Toward Economic Diversification in Trinidad and Tobago

Toward Economic Diversification in Trinidad and Tobago

This paper contributes to the predominant diversification debate that has been ongoing in Trinidad and Tobago for more than three decades. The paper makes a determination of the key impediments to the country's attempts at diversification. Eco...

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Bibliographic Details
Main Authors:	Longmore, Rohan, Jaupart, Pascal, Cazorla, Marta Riveira
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCESS TO CREDIT ACCESS TO EDUCATION ACCESS TO FINANCE ACCESS TO INTERNATIONAL MARKETS ACCESS_TO_FINANCE ADVANCED TECHNOLOGY ADVERSE CONSEQUENCES BANKING SECTOR BILATERAL TRADE BINDING CONSTRAINT BINDING CONSTRAINTS BOND BUSINESS ACTIVITIES BUSINESS CLIMATE BUSINESS CONFIDENCE BUSINESS CYCLES BUSINESS DEVELOPMENT BUSINESS ENVIRONMENT CAPITAL ACCUMULATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL MARKETS CENTRAL BANK COMMODITIES COMMODITY COMMODITY EXPORT COMMODITY EXPORTS COMMODITY PRICE COMMON MARKET COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVENESS CONSUMER PRICE INDEX CONTRACT REPUDIATION CORRUPTION COUNTRY FIXED EFFECT COUNTRY FIXED EFFECTS COUNTRY RISK CREDIBILITY CURRENCY CURRENCY APPRECIATION CURRENCY DEPRECIATION CUSTOMS UNION CUSTOMS UNIONS DEBT DEPENDENT VARIABLE DEREGULATION DEVELOPMENT BANK DEVELOPMENT CORPORATION DEVELOPMENT POLICIES DEVELOPMENT POLICY DIVESTMENT DOMESTIC CREDIT DOMESTIC FINANCIAL MARKETS DOMESTIC PRICES DOUBLE TAXATION DUAL ECONOMY DUTCH DISEASE E-BUSINESS E-COMMERCE ECONOMETRIC MODEL ECONOMETRICS ECONOMIC ACTIVITIES ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC REFORMS ECONOMIC SECTORS ECONOMIC STATISTICS ECONOMIC STRUCTURE ECONOMIES OF SCALE EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT ENTREPRENEURS EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE_RATE EXPENDITURE EXPLOITATION EXPORT BASE EXPORT DIVERSIFICATION EXPORT LED GROWTH EXPORT SECTOR EXPORTER EXPORTERS EXPORTS EXPROPRIATION EXPROPRIATION RISK EXTERNALITIES FACTORS OF PRODUCTION FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCIAL SYSTEM FISCAL POLICY FIXED CAPITAL FOREIGN COMPANIES FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN MARKETS FREE TRADE FUNDAMENTAL DETERMINANTS FUTURE GROWTH GDP GDP PER CAPITA GDP_PER_CAPITA GLOBAL DIVERSIFICATION GOVERNMENT POLICY GOVERNMENT REVENUES GOVERNMENT SUBSIDIES GREATER ACCESS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH OPPORTUNITIES GROWTH POTENTIAL GROWTH RATES HIGH-INCOME COUNTRY HUMAN CAPITAL HUMAN RESOURCE HUMAN_CAPITAL INCOME INDUSTRIALIZATION INFLATION INSTITUTIONAL CONSTRAINT INSTITUTIONAL REFORMS INSTRUMENT INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL COMPETITION INTERNATIONAL MARKETS INTERNATIONAL TRADE INVESTING INVESTMENT INFLOWS INVESTMENT POLICY JUDICIAL SYSTEM LABOR FORCE LABOR MARKET LABOR MARKETS LIMITED ACCESS LIQUIDITY LIQUIDITY CONSTRAINTS LOCAL CURRENCY LOCAL INVESTORS MACROECONOMIC RISK MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MANUFACTURING INDUSTRIES MARKET REGULATIONS MERCHANT MICRO DATA MIXED ECONOMY MONETARY FUND MONEY SUPPLY NATIONAL INFRASTRUCTURE NATURAL RESOURCE NATURAL RESOURCES NEW BUSINESS OIL EXPORTERS OIL PRICE OIL PRODUCING COUNTRIES OUTPUT OVERVALUATION PER CAPITA INCOME POLITICAL RISK PORTFOLIO POVERTY REDUCTION PRICE INCREASES PRIVATE INVESTORS PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROFITABILITY PROPERTY RIGHTS PROPERTY_RIGHTS PUBLIC POLICIES PUBLIC UTILITIES RATES OF RETURNS REAL EXCHANGE RATE REAL GDP REAL INCOME REAL_EXCHANGE_RATE RECESSION REGIONAL TRADE REGULATORY AGENCIES RENT SEEKING RISK OF CONTRACT REPUDIATION SOCIAL CAPITAL STATE ENTERPRISES STOCKS TAX TAX INCENTIVES TAX SYSTEMS TAXATION TOTAL EXPORT TOTAL EXPORTS TRADE LIBERALIZATION TRADE RESTRICTIONS TRADE SHOCKS TRANSPARENT INSTITUTIONS TREASURY TREATIES UNEMPLOYMENT VALUE ADDED VOLATILE CAPITAL VOLATILITY WAGES WEALTH WORLD DEVELOPMENT INDICATORS WORLD ECONOMY
Online Access:	http://documents.worldbank.org/curated/en/2014/04/19414620/toward-economic-diversification-trinidad-tobago http://hdl.handle.net/10986/18330

Description
Summary:	This paper contributes to the predominant diversification debate that has been ongoing in Trinidad and Tobago for more than three decades. The paper makes a determination of the key impediments to the country's attempts at diversification. Econometric techniques are applied on panel data to identify the most significant obstacles to economic diversification for a set of 183 countries. The results indicate that openness to foreign direct investment inflows is the most fundamental driver of diversification. The findings are then applied to the specific case of Trinidad and Tobago through a detailed analysis of the links in the trends followed by foreign direct investment and diversification between 1980 and 2011. Greater openness to foreign direct investment and improving the business climate appear to be key policies the twin-island republic could implement further in order to expand the range of activities of its economic structure.

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