12 research outputs found

    Promoting debt sustainability to facilitate financing sustainable development in selected Caribbean countries: A scenario analysis of the ECLAC debt for climate adaptation swap initiative

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    In light of the high debt burden impacting Caribbean economies ECLAC has been pursuing an initiative designed to reduce the debt burden and advance sustainable development. The strategy has evolved over time and there is now agreement on an approach designed to bring financial resources to the Caribbean for resilience building while still emphasizing the importance of debt reduction. To address resilience and development financing, ECLAC proposes the establishment of a Caribbean Resilience Facility to be housed at a reputable financial institution. Such a facility would be capitalised by donors, including the GCF, wishing to assist in financing climate projects and other forms of resilience-building activities within the Caribbean.Abstract .-- Introduction .-- I. Study objectives and procedure .-- II. Results for debt reduction scenario analysis .-- III. Conclusion

    Disentangling the Effect of Home Ownership on Household Stock-holdings: Evidence from Japanese micro data

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    Using Japanese household micro survey data for the period 2000–2015, this study examines the effects of home ownership on household stock holdings. To disentangle the effect of housing assets (land value) and mortgage debt on a household’s portfolio of stocks as a share of their liquid financial assets, we apply the instrumental variable approach proposed by Chetty et al. (2017) that employs differences in average land price indices across housing markets in the year in which household portfolios are measured and those in the year in which the house was purchased. Our estimates suggest that an exogenous increase in land value (while holding mortgage debt constant) increases the portfolio of stocks, while an increase in mortgage debt (while holding land value constant) reduces it. We also find that an increase in land value and mortgage debt (while holding home equity constant) does not affect the portfolio of stocks, but increases the repayment of mortgage debt.基盤研究(S) = Grant-in-Aid for Scientific Research (S

    Economic Survey of the Caribbean 2020: Facing the challenge of COVID-19

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    This survey examines the economic performance of economies of the Caribbean in 2019 and the first half of 2020 and comprises six chapters. The first chapter gives an overview of global, regional and subregional economic performance in the Caribbean. The second provides an analysis of the subregion’s fiscal performance and debt burden. The third looks at monetary policy and their imapcts. The fourth is focused on the external sector. The fifth chapter focuses on the COVID-19 lockdown measures implemented globally as well as in Caribbean countries and their impact on the tourism and energy sectors, while the sixth chapter concludes. The annex includes individual country briefs which give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- I. Global and subregional performance .-- II. Fiscal and debt performance .-- III. Monetary Policy .-- IV. External sector developments .-- V. COVID-19 focus .-- VI. Conclusion

    Economic Survey of the Caribbean 2019

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    This survey examines the economic performance of economies of the Caribbean in 2018 and comprises six chapters. The first chapter gives an overview of global, regional and subregional economic performance as well as unemployment in the Caribbean. The second provides an analysis of governments in the subregion’s fiscal performance and debt burden. The third looks at monetary policy and variables. The fourth is focused external sector and its factors. The fifth chapter concludes, while the final chapter includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- I. Global and subregional performance .-- II. Fiscal and debt performance .-- III. Monetary Policy .-- IV. External sector developments .-- V. Conclusions .-- VI. Country notes

    Preliminary overview of the economies of the Caribbean 2019–2020

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    This overview examines the economic performance of economies of the Caribbean in 2019 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter looks at areas of focus in the Caribbean. The third chapter concludes, while the annex includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- Introduction .-- I. Macroeconomic performance. A. Fiscal and debt. B. Monetary policy, domestic credit and inflation. C. External Sector .-- II. Areas of focus. A. Transformation of Guyana’s Economy. B. Hurricane Dorian in The Bahamas .-- III. Conclusion

    Preliminary overview of the economies of the Caribbean 2018–2019: Economic restructuring and fiscal consolidation as a platform to increase growth

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    This overview examines the economic performance of economies of the Caribbean in 2018 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter looks at the key development imperatives for the Caribbean. The third chapter concludes, and the final chapter includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- Introduction .-- I Macroeconomic performance. A. Fiscal and debt. B. Monetary policy, domestic credit and inflation. C. External sector .-- II. Key imperatives for the Caribbean. A. Economic reforms. B. Reducing structural gaps by fostering private sector development. C. Re-energizing Caribbean Integration. D. Promoting renewable energy investments .-- III. Conclusion .-- IV. Country notes

    Economic Survey of the Caribbean 2018

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    The Economic Survey of the Caribbean 2018 analyses the performance of the Caribbean subregion to the global economy. It provides a comparative analysis of global economic growth, commodity price performance, Caribbean growth performance, and unemployment. This is then followed by a subsection on fiscal policy and public debt. Subsequent subsections elaborate on monetary policy, and the external sector. Section II presents country briefs for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, and Trinidad and Tobago, together with the member states of the Eastern Caribbean Currency Union (ECCU). A statistical appendix follows to support the subregional analysis and country briefs.Abstract .-- I. Subregional analysis and performance .-- II. Country briefs

    The case for financing: Caribbean resilience building in the face of the COVID-19 pandemic

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    The emergence of the COVID-19 pandemic has not only been sudden but has required significant re-adjustment on the part of world economies with far-reaching effects anticipated in the short to medium term. For vulnerable Caribbean economies already challenged by high debt service payments, external support is needed to fill the resource gap. The objective of this report is to assess the impact of the pandemic imposed restrictions across six critical sectors and to provide policy recommendations to ensure a swift recovery and make a case for greater external concessional financial support to the fiscally challenged economies of the subregion. The sectors examined include health, tourism, international transportation, energy, education and social protection.Abstract .-- Introduction .-- I. Sectoral effects and impacts. A. Health sector. B. Tourism sector. C. Transportation sector. D. Energy sector (oil and gas). E. Education sector. F. Social protection .-- II. The case for financing resilience: what needs to be done

    Residential Property and Household Stock Holdings: Evidence from Japanese Micro Data

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    本稿の目的は,2000年代における日本の家計のポートフォリオ選択について,とくに居住用不動産と株式保有との関係に着目して記述的に分析することである.利用したデータは,ミクロレベルの逐次クロスセクションデータ(金融RADAR)である.主なファインディングは以下の通りである.第一に,家計が保有する居住用不動産額,住宅ローンをもつ世帯の割合が,ともに2000年代を通じて減少する一方,株式を保有している世帯の割合は2000年代半ばに上昇し,その後高止まりしている.第二に,居住用不動産の総資産に対する比率が高い家計は,株式を保有する確率が低く,こうした関係性は住宅ローンのある世帯において強い.これは,不動産保有に伴い生じる流動性制約が,家計の株式保有を抑制するとの仮説と整合的である.第三に,分析サンプルを株式保有世帯だけに限定した場合,居住用不動産/総資産比率は,株式の金融資産全体に占めるシェアと正の相関関係がある.これは,不動産と株式の投資リターンの相関が小さいためリスク分散効果が働き,両者は補完的関係にあるとの仮説と整合的である.Using a unique survey dataset of Japanese households from 2000 to 2010, this paper examines the relationship between residential property and household stock holdings and finds the followings. First, the ratio of households owning residential property decreased during the 2000s, whereas the ratio of households owning stocks increased in the mid-2000s and remained the same thereafter. Second, households with higher ratios of residential property to gross total asset are less likely to own stocks. Third, conditional on owning stocks, households with higher ratios of residential property to gross total asset exhibit higher ratios of stocks to total financial assets. Our findings suggest that housing assets are important for household portfolio choice among financial assets
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