Business Cycles in the Eastern Caribbean Economies : The Role of Fiscal Policy and Interest Rates

This paper analyzes the business cycle characteristics of the economies of the Organization of Eastern Caribbean States using a model of a small open economy subject to interest rate and fiscal expenditure shocks and financial frictions. The paper...

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Bibliographic Details
Main Authors:	Carneiro, Francisco, Hnatkovska, Viktoria
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	CREDIT MARKETS MONETARY POLICY HOLDING GOVERNMENT EXPENDITURES ECONOMIC GROWTH REAL INTEREST RATES STOCK INTERNATIONAL CREDIT FISCAL DEFICITS DISPOSABLE INCOME INCOME INTEREST GOVERNMENT SPENDING EMERGING ECONOMIES DOMESTIC FINANCIAL MARKETS INTEREST RATE REAL GDP EXCHANGE GOVERNMENT REVENUES INTERNATIONAL BOND MARKET GDP PER CAPITA INTERNATIONAL FINANCIAL MARKETS DEVELOPING COUNTRIES EXPORTS ELASTICITY REAL INTEREST POLITICAL ECONOMY EXPORTERS REVENUES ECONOMIC STRUCTURE PORTFOLIO FISCAL POLICY WELFARE RISK PREMIUM BONDS MIDDLE INCOME COUNTRY LOAN VARIABLES DISCOUNT LOAN AMOUNT CAPITAL CONSTRAINT TAX NON-PERFORMING LOANS RETURNS TO SCALE WEALTH INFLATION INTERNATIONAL BANK TRENDS ECONOMIC OUTLOOK MACROECONOMIC RISK BUDGET FISCAL CONSTRAINTS INTEREST EXPENDITURES ECONOMIC ACTIVITY DEVELOPMENT BOND TRADING FISCAL POLICIES INFLUENCE TRADE BALANCE OIL PRICES TOTAL FACTOR PRODUCTIVITY MARKET DEVELOPMENT DEVELOPMENT ECONOMICS RENT DEBTS INCOME INEQUALITY CONSTANT RETURNS TO SCALE TRADING PRODUCTIVITY INTERNATIONAL BOND INTEREST RATES MONETARY FUND NATURAL DISASTERS NET EXPORTS MARKETS DEBT RETURN DEFICITS INFLATION RATE OPEN ECONOMY LENDERS BUSINESS CYCLE INCOME LEVELS LOANS TAX REVENUES REAL INTEREST RATE ELASTICITY OF SUBSTITUTION UTILITY BORROWING COSTS GROSS DOMESTIC PRODUCT FINANCE ECONOMIC RESEARCH TAXES FIXED EXCHANGE RATE LDCS INVESTMENT DECISIONS EXPENDITURE DEBT LEVELS PRODUCTIVITY GROWTH CONSUMPTION BUDGET CONSTRAINT HUMAN CAPITAL INDUSTRIAL ECONOMIES GOOD CAPITAL WAGES COUNTRY RISK FINANCIAL CRISIS FUTURE VALUE RETURNS CREDIT MACROECONOMICS PERMANENT INCOME GOVERNMENT EXPENDITURE UTILITY FUNCTION INTEREST PAYMENT AGGREGATE DEMAND BOND MARKET WORKING CAPITAL ECONOMIC FLUCTUATIONS GOVERNMENT REVENUE ECONOMY AGRICULTURE EXPENDITURES ELASTICITY OF LABOR SUPPLY PROPERTIES DOMESTIC FINANCIAL MARKET HUMAN CAPITAL DEVELOPMENT MARKET BENCHMARK MACROECONOMIC VARIABLES BUSINESS CYCLES FUNCTIONAL FORMS GOVERNMENT DEBT GOVERNMENT POLICIES TRADE INVESTMENT RATES GDP GOODS ECONOMIES OF SCALE FINANCIAL MARKET GROWTH RATE MACROECONOMIC VOLATILITY INVESTMENT BOND SHARE FINANCIAL MARKETS CAPITAL REQUIREMENT GINI COEFFICIENT REVENUE LEVIES LENDING CONSUMER PRICE INDEX STATISTICAL ANALYSIS CONSUMPTION FUNCTION GDP DEFLATOR REMITTANCES PROFITS INTEREST RATE POLICIES COMMODITY PRICES OPEN ECONOMIES MARGINAL UTILITY MACROECONOMIC PERFORMANCE INTERNATIONAL MARKETS ECONOMIC STATISTICS DEVELOPMENT POLICY
Online Access:	http://documents.worldbank.org/curated/en/2016/01/25833246/business-cycles-eastern-caribbean-economies-role-fiscal-policy-interest-rates http://hdl.handle.net/10986/23717

Internet

http://documents.worldbank.org/curated/en/2016/01/25833246/business-cycles-eastern-caribbean-economies-role-fiscal-policy-interest-rates
http://hdl.handle.net/10986/23717

Business Cycles in the Eastern Caribbean Economies : The Role of Fiscal Policy and Interest Rates

Internet

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