 16.2 | | 53,793 | | | 13.7 | | |
| | Barbados | | | | 287,371 | | | | 34,869 | | | | 12.1 | | 99,611 | | | 34.7 | | |
| | Belize | | | | 397,621 | | | | 62,043 | | | | 15.6 | | 52,756 | | | 13.3 | | |
| | Dominica | | | | 71,991 | | | | 8,284 | | | | 11.5 | | 78,191 | | | 108.6 | | |
| | Dominican Republic | | | | 10,847,904 | | | | 603,794 | | | | 5.6 | | 1,608,567 | | | 14.8 | | |
| | Grenada | | | | 112,519 | | | | 7,213 | | | | 6.4 | | 62,204 | | | 55.3 | | |
| | Guyana | | | | 786,559 | | | | 31,169 | | | | 4.0 | | 438,413 | | | 55.7 | | |
| | Haiti | | | | 11,402,533 | | | | 18,884 | | | | 0.2 | | 1,769,671 | | | 15.5 | | |
| | Jamaica | | | | 2,961,161 | | | | 23,629 | | | | 0.8 | | 1,118,931 | | | 37.8 | | |
| | St. Kitts and Nevis | | | | 53,192 | | | | 7,725 | | | | 14.5 | | 50,285 | | | 94.5 | | |
| | St. Lucia | | | | 183,629 | | | | 8,338 | | | | 4.5 | | 71,227 | | | 38.8 | | |
| | St. Vincent Grenadines | | | | 110,947 | | | | 4,738 | | | | 4.3 | | 55,525 | | | 50.0 | | |
| | Suriname | | | | 586,634 | | | | 47,801 | | | | 8.1 | | 273,209 | | | 46.6 | | |
| | Trinidad and Tobago | | | | 1,399,491 | | | | 78,849 | | | | 5.6 | | 330,519 | | | 23.6 | | |
| | Sources: | | | UN DESA 2020; | | World Bank, World Development Indicators 2022. | | | | | | | | | | | | | | |
Note: “Stock” is the term used by UN DESA. It refers to the number (or “stock”) of international migrants.
Both the number of emigrants from the region going abroad and the number of immigrants settling in the
region have grown over time. In 1990, the number of Caribbean emigrants totaled more than 2.5 million
individuals. In 2020, that number had more than doubled and reached 6.1 million (figure 2, panel a).
Dominicans, Haitians, and Jamaicans comprise nearly 75 percent of emigrants from the region. Over the
same period the number of immigrants nearly doubled and passed 1 million individuals in 2020 (figure 2,
panel b). Haitians living in the Dominican Republic represent almost half of the total immigrant population
of the region.
Figure 2. Trends in total numbers of emigrants and immigrants in the Caribbean region, 1990–2020
a. Total numbers of emigrants, Caribbean region
7,000
6129
6,000
5620
5,000
4856
4332
4,000
3877
3172
3,000
2509
2,000
1,000
0
1990 1995 2000 2005 2010 2015 2020
b. Total numbers of immigrants, Caribbean region
Source: UN DESA 2020.
Emigration from the Caribbean is strongly related to economic development at the origin. A myriad of
factors (economic, political, social, and environmental) drive migration from the region. Economic
development and living standard differentials are arguably the main drivers, however (Párraga 2021).
Migration in the region increases along with rising GDP per capita levels at first and falls at much higher
income levels, suggesting the existence of an emigration life cycle (Clemens 2020). As countries grow
better off, more people can afford the migration investment costs and the skill composition of working-age
populations in the origin country changes. Emigration increases with development because the proportion
of college graduates in the resident population increases, and it is this group that has the highest propensity
to emigrate (Dao et al. 2018). The process slows and reverses once countries have reached considerably
higher living standards (figure 3). Lack of economic opportunities and high unemployment rates in the
region are important push factors and are strongly correlated with the number and flow of emigrants (figure
4, panels a and b).
Figure 3. The emigration life cycle in the Caribbean region: Emigration and economic development
in origin countries
Sources: UN DESA 2020; World Bank, World Development Indicators 2022.
Note: The figure plots numbers of emigrants and GDP per capita for 2020. The curve displays a quadratic fit for 15
Caribbean countries. PPP = purchasing power parity.
516 572 631 680 729
905
1030
0
200
400
600
800
1,000
1,200
1990 1995 2000 2005 2010 2015 2020
0
20
40
60
80
100
120
0 5,000 10,000 15,000 20,000 25,000 30,000 E m
Real GDP per capita PPP
Figure 4. Emigration and unemployment in origin countries a. Numbers of emigrants and unemployment rate, 2020 b. Emigration flow and unemployment rate
Sources: UN DESA 2020; World Bank, World Development Indicators 2022.
Note: Panel a: The curve displays a linear fit for 11 Caribbean countries. Data are missing for 4 countries. Panel b: The curve displays a linear fit for 11 Caribbean countries, for emigration flow for 2010–20 over 2020 population.
Data are missing for 4 countries.
During the peak of the COVID-19 pandemic, international and regional migration did not cease despite the extended quarantines and land border closures implemented by the vast majority of Caribbean countries.
The incidence of COVID-19 and related mortality have followed a rather different pattern in the Caribbean
0
10
20
30
40
50
60
0 5 10 15 20 25
Unemployment rate (%)
-40 -20
0
20
40
60
80
100
120
140
0 5 10 15 20 25E m
1 ,0
0
Unemployment rate (%)
compared to Latin America. Due to the measures taken by Caribbean governments, including border
controls, the spread of the virus was largely controlled in 2020. During 2021, however, COVID-19 infection
rates overtook those in Latin America. By mid-2022, mortality rates in both the Caribbean and Latin
America had fallen to low levels. Migration flows within the region and internationally were not completely
halted by the pandemic, however. Instead, migration processes have become increasingly complex,
characterized by larger mixed flows (combining irregular migration, trafficking, smuggling, and asylum
seeking) and by higher vulnerability (ECLAC 2022a).
Destination countries and regions
The United States is the main destination country for migrants from the region. For the majority of
Caribbean countries, more than half of emigrants settle in the United States (table 2). For The Bahamas,
Belize, the Dominican Republic, and Jamaica, the figures are even higher, with 70 percent or more of
emigrants choosing the United States as their destination. Within the United States, the majority of
Caribbean migrants live in just two states: Florida and New York (MPI 2022). 2 Canada, the United
Kingdom, and Europe are also important destinations for some Caribbean countries. In Europe, English
speaking Caribbean countries have established sizable diaspora communities in the United Kingdom. The
Dominican Republic has a large diaspora in Spain and Italy. Nearly 90 percent of Haitians living in Europe
reside in France. Migrating within the Caribbean region is a relatively common option for nationals from
the Organization of Eastern Caribbean States (OECS) (see discussion in the fourth section). With the
exception of Belizeans moving into neighboring Mexico and Guyanese migrants moving into Brazil and
Venezuela, citizens of the English-speaking Caribbean do not migrate in significant numbers to Latin
America due to language and cultural differences (IDB 2021). Suriname is an outlier and displays
drastically different migration patterns, with nearly 80 percent of its migrants going to Europe. Linguistic
and historical factors explain why Surinamese migrants primarily settle in the Netherlands (IOM 2017;
Oostindie 2009).
Table 2. Destination countries for Caribbean migrants, 2020
Percent of total numbers of emigrants by destination country
Destination country/region
Origin country USA Canada UK Europe Caribbean a LAC
Antigua and Barbuda 69.2 3.7 7.5 7.9 11.7 11.9
Bahamas, The 87.2 3.3 4.5 5.7 2.7 3.1
Barbados 51.9 15.2 26.7 27.4 4.6 4.9
Belize 81.5 4.1 3.2 3.6 0.9 10.7
Dominica 46.1 3.8 11.0 23.5 25.8 26.6
Dominican Republic 72.6 0.7 0.1 17.6 4.8 9.1
Grenada 40.7 17.8 20.2 21.9 18.2 18.7
Guyana 55.1 21.5 6.4 8.4 8.2 14.8
Haiti 39.9 5.7 0.0 5.4 32.1 49.1
Jamaica 70.8 13.3 11.5 12.2 3.2 3.4
Saint Kitts and Nevis 55.2 4.5 15.9 16.1 24.0 24.1
Saint Lucia 47.7 9.2 16.1 24.2 17.2 18.9
Saint Vincent and the Grenadines 27.3 25.1 17.2 17.5 29.2 29.9
Suriname 7.9 0.4 0.2 79.3 1.6 12.3
Trinidad and Tobago 63.0 21.2 8.9 10.2 3.8 4.9
Source: UN DESA 2020.
Note: LAC = Latin America and the Caribbean; UK = United Kingdom; USA = United States of America.
a. “Caribbean” refers to the Caribbean region defined as the whole region: that is including all independent countries
as well as overseas territories.
Caribbean migrant workers tend to concentrate in specific industries. Data from the 2019 US American
Community Survey (ACS) conducted by the US Census Bureau show that about 20 percent of Caribbean
migrants find work in the health and medical industry (table 3). The agriculture and extractives industries
appear to not attract many migrants from the region in relative terms, but these figures do not capture
migrants on temporary farm work contracts very well. Retail trade, transportation, and entertainment
(restaurants, bars, sports, amusement, and culture) each employ about 10 percent of the Caribbean migrant
labor force.
Table 3. US industries in which Caribbean migrants work
Percent of total migrant labor force
Origin country
US industry Dominican Republic
Haiti Jamaica St. Lucia Trinidad and Tobago
Guyana Agriculture and extractives 0.4 0.7 0.4 0.0 0.3 0.4 Construction 5.4 2.7 5.3 10.0 6.5 4.8 Manufacturing 9.5 6.1 3.9 5.8 5.2 5.6 Retail trade 11.0 11.0 8.6 7.1 9.0 9.3 Transportation 10.0 8.6 7.5 5.4 8.2 10.3 Financial services 5.3 3.6 6.4 6.0 8.3 6.3 Professional services 9.7 8.8 9.2 4.5 8.7 8.6 Education 5.2 6.3 6.7 6.4 9.3 7.6 Health and medical 12.3 24.0 25.7 22.9 16.9 21.6 Entertainment 11.6 13.8 8.8 8.8 5.8 4.9 Administration 1.9 2.8 4.1 4.1 6.7 4.8 Long-term unemployment (5+ years) 1.0 1.3 0.7 3.3 1.1 1.0
ECCB Children's Connection Radio Programme - Eastern Caribbean Central Bank
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# ECCB Children's Connection Radio Programme
- ECCB International Netball Series
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The Eastern Caribbean Central Bank (ECCB) Children’s Connection Radio Programme is aired throughout the Eastern Caribbean Currency Union (ECCU) – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The programme is aired once per month on ten (10) radio stations throughout the ECCB member countries and targets children aged 5-12. Additionally, in some member countries, the radio stations live stream the programme on Facebook, augmenting the reach and allowing for perpetuity on social media.
While there are various children’s radio programmes on the airwaves in the ECCB member countries, the ECCB Children’s Connection Programme is, thus far, the only one of its kind. Its main objectives are to develop the youth’s understanding of everyday financial and economic issues and their overall personal development. In some cases, the ECCB piggybacks on existing children’s programmes; however, we have also introduced a children’s programme on some stations.
The 30-minute live radio programme comprises the principal lesson, a “Value Lesson” component and a learning and retention segment which allows listeners to call in and win prizes. The information is delivered in an interactive and captivating way using various tools including: stories, games and poetry. To help with grabbing the target audience, the Value Lesson is introduced in a fun way by the “Wise Owl” fondly called, “Owliver”.
The ECCB Children’s Connection Radio Programme is captured under the Environmental, Social and Corporate Governance pillar of the Bank’s Strategic Plan. This pillar represents the Bank’s effort to be a model, advocate and influencer for environmentally and socially responsive action for sustainable development in the ECCU. In line with the Bank’s corporate social responsibility efforts under this pillar, the hosts selected for the programme were carefully considered to ensure that they were able to effectively engage the target audience and adequately present the material to obtain the desired impact based on the objectives of the programme. They all have experience working with children and the media.
The radio stations on which the programme is aired are as follows:
| Country | Radio Station(s) |
| --- | --- |
| Anguilla | Radio Anguilla |
| Antigua and Barbuda | Observer Radio |
| Commonwealth of Dominica | DBS Radio, Q95 FM |
| Grenada | WEE FM |
| Montserrat | ZJB Radio |
| Saint Christopher (St Kitts) and Nevis | Freedom FM, ZIZ Radio and VON Radio |
| Saint Lucia | The Wave Radio |
| Saint Vincent and the Grenadines | NBC Radio |
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Financial Literacy Jamaica – Howard Campbell & Associates Skip to content Financial Literacy Jamaica Home Financial Literacy Jamaica A Catalyst for Unified Financial Education FLJ serves as a catalyst, transforming Jamaica's fragmented financial education initiatives into relevant, engaging, f...
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Financial Literacy Jamaica – Howard Campbell & Associates Skip to content Financial Literacy Jamaica Home Financial Literacy Jamaica A Catalyst for Unified Financial Education FLJ serves as a catalyst, transforming Jamaica's fragmented financial education initiatives into relevant, engaging, fit-for-purpose learning experiences for students, facilitated by their teachers. Our Mission To deliver a coordinated K-12 financial literacy curricula that build financial capabilities and prepare individuals in schools and recent graduates to participate confidently in the formal financial system, in support of Jamaica's financial inclusion goals. FLJ's Core Capabilities FLJ draws on Howard Campbell's proven track record, including the JSE's Certificate in Social Sector Management , UNICEF Jamaica's Adolescent Learner Driver and Rider Curriculum , and established relationships across Jamaica's financial education landscape spanning 26+ years of curriculum development experience. FLJ delivers through seven interconnected capabilities: 1. Stakeholder Relationship Building – Facilitate collaboration between the Bank's financial inclusion partners in the public and private sectors 2. Curriculum Architecture Design – Create comprehensive K-12 financial literacy frameworks connecting fragmented programs 3. Program Integration Planning – Transform isolated initiatives into a coordinated pathway 4. Implementation Strategy Development – Create phased rollout plans with pilot programs and partner agreements 5. Learning Materials Development – Create workbooks, teacher guides, and digital resources aligned with curriculum frameworks 6. Training System Creation – Build professional development programs, educator certification pathways, and support materials 7. Impact Evaluation – Design and implement systems to track curriculum implementation and measure outcomes Ready to transform Jamaica's financial education Landscape? FLJ is seeking institutional partners to build the Caribbean's most comprehensive financial literacy ecosystem. Send a Message Thanks for your interest. We will respond within 48 hours. Curriculum Certification in Personal Finance Strategy Consulting Student Workbooks General Enquiry Send a Message
Savings and Investment Course - Eastern Caribbean Central Bank Use the latest browser recommended by Microsoft Get speed, security and privacy with Microsoft Edge Close Launch now Phone: (869) 465-2537 Fax: (869) 465-9562 Email: info@eccb-centralbank.org --> Home Media and Corporate Relations Public...
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Savings and Investment Course - Eastern Caribbean Central Bank Use the latest browser recommended by Microsoft Get speed, security and privacy with Microsoft Edge Close Launch now Phone: (869) 465-2537 Fax: (869) 465-9562 Email: info@eccb-centralbank.org --> Home Media and Corporate Relations Public Education Savings and Investment Course Savings and Investment Course --> --> Financial Information Month Festival Savings and Investment Course Digital Dialogues ECCB Blog ECCB Connects Savings and Investment Course In 2003, the ECCB, in collaboration with local financial institutions, launched the ECCB Savings and Investments Course with the aim of enhancing the financial competence of the ECCU adult population. The sessions which are held once per week are designed to provide a platform for learning via class discussions and a series of individual and group exercises. As a follow-up to the Savings and Investment course in personal financial management, the ECCB piloted an entrepreneurship course in Saint Christopher (St Kitts) and Nevis in May 2010. This course is designed to provide the participants with an engaging platform to learn the rudiments of conceiving a business idea, creating a business plan and starting and managing a business from both a theoretical and practical standpoint. For more information about the course contact our Headquarters in Saint Christopher (St Kitts) and Nevis or Agency Offices in our member countries. About the Savings and Investment Course Savings and Investment booklet This website uses cookies to improve your experience. For more information view our privacy policy here. Cookie Settings Accept Exchange Rates Interest Rates
Public Education - Eastern Caribbean Central Bank Use the latest browser recommended by Microsoft Get speed, security and privacy with Microsoft Edge Close Launch now Phone: (869) 465-2537 Fax: (869) 465-9562 Email: info@eccb-centralbank.org --> Home Media and Corporate Relations Public Education Pu...
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Public Education - Eastern Caribbean Central Bank Use the latest browser recommended by Microsoft Get speed, security and privacy with Microsoft Edge Close Launch now Phone: (869) 465-2537 Fax: (869) 465-9562 Email: info@eccb-centralbank.org --> Home Media and Corporate Relations Public Education Public Education --> --> Financial Information Month Festival Savings and Investment Course Digital Dialogues ECCB Blog ECCB Connects To further its goal to achieve a financially developed and vibrant Eastern Caribbean Currency Union (ECCU), the Eastern Caribbean Central Bank (ECCB) spearheads the implementation of a financial education programme. The programme is built on two main pillars: Maintenance of a strong EC dollar, and The OECS single financial space The objectives of the programme are: To facilitate understanding of money matters and the importance of investing To mobilise public discussion on economic and financial matters To create awareness and interest in financial developments and mobilise the public to take advantage of the investment opportunities in the ECCU. This website uses cookies to improve your experience. For more information view our privacy policy here. Cookie Settings Accept Exchange Rates Interest Rates
IDB | New IDB, Compete Caribbean Book Highlights Key Reforms to Boost Firm Productivity Skip to main content New IDB, Compete Caribbean Book Highlights Key Reforms to Boost Firm Productivity A new publication by the Inter-American Development Bank (IDB) and Compete Caribbean urged Caribbean countrie...
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IDB | New IDB, Compete Caribbean Book Highlights Key Reforms to Boost Firm Productivity Skip to main content New IDB, Compete Caribbean Book Highlights Key Reforms to Boost Firm Productivity A new publication by the Inter-American Development Bank (IDB) and Compete Caribbean urged Caribbean countries to advance on key reforms to improve the business environment and boost firm productivity in a bid to accelerate long-term growth. The book, “ Are We There Yet? The Path toward Sustainable Private Sector Development in the Caribbean ,” analyzes opportunities and challenges for key policy reforms aimed at increasing the competitiveness and dynamism of the region’s private sector. This comprehensive book offers a regional perspective, encompassing 13 Caribbean nations: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago. The study comes as the Caribbean seeks to bolster sustainable economic growth after the COVID-19 pandemic. The region grew at a yearly average of 1.47% during 1960–2019, below Latin America’s annual growth rate of 1.94%, according to the study. This figure is significantly below the pace of expansion of both middle-income and upper-middle-income countries in the rest of the world, which grew at 3.08 and 3.6%, respectively. “The launch of this publication comes at a pivotal moment for our region. It underscores the crucial role of the private sector in driving national growth and development. By identifying key challenges and offering regional solutions and policy recommendations, it aligns with IDB Strategy+ and the pillars of our ONE Caribbean regional program ,” said Anton Edmunds, IDB General Manager for the Caribbean Country Department. “This is not just a book; it’s a roadmap filled with regional messages and country-specific insights to promote more sustainable economic development within the Caribbean,” he added. The book places particular emphasis on four key determinants of business productivity and growth: the investment climate in which firms operate, the quality of human capital in local labor markets, the innovation capacity of firms, and the availability and adequacy of firm financing. The study used data from the Innovation, Firm Performance, and Gender Issues in the Caribbean (IFPG) Firm-Level Survey, sponsored by Compete Caribbean in 2020. The analysis uncovers significant challenges in all these areas, but it also identifies critical areas where sound evidence-based policies have the potential to stimulate ecosystems that spur sustainable development. Key Findings and Policy Recommendations Business Environment Challenges: The average Caribbean firm faces several obstacles, including reliance on informal payments to expedite processes like obtaining import licenses or construction permits. Additionally, about two-thirds of firms report frequent power or Internet outages, highlighting the need for improved public services. Policy Recommendations: The study calls for policies to streamline processes to obtain licenses or permits, digitization of processes and services, automatization of public services via digital payment systems, as well as campaigns to increase transparency and discourage corruption. Skills Mismatch Challenges: There is a significant mismatch in the Caribbean labor market, with an oversupply of unskilled workers and a deficit of skilled ones. One of the main reasons is the emigration of highly skilled workers to work abroad. Policy Recommendation: The book calls for the creation of a system in which potential employers and training institutions collaborate to increase productive employment through curricula design that emphasizes the most demanded skills. The study emphasizes the importance of high-quality vocational training, especially in information and communication technology. Additionally, it recommends governments to provide employment services such as job search support, job counseling, job placement, and recruitment and selection. Innovation and Entrepreneurship Challenges: Despite the potential gains from stimulating entrepreneurship and innovation, few Caribbean countries have systematic support for entrepreneurs. Existing initiatives are often small-scale, time-limited, and lack the necessary ecosystems to develop startups into scalable enterprises. Policy Recommendations: Governments should design relevant and effective innovation support programs covering several stages of the business lifecycle, including the development of public and private incubators and accelerators to support entrepreneurs and innovative firms. It should also promote greater collaboration between industry and universities to support technological transfer. Access to Finance Challenges: Inadequate access to finance remains a significant barrier to firm productivity. Caribbean capital markets are underdeveloped and illiquid, forcing firms to rely on less adequate credit markets. Structural issues, such as limited information on credit histories, further complicate lending processes. Policy Recommendations: The evidence stresses the need for policies to foster credit competition and facilitate financial inclusion. These include establishing credit registries and bureaus to facilitate more effective sharing of credit performance records, strengthening property rights and insolvency procedures, as well as improving financial technologies with adequate safeguards. Policies should also promote the use of technology to improve credit risk information. About the IDB The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website https://www.iadb.org/en . About Compete Caribbean The Compete Caribbean Partnership Facility (CCPF) is a private sector development programme that delivers innovative solutions that stimulate economic growth, increase productivity and foster innovation and competitiveness. We work in 13 countries across the Caribbean region. CCPF is a partnership between the Inter-American Development Bank (IDB) , the United Kingdom’s Foreign and Commonwealth Development Office (FCDO) , the Caribbean Development Bank (CDB) and the Government of Canada . Contacts Garcia,Geraldine Communications Sr Associate [email protected] Jump back to top
IDB | IDB Report: Better Access to Financing for Firms Could Drive Growth and Jobs in Caribbean Skip to main content IDB Report: Better Access to Financing for Firms Could Drive Growth and Jobs in Caribbean A new report from the Inter-American Development Bank (IDB) and IDB Invest recommends Caribbe...
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IDB | IDB Report: Better Access to Financing for Firms Could Drive Growth and Jobs in Caribbean Skip to main content IDB Report: Better Access to Financing for Firms Could Drive Growth and Jobs in Caribbean A new report from the Inter-American Development Bank (IDB) and IDB Invest recommends Caribbean countries focus on overcoming obstacles to financial access and inclusion for businesses, because having more developed and inclusive financial systems could increase growth and reduce poverty and income inequality. The report Finance for Firms: Options for Improving Access and Inclusion emphasizes the important link between deeper and more accessible financial systems, and faster and more inclusive economic development. The publication compares financial systems of six Caribbean countries—The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago—to others from across the world. It also assesses results of enterprise surveys in 2014 and 2020 to identify key financing challenges faced by firms, including small enterprises, and those that are owned or operated by women. The report finds that firms across the Caribbean face outsized challenges, particularly when compared to global peers. It also finds that the COVID-19 crisis appears to have further constrained access to financing, that smaller firms seem to face more significant hurdles than larger ones, and that businesses owned and/or operated by women face more severe challenges than others. These challenges companies encounter include high borrowing costs, burdensome collateral requirements, inadequate funding mechanisms, and complex application procedures. In 2020, 76% of firms in Suriname and 72% of firms Barbados reported that issues such as significant collateral requirements posed major or very severe obstacles to their performance and ability to do business, up from 22% and 35%, respectively, in 2014. Meanwhile, in 2020, small firms in five of the six economies surveyed reported high financing costs as a more significant barrier to business than larger firms. Surveys also suggest that women-owned or -operated firms (WOFs) face more significant financial constraints than other firms, with an average of about two-thirds of these enterprises reporting access to financing as a major or severe obstacle. “It is key for the public and private sector in Caribbean countries to collaborate so entrepreneurs can better finance their ambitions to grow their businesses,” said David Rosenblatt, Regional Economic Advisor for the IDB’s Caribbean Department. “This is important for strengthening the ongoing economic recovery, in the near-term, and improving growth prospects for the future. The authors proposed several priorities, including ensuring macroeconomic stability and policy prudence, improving the availability of credit information, and promoting credit sector competition, among others. Finance for Firms: Options for Improving Access and Inclusion is part of the IDB’s Caribbean Economics Quarterly series. In addition, it has country-specific sections for The Bahamas, Barbados, Guyana, Jamaica Suriname, Trinidad and Tobago. This report is in line with the SMEs, gender and inclusion pillars of Vision 2025 – Reinvesting in the Americas , the IDB’s roadmap to economic recovery and inclusive growth in Latin America and the Caribbean. About the IDB The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region. About IDB Invest IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. External Contacts Golda Lee Bruce [email protected] Jump back to top
Barriers to enterprise development in the Caribbean --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWa...
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Barriers to enterprise development in the Caribbean --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWatcher NEW! Printed from https://ideas.repec.org/a/taf/entreg/v30y2018i9-10p942-963.html My bibliography Save this article Barriers to enterprise development in the Caribbean Author & abstract Download 2 Citations Related works & more Corrections Author Listed: Stephen Drinkwater Jonathan Lashley Catherine Robinson Registered: Stephen James Drinkwater Catherine Robinson Abstract Caribbean economies have suffered from stagnant growth since the 1990s. This can be a feature of small developing economies and is a major concern for policymakers. In this article, we examine establishment-level data to gain a better understanding of the factors that constrain the growth of businesses in the region. In addition to documenting broad differences in obstacles to business within and across the region, we particularly focus on the main obstacles affecting small and medium-sized firms. The econometric analysis highlights three main barriers at a regional level: an inadequately educated workforce; access to finance; and crime, theft and disorder. However, there are variations at the country level and the analysis indicates clusters of countries that experience obstacles to similar degrees. The article concludes with recommendations for alleviating the constraints to enterprise development and in stimulating economic growth. Suggested Citation Stephen Drinkwater & Jonathan Lashley & Catherine Robinson, 2018. " Barriers to enterprise development in the Caribbean ," Entrepreneurship & Regional Development , Taylor & Francis Journals, vol. 30(9-10), pages 942-963, October. Handle: RePEc:taf:entreg:v:30:y:2018:i:9-10:p:942-963 DOI: 10.1080/08985626.2018.1515821 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher File URL: http://hdl.handle.net/10.1080/08985626.2018.1515821 Download Restriction: Access to full text is restricted to subscribers. File URL: https://libkey.io/10.1080/08985626.2018.1515821?utm_source=ideas LibKey link : if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item ---> As the access to this document is restricted, you may want to search for a different version of it. Citations Citations are extracted by the CitEc Project , subscribe to its RSS feed for this item. as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Cited by: Elaine Laing & André Stel & David J. Storey, 2022. " Formal and informal entrepreneurship: a cross-country policy perspective ," Small Business Economics , Springer, vol. 59(3), pages 807-826, October. Mendoza, Geovanny & Llopis, Juan & Gasco, Jose & Gonzalez, Reyes, 2021. " Entrepreneurship as seen by entrepreneurs in a developing country ," Journal of Business Research , Elsevier, vol. 123(C), pages 547-556. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:entreg:v:30:y:2018:i:9-10:p:942-963 . See general information about how to correct material in RePEc. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here . This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about. 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REGIONAL PRIVATE SECTOR DIAGNOSTIC (RPSD)
PROMOTING PRIVATE SECTOR-LED GROWTH TO FOSTER RECOVERY AND RESILIENCE IN THE CARIBBEAN
Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinid...
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Dynamic savings behaviour in an oil-dependent economy : The case of Trinidad and Tobago --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWatcher NEW! Printed from https://ideas.repec.org/a/eee/deveco/v39y1992i2p247-261.html My bibliography Save this article Dynamic savings behaviour in an oil-dependent economy : The case of Trinidad and Tobago Author & abstract Download 2 Citations Related works & more Corrections Author Listed: Craigwell, Roland C. Rock, Llewyn L. Registered: Roland Clairmonte Craigwell † Abstract No abstract is available for this item. Suggested Citation Craigwell, Roland C. & Rock, Llewyn L., 1992. " Dynamic savings behaviour in an oil-dependent economy : The case of Trinidad and Tobago ," Journal of Development Economics , Elsevier, vol. 39(2), pages 247-261, October. Handle: RePEc:eee:deveco:v:39:y:1992:i:2:p:247-261 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher File URL: http://www.sciencedirect.com/science/article/pii/0304-3878(92)90039-C Download Restriction: Full text for ScienceDirect subscribers only ---> As the access to this document is restricted, you may want to search for a different version of it. Citations Citations are extracted by the CitEc Project , subscribe to its RSS feed for this item. as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Cited by: Halkos, George E. & Tzeremes, Nickolaos G., 2011. " Oil consumption and economic efficiency: A comparative analysis of advanced, developing and emerging economies ," Ecological Economics , Elsevier, vol. 70(7), pages 1354-1362, May. Mohammad Reza Monjazeb & Marzieh Rashvand Sadeghi & Kobra Oladi, 2014. " Evaluation of the Effect of Liquidity Growth on Saving Rate in the Developing Countries ," Asian Economic and Financial Review , Asian Economic and Social Society, vol. 4(7), pages 908-914, July. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:deveco:v:39:y:1992:i:2:p:247-261 . See general information about how to correct material in RePEc. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here . This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about. We have no bibliographic references for this item. You can help adding them by using this form . If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/devec . Please note that corrections may take a couple of weeks to filter through the various RePEc services. More services and features MyIDEAS Follow serials, authors, keywords & more Author registration Public profiles for Economics researchers Rankings Various research rankings in Economics RePEc Genealogy Who was a student of whom, using RePEc RePEc Biblio Curated articles & papers on economics topics MPRA Upload your paper to be listed on RePEc and IDEAS New papers by email Subscribe to new additions to RePEc EconAcademics Blog aggregator for economics research Plagiarism Cases of plagiarism in Economics About RePEc RePEc home Initiative for open bibliographies in Economics Blog News about RePEc Help/FAQ Questions about IDEAS and RePEc RePEc team RePEc volunteers Participating archives Publishers indexing in RePEc Privacy statement Help us Corrections Found an error or omission? Volunteers Opportunities to help RePEc Get papers listed Have your research listed on RePEc Open a RePEc archive Have your institution's/publisher's output listed on RePEc Get RePEc data Use data assembled by RePEc IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.
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Saving for Development: How Latin America and the Caribbean Can Save More and Better | Springer Nature Link
## Overview
Authors:
- Inter-American Development Bank 0
Inter-American Development Bank, Washington, USA
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Saving for Development: How Latin America and the Caribbean Can Save More and Better | Springer Nature Link
## Overview
Authors:
- Inter-American Development Bank 0
Inter-American Development Bank, Washington, USA
Search author on: PubMed Google Scholar
1. Inter-American Development Bank
Editors:
- Eduardo Cavallo0,
- Tomás Serebrisky1
Inter-American Development Bank, Washington, USA
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Inter-American Development Bank, Washington, USA
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1. Eduardo Cavallo
2. Tomás Serebrisky
- Examines both national and individual saving patterns
- Takes a new approach to the saving problem
- Identifies problems affecting household, business, and government saving
- Proposes concrete solutions to raise saving permanently and improve its quality
60k Accesses
5 Citations
## Buy print copy
## About this book
Why should people - and economies - save? This book on the savings problem in Latin America and the Caribbean suggests that, while saving to survive the bad times is important, saving to thrive in the good times is what really counts. People must save to invest in health and education, live productive and fulfilling lives, and make the most of their retirement years. Firms must save to grow their enterprises, employ more workers in better jobs, and produce quality goods. Governments must save to build the infrastructure required by a productive economy, provide quality services to their citizens, and assure their senior citizens a dignified, worry-free retirement. In short, countries must save not for the proverbial rainy day, but for a sunny day - a time when everyone can bask in the benefits of growth, prosperity, and well-being.
This book is open access under a CC BY-NC-ND 3.0 IGO license.
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### Health and Economy: A Necessary Relationship to Face the Path Towards Sustainable Development in Latin America and the Caribbean, Post-covid
### The Catching up in Steady State per Capita Income: Latin America and the Caribbean
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### Front Matter
Pages i-xxvi
### Saving for a Sunny Day
Pages 1-20Open Access
### The State of Saving in Latin America and the Caribbeany
Pages 21-43Open Access
### Financial Systems to Make Savings Count
Pages 45-73Open Access
### More and Better Saving for Productive Investment
Pages 75-108Open Access
### Saving for Stability
Pages 109-130Open Access
### Running Out of Time: The Demographics of Saving
Pages 131-156Open Access
### Saving for the Future: Pension Systems
Pages 157-186Open Access
### A Better Way for Government to Save
Pages 187-215Open Access
### Saving Begins at Home
Pages 217-242Open Access
### Firm Productivity as an Engine of Saving
Pages 243-262Open Access
### Breaking the vicious Circle: Financial Policies for High-Quality Saving
Pages 263-287Open Access
### Back Matter
Pages 289-329
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## Reviews
“Latin America saves 10 to 15 percentage points of GDP less than the leading Asian economies. Do we grow slowly because we save too little? Or do we save too little because growth is slow? This fascinating report provides answers to these and other key questions. Highly recommended for academic economists, policymakers, and anyone concerned with the economic future of Latin America.” (Andrés Velasco, Former Finance Minister, Chile)
“This year’s IDB flagship (DIA) presents a comprehensive analysis of a key issue in development: the dynamics of saving and saving behaviors. This is particularly important for Latin America where saving rates have traditionally been very low. This book addresses such complex issues as pension reform in a greying region and the constraints individuals face to save. The analysis is rigorous and illuminating. A must read for academics working on this issue and for policymakers as well.” (Orazio Attanasio, Jeremy Bentham Professor of Economics, University College London, UK)
“This remarkably encompassing and pedagogical overview of Latin America’s saving challenges explores why the region has not been very good at saving. It also offers realistic solutions to minimize the risks of a “do-nothing” scenario. Among the many concrete and innovative insights is a discussion of how to mobilize savings to finance infrastructure investments to make Latin America more productive. In a nutshell, consider this book required reading for researchers, concerned citizens, and politicians who care about their voters.” (Antonio Estache, Professor of Economics, Universite libre de Bruxelles, Belgium)
## Authors, Editors and Affiliations
### Inter-American Development Bank, Washington, USA
Eduardo Cavallo, Tomás Serebrisky, Inter-American Development Bank
## About the editors
The Inter-American Development Bank (IDB) is an international institution created in 1959 to foster economic and social development in Latin America and the Caribbean. Eduardo Cavallo is a Lead Economist at the Research Department of the Inter-American Development Bank, USA. Prior to re-joining the IDB, Cavallo was Vice President and Senior Latin American Economist for Goldman Sachs in New York. Eduardo had already worked at the IDB as a Research Economist between 2006 and 2010. Before that, he served as Research Fellow at the Center for International Development, Visiting Scholar at the Federal Reserve Bank of Atlanta, and a member of the faculty at Harvard University's John F. Kennedy School of Government's Summer Program. In Argentina, he co-founded Fundación Grupo Innova. Cavallo has published in several academic journals and is co-editor of the IDB book, Dealing with an International Credit Crunch: Policy Responses to Sudden Stopsin Latin America. He holds a PhD in Public Policy, an MPP from Harvard University, and a BA in Economics from Universidad de San Andres in Buenos Aires, Argentina.Tomás Serebrisky is Principal Economic Advisor of the Infrastructure and Environment Department of the Inter-American Development Bank (IDB), USA. Prior to joining the IDB, Serebrisky was Chief Economist of the Antitrust Commission in Argentina, Visiting Professor at Universidad Torcuato Di Tella in Argentina, and Senior Economist in the World Bank, where he led the preparation and supervision of investment projects in several infrastructure sectors. His areas of expertise are the economics of infrastructure investment, public private partnerships, logistics, economic regulation, and antitrust. Serebrisky has published extensively in refereed journals and is the author of Airport Economics in Latin America: Benchmarking, Regulation and Pricing. Serebrisky holds a PhD in Economics from the University of Chicago, USA, and a BA in Economics from Universidad de San Andres in Buenos Aires, Argentina.
## Accessibility Information
Accessibility information for this book is coming soon. We're working to make it available as quickly as possible. Thank you for your patience.
## Bibliographic Information
Book Title: Saving for Development
Book Subtitle: How Latin America and the Caribbean Can Save More and Better
Authors: Inter-American Development Bank
Editors: Eduardo Cavallo, Tomás Serebrisky
DOI: https://doi.org/10.1057/978-1-349-94929-8
Publisher: Palgrave Macmillan New York
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: Inter-American Development Bank 2016
Softcover ISBN: 978-1-349-94928-1Published: 22 June 2016
eBook ISBN: 978-1-349-94929-8Published: 08 July 2016
Edition Number: 1
Number of Pages: XXVI, 329
Number of Illustrations: 3 b/w illustrations, 91 illustrations in colour
Topics: Development Economics, Economic Policy, Regional/Spatial Science
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Is Private Saving in Latin America and the Caribbean Different? --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Cal...
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Is Private Saving in Latin America and the Caribbean Different? --> --> --> Advanced search Browse Econ Literature Working papers Journals Software components Books Book chapters JEL classification More features Subscribe to new research RePEc Biblio Author registration Economics Virtual Seminar Calendar ConfWatcher NEW! Printed from https://ideas.repec.org/a/bla/rdevec/v21y2017i4p1255-1280.html My bibliography Save this article Is Private Saving in Latin America and the Caribbean Different? Author & abstract Download 17 References 1 Citations Most related Related works & more Corrections Author Listed: Francesco Grigoli Alexander Herman Klaus Schmidt-Hebbel Registered: Francesco Grigoli Alexander Herman Klaus Schmidt-Hebbel Abstract No abstract is available for this item. Suggested Citation Francesco Grigoli & Alexander Herman & Klaus Schmidt-Hebbel, 2017. " Is Private Saving in Latin America and the Caribbean Different? ," Review of Development Economics , Wiley Blackwell, vol. 21(4), pages 1255-1280, November. Handle: RePEc:bla:rdevec:v:21:y:2017:i:4:p:1255-1280 as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Download full text from publisher File URL: http://hdl.handle.net/10.1111/rode.12306 Download Restriction: Access to full text is restricted to subscribers. ---> As the access to this document is restricted, you may want to search for a different version of it. References listed on IDEAS as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Barro, Robert J, 1974. " Are Government Bonds Net Wealth? ," Journal of Political Economy , University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. Barro, Robert J., 1974. " Are Government Bonds Net Wealth? ," Scholarly Articles 3451399, Harvard University Department of Economics. Orazio P. Attanasio & Guglielmo Weber, 2010. " Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy ," Journal of Economic Literature , American Economic Association, vol. 48(3), pages 693-751, September. Orazio P. Attanasio & Guglielmo Weber, 2010. " Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy ," NBER Working Papers 15756, National Bureau of Economic Research, Inc. Andrea Butelmann P & Francisco Gallego, 2000. " Household Saving in Chile: Microeconomic Evidence ," Journal Economía Chilena (The Chilean Economy) , Central Bank of Chile, vol. 3(1), pages 5-24, April. Andrea Butelmann & Francisco Gallego, 2000. " Household Saving in Chile: Microeconomic Evidence ," Working Papers Central Bank of Chile 63, Central Bank of Chile. Butelmann, A. & Gallego, F., 2000. " Household Saving in Chile: Microeconomic Evidence ," Papers 63, Cambridge - Risk, Information & Quantity Signals. Alfredo Schclarek & Mauricio Caggia, 2017. " Household saving and labor informality: the case of Chile ," Journal Econom a Chilena (The Chilean Economy) , Central Bank of Chile, vol. 20(3), pages 052-080, December. Schclarek, Alfredo & Caggia, Mauricio, 2015. " Household Saving and Labor Informality: The Case of Chile ," IDB Publications (Working Papers) 6946, Inter-American Development Bank. Seater, John J, 1993. " Ricardian Equivalence ," Journal of Economic Literature , American Economic Association, vol. 31(1), pages 142-190, March. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Lui, 2000. " Ä»€Ä¹ˆåš›É‡ Æž¨Åš¨Å…¨Ä¸–Ç•Œçš„ǧ ĺºå‚¨È“„ϼŸ ," Policy Research Working Paper Series 2309, The World Bank. Cerda, Rodrigo & Fuentes, J. Rodrigo & García, Gonzalo & Llodrá, José Ignacio, 2015. " Understanding Domestic Savings in Chile ," IDB Publications (Working Papers) 7254, Inter-American Development Bank. Catalina Granda & Franz Hamann, 2015. " Informality, Saving and Wealth Inequality ," Borradores de Economia 873, Banco de la Republica de Colombia. Granda, Catalina & Hamann, Franz, 2015. " Informality, Saving and Wealth Inequality in Colombia ," IDB Publications (Working Papers) 6815, Inter-American Development Bank. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. " What Drives Private Saving Across the World? ," The Review of Economics and Statistics , MIT Press, vol. 82(2), pages 165-181, May. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999. " What Drives Private Saving Across the World? ," Working Papers Central Bank of Chile 47, Central Bank of Chile. Loayza, N. & Schmidt, K. & Serven, L., 1999. " What Drives Private Saving Across the World? ," Papers 47, Cambridge - Risk, Information & Quantity Signals. Mr. Christian Thimann & Mrs. Anuradha Dayal-Gulati, 1997. " Saving in Southeast Asia and Latin America Compared: Searching for Policy Lessons ," IMF Working Papers 1997/110, International Monetary Fund. Edwards, Sebastian, 1996. " Why are Latin America's savings rates so low? An international comparative analysis ," Journal of Development Economics , Elsevier, vol. 51(1), pages 5-44, October. Mr. Francesco Grigoli & Alexander Herman & Klaus Schmidt-Hebbel, 2014. " World Saving ," IMF Working Papers 2014/204, International Monetary Fund. Felipe Morandé & Rodrigo Vergara, 2001. " Introducción: Análisis empírico del ahorro en Chile ," Central Banking, Analysis, and Economic Policies Book Series , in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel(Series Edito (ed.),Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 1, pages 1- 12, Central Bank of Chile. Manuel Arellano & Stephen Bond, 1991. " Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations ," The Review of Economic Studies , Review of Economic Studies Ltd, vol. 58(2), pages 277-297. Tom Doan, 2025. " RATS program to replicate Arellano-Bond 1991 dynamic panel ," Statistical Software Components RTZ00169, Boston College Department of Economics. Blundell, Richard & Bond, Stephen, 1998. " Initial conditions and moment restrictions in dynamic panel data models ," Journal of Econometrics , Elsevier, vol. 87(1), pages 115-143, August. R Blundell & Steven Bond, "undated". " Initial conditions and moment restrictions in dynamic panel data model ," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford. Blundell, R. & Bond, S., 1995. " Initial Conditions and Moment Restrictions in Dynamic Panel Data Models ," Economics Papers 104, Economics Group, Nuffield College, University of Oxford. Richard Blundell & Stephen Bond, 1995. " Initial conditions and moment restrictions in dynamic panel data models ," IFS Working Papers W95/17, Institute for Fiscal Studies. Windmeijer, Frank, 2005. " A finite sample correction for the variance of linear efficient two-step GMM estimators ," Journal of Econometrics , Elsevier, vol. 126(1), pages 25-51, May. Andrés Montes & F. Alejandro Villagómez, 2002. " El efecto de los hijos sobre el ahorro de los hogares mexicanos ," Economía Mexicana NUEVA ÉPOCA , CIDE, División de Economía, vol. 0(2), pages 261-297, July-Dece. Full references (including those not matched with items on IDEAS) Citations Citations are extracted by the CitEc Project , subscribe to its RSS feed for this item. as HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON Cited by: Abrams M.E. Tagem & Desiree Sama-Lang, 2024. " The determinants of domestic savings in Cameroon: what role for institutions? ," WIDER Working Paper Series wp-2024-42, World Institute for Development Economic Research (UNU-WIDER). Most related items These are the items that most often cite the same works as this one and are cited by the same works as this one. Grigoli, Francesco & Herman, Alexander & Schmidt-Hebbel, Klaus, 2018. " Saving in the world ," World Development , Elsevier, vol. 104(C), pages 257-270. Mr. Francesco Grigoli & Alexander Herman & Klaus Schmidt-Hebbel, 2015. " Saving in Latin America and the Caribbean: Performance and Policies ," IMF Working Papers 2015/108, International Monetary Fund. Chowdhury, Abdur, 2015. " Terms of trade shocks and private savings in the developing countries ," Journal of Comparative Economics , Elsevier, vol. 43(4), pages 1122-1134. Chowdhury, Abdur, 2013. " Terms of Trade Shocks and Private Savings in the Developing Countries ," Working Papers and Research 2013-07, Marquette University, Center for Global and Economic Studies and Department of Economics. Walther, Herbert & Stiassny, Alfred, 2013. " International Comparisons of Household Saving Rates and Hidden Income ," Department of Economics Working Paper Series 148, WU Vienna University of Economics and Business. Yoichi Matsubayashi & Takao Fujii, 2012. " Substitutability of Savings by Sectors: OECD Experiences ," Discussion Papers 1215, Graduate School of Economics, Kobe University. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Lui, 2000. " Ä»€Ä¹ˆåš›É‡ Æž¨Åš¨Å…¨Ä¸–Ç•Œçš„ǧ ĺºå‚¨È“„ϼŸ ," Policy Research Working Paper Series 2309, The World Bank. Levenko, Natalia, 2020. " Perceived uncertainty as a key driver of household saving ," International Review of Economics & Finance , Elsevier, vol. 65(C), pages 126-145. Andreas Freytag & Sebastian Voll, 2013. " Institutions and savings in developing and emerging economies ," Public Choice , Springer, vol. 157(3), pages 475-509, December. Mr. Francesco Grigoli & Alexander Herman & Klaus Schmidt-Hebbel, 2014. " World Saving ," IMF Working Papers 2014/204, International Monetary Fund. François Facchini & Sophie Massin & Kevin Brookes, 2024. " The relationship between institutional quality, trust and private savings ," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04379761, HAL. François Facchini & Sophie Massin & Kevin Brookes, 2024. " The relationship between institutional quality, trust and private savings ," Post-Print hal-04379761, HAL. Baharumshah, Ahmad Zubaidi & Slesman, Ly & Wohar, Mark E., 2016. " Inflation, inflation uncertainty, and economic growth in emerging and developing countries: Panel data evidence ," Economic Systems , Elsevier, vol. 40(4), pages 638-657. Noy, Ilan & Cavallo, Eduardo A. & Becerra, Oscar, 2015. " The Mystery of Saving in Latin America ," IDB Publications (Working Papers) 7311, Inter-American Development Bank. Ana Skoblar, 2024. " The puzzle of household savings in the European Union: tracing influences across time and space ," Public Sector Economics , Institute of Public Finance, vol. 48(3), pages 247-282. Ricardo Bebczuk & Eduardo Cavallo, 2016. " Is business saving really none of our business? ," Applied Economics , Taylor & Francis Journals, vol. 48(24), pages 2266-2284, May. Bebczuk, Ricardo N. & Cavallo, Eduardo A., 2014. " Is Business Saving Really None of Our Business? ," IDB Publications (Working Papers) 6554, Inter-American Development Bank. Ricardo Bebczuk & Eduardo Cavallo, 2015. " Is Business Saving Really None of Our Business? ," IIE, Working Papers 107, IIE, Universidad Nacional de La Plata. Ricardo Bebczuk & Eduardo Cavallo, 2015. " Is Business Saving Really None of Our Business? ," Department of Economics, Working Papers 107, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2001. " Una Revisión del COmportamiento y de los determinantes del ahorro en el mundo ," Central Banking, Analysis, and Economic Policies Book Series , in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edit (ed.),Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 2, pages 13-48, Central Bank of Chile. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2001. " Una Revisión del Comportamientoy de los Determinantes del Ahorro en el Mundo ," Working Papers Central Bank of Chile 95, Central Bank of Chile. Kam-Ki Tang & Benjamin ShiJie Wong, "undated". " The Ageing, Longevity and Crowding Out Effects on Private and Public Savings: Evidence from Dynamic Panel Analysis ," MRG Discussion Paper Series 3409, School of Economics, University of Queensland, Australia. Benjamin Wong & Kam Ki Tang, 2010. " The Ageing, Longevity and Crowding Out Effects on Private and Public Savings ," CAMA Working Papers 2010-12, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University. Mechthild Schrooten & Sabine Stephan, 2004. " Does Macroeconomic Policy Affect Private Savings in Europe?: Evidence from a Dynamic Panel Data Model ," Discussion Papers of DIW Berlin 431, DIW Berlin, German Institute for Economic Research. Merike Kukk & Karsten Staehr, 2017. " Macroeconomic Factors in the Dynamics of Corporate and Household Saving: Evidence from Central and Eastern Europe ," Emerging Markets Finance and Trade , Taylor & Francis Journals, vol. 53(11), pages 2585-2608, November. Yvonne Adema & Lorenzo Pozzi, 2012. " Business Cycle Fluctuations and Private Savings in OECD Countries: A Panel Data Analysis ," Tinbergen Institute Discussion Papers 12-144/VI, Tinbergen Institute. Di Bella, Gabriel & Grigoli, Francesco, 2019. " Optimism, pessimism, and short-term fluctuations ," Journal of Macroeconomics , Elsevier, vol. 60(C), pages 79-96. Gabriel Di Bella & Mr. Francesco Grigoli, 2018. " Optimism, Pessimism, and Short-Term Fluctuations ," IMF Working Papers 2018/001, International Monetary Fund. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:rdevec:v:21:y:2017:i:4:p:1255-1280 . See general information about how to correct material in RePEc. 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Long-Term Growth Investment Strategies with UTC GBFL | UTC Skip to main content Search How can we help you? Search search For many Caribbean investors, building wealth has traditionally focused on local opportunities. While this provides familiarity, it can also limit exposure to broader global grow...
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Long-Term Growth Investment Strategies with UTC GBFL | UTC Skip to main content Search How can we help you? Search search For many Caribbean investors, building wealth has traditionally focused on local opportunities. While this provides familiarity, it can also limit exposure to broader global growth drivers. A long-term growth investment approach increasingly requires access to international markets, multiple asset classes, and structured diversification. Rather than managing these elements individually, many investors turn to professionally managed funds that combine global equities and bonds within a single framework. Funds are designed around this principle, providing access to international stocks alongside regional and global fixed income instruments within a medium to long-term investment structure. Understanding how these structures work is essential when developing a long term investment strategy. The Risk of Concentrating Investments in a Single Market Structural Constraints in Local Investment Environments Caribbean markets are often limited in size and sector diversity, which can result in portfolios that are concentrated in a small number of industries. This concentration increases exposure to local economic cycles and external shocks. Structured funds are designed to address this limitation by investing beyond domestic markets. By allocating capital to international equities and regional and international bonds, the fund reduces reliance on any single economy or sector . Familiarity Bias and Perceived Stability Investors may favor local markets due to familiarity, often perceiving them as less risky. However, this can lead to an underestimation of concentration risk. By contrast, diversified investment solutions introduce broader exposure, helping to balance familiarity with access to global long-term investment opportunities. How Access to International Equities and Bonds Influences Long-Term Growth Investment Outcomes Combining Growth and Income Within a Single Structure A key feature of UTC Global Balance Fund is its allocation to both international stocks and regional and global bonds. This structure allows the fund to pursue capital growth through equities while generating income through fixed income instruments. This dual approach reflects how long-term growth investment strategies are often built; balancing growth potential with income stability over time. Understanding Volatility in a Structured Portfolio Exposure to global markets introduces short-term fluctuations, but within a structured fund, these are managed through asset allocation and diversification. Rather than viewing volatility as a standalone risk , funds like GBFL position it within a broader long term investment strategy, where different asset classes help offset each other across market cycles. Balancing Risk and Return Through Diversified Investment Solutions How GBFL Applies Diversification in Practice Diversified investment solutions are most effective when they combine assets that respond differently to market conditions. UTC GBFL applies this by investing across international equities and bonds, creating a portfolio that is not dependent on a single source of return . Additionally, the fund is structured for investors with a moderate risk appetite, aligning diversification with a clearly defined risk profile and investment horizon. Moving Beyond Basic Diversification Holding multiple investments does not necessarily reduce risk if those investments are closely related. Structured funds like GBFL are designed to manage this by selecting assets across regions and asset classes with different performance drivers. This approach supports a more consistent pathway toward achieving long-term financial security. Aligning Long Term Investment Strategy with Financial Goals Medium to Long-Term Investment Positioning UTC GBFL is designed for investors seeking capital growth over a medium to long-term horizon, making it relevant for those building wealth over time rather than pursuing short-term gains . By combining growth-oriented and income-generating assets, the fund aligns with financial goals such as wealth accumulation, retirement planning, or long-term financial security. Managing Behavioral Pressures Through Structure Structured funds can also support investor discipline. Instead of reacting to short-term market movements, investors benefit from a professionally managed approach that maintains consistency over time. This helps reduce common behavioral pitfalls such as panic selling or chasing short-term performance. The Role of Financial Advisory in Building Long-Term Financial Security Matching Structured Funds to Investor Profiles Financial advisory plays a critical role in determining whether a fund like UTC GBFL aligns with an investor’s objectives, risk tolerance, and time horizon. For investors with a moderate risk appetite seeking diversified exposure to international markets, structured funds combining equities and bonds may form part of a broader long term investment strategy. Supporting Informed and Consistent Decision-Making Advisors help interpret how funds like GBFL function within a portfolio, ensuring that investment decisions are aligned with long-term goals rather than short-term market conditions. As with any financial decision, investors should carefully evaluate their goals, risk tolerance, and available options. Structured financial advisory can help ensure that investment strategies remain aligned with long-term objectives and evolving market conditions. TALK TO AN ADVISOR May 4, 2026 Investment Options in Trinidad: How to Choose the Right Mutual Fund keyboard_arrow_right keyboard_arrow_right March 10, 2026 What Trinidad and Tobago’s Removal from the EU Blacklist Could Mean for UTC Unitholders keyboard_arrow_right keyboard_arrow_right Never miss a thing by signing up for our newsletter! Phone This field is for validation purposes and should be left unchanged. Your email address: