Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth
In spite of the United States' recovery, most Caribbean nations are still struggling in the aftermath of the 2007–08 global financial crisis. This paper examines this slow growth recovery through the analysis of how the Caribbean's growth...
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2016
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Online Access: | http://documents.worldbank.org/curated/en/2016/01/25832141/before-after-global-financial-crisis-evaluating-caribbeans-synchronization-global-engines-growth http://hdl.handle.net/10986/23718 |
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okr-10986-237182021-04-23T14:04:16Z Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth Kouame, Auguste Reyes, M. Ivanova ECONOMIC BOOM GROWTH RATES MONETARY POLICY ECONOMIC GROWTH OIL PRICE SIGNIFICANT EFFECT SUPPLY CURVE FIXED EFFECT DIRECTION OF TRADE NORMAL DISTRIBUTION DOMESTIC CONDITIONS LAGGED GROWTH MACROECONOMIC POLICY NOMINAL GROSS DOMESTIC PRODUCT DEVELOPING COUNTRIES EXPORTS ELASTICITY CURRENCY UNION ECONOMETRIC MODELING PRICE INDICES ECONOMIC STRUCTURE GROWTH MODEL WORLD DEVELOPMENT INDICATORS VARIABLES SLOWDOWN ANNUAL GROWTH BENCHMARKS INPUTS SHORT-TERM IMPACT INFLATION TRENDS ECONOMIC OUTLOOK ECONOMIC ACTIVITY EFFECTIVE EXCHANGE RATE LABOR MARKET STANDARD DEVIATION INFLUENCE ECONOMIC SLOWDOWN EMPIRICAL RESULTS GLOBAL ECONOMY CURRENCY NATURAL DISASTER ADVANCED ECONOMIES GOLD HIGH CONCENTRATION MARKET DYNAMICS WORLD ECONOMIES GLOBALIZATION EASTERN CARIBBEAN CURRENCY UNION DEPRECIATIONS EXPLANATORY VARIABLES BUSINESS CYCLE OPEN ECONOMY ECONOMIC SIZE DIRECT INVESTMENT EXPANSIONARY PHASE OUTPUT GROWTH AVERAGING GROSS DOMESTIC PRODUCT AVERAGE GROWTH COMMODITY PRICE EXTERNAL FACTORS GLOBAL ECONOMIES UNEMPLOYMENT DATA AVAILABILITY ECONOMIC IMPACT FIXED EFFECTS ESTIMATOR ECONOMETRIC ANALYSIS OPTIMUM CURRENCY AREA UNEMPLOYMENT RATE STABLE GROWTH FINANCIAL CRISIS DEPENDENT VARIABLE GROWTH PROSPECTS POLICY MAKERS COMPETITIVENESS FOREIGN DIRECT INVESTMENT STRUCTURAL BREAK PRICE OF OIL MACROECONOMICS WORLD ECONOMY DEMAND FUNCTIONAL FORM NEGATIVE EFFECT ECONOMY RESPONSE TO SHOCKS REAL EXCHANGE RATE GLOBAL CONDITIONS ECONOMICS DIVERSIFICATION REGRESSION ANALYSIS DOMESTIC DEMAND FIXED EFFECTS PRIMARY COMMODITIES MACROECONOMIC VARIABLES BUSINESS CYCLES DEMANDS TRADE STANDARD DEVIATIONS GDP GOODS DOMESTIC ECONOMY REAL DEPRECIATIONS GROWTH RATE BILATERAL TRADE GROWTH PERFORMANCE SUPPLY CONTROL VARIABLES CROSS COUNTRY COUNTRY CHARACTERISTICS GLOBAL DEMAND POLICY RESEARCH HIGH GROWTH EXCHANGE RATE REAL EFFECTIVE EXCHANGE RATE REMITTANCES COMMODITY PRICES OUTCOMES TRADING PARTNERS COUNTRY SPECIFIC CONTROL VARIABLE FINANCIAL CONSTRAINTS DEVELOPMENT INDICATORS POSITIVE EFFECTS PRICE RIGIDITY PRODUCTION COSTS ECONOMIES TRADE STATISTICS DEVELOPMENT POLICY GROWTH In spite of the United States' recovery, most Caribbean nations are still struggling in the aftermath of the 2007–08 global financial crisis. This paper examines this slow growth recovery through the analysis of how the Caribbean's growth relates to that of key drivers of the global economy. The paper explores whether the region's links with some important global partners could be behind the sluggish post-crisis recovery. The paper analyzes the economic growth of Caribbean countries as a function of the growth in key global partners and of country-specific characteristics. The findings attribute an important role to the European Union and the United States in the outcomes for the region, especially in services-oriented economies. The findings show that when these nations grow, or when they are in an expansionary cycle, the Caribbean's growth responds positively but less than proportionally. Consequently, the slow recovery in the Caribbean region is attributed to the persistent sluggishness in the European Union and the fact that the U.S. recovery is still nascent and not quite robust. 2016-02-02T23:45:50Z 2016-02-02T23:45:50Z 2016-01 Working Paper http://documents.worldbank.org/curated/en/2016/01/25832141/before-after-global-financial-crisis-evaluating-caribbeans-synchronization-global-engines-growth http://hdl.handle.net/10986/23718 English en_US Policy Research Working Paper;No. 7544 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper Latin America & Caribbean |
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Digital Repository |
institution_category |
Foreign Institution |
institution |
Digital Repositories |
building |
World Bank Open Knowledge Repository |
collection |
World Bank |
language |
English en_US |
topic |
ECONOMIC BOOM GROWTH RATES MONETARY POLICY ECONOMIC GROWTH OIL PRICE SIGNIFICANT EFFECT SUPPLY CURVE FIXED EFFECT DIRECTION OF TRADE NORMAL DISTRIBUTION DOMESTIC CONDITIONS LAGGED GROWTH MACROECONOMIC POLICY NOMINAL GROSS DOMESTIC PRODUCT DEVELOPING COUNTRIES EXPORTS ELASTICITY CURRENCY UNION ECONOMETRIC MODELING PRICE INDICES ECONOMIC STRUCTURE GROWTH MODEL WORLD DEVELOPMENT INDICATORS VARIABLES SLOWDOWN ANNUAL GROWTH BENCHMARKS INPUTS SHORT-TERM IMPACT INFLATION TRENDS ECONOMIC OUTLOOK ECONOMIC ACTIVITY EFFECTIVE EXCHANGE RATE LABOR MARKET STANDARD DEVIATION INFLUENCE ECONOMIC SLOWDOWN EMPIRICAL RESULTS GLOBAL ECONOMY CURRENCY NATURAL DISASTER ADVANCED ECONOMIES GOLD HIGH CONCENTRATION MARKET DYNAMICS WORLD ECONOMIES GLOBALIZATION EASTERN CARIBBEAN CURRENCY UNION DEPRECIATIONS EXPLANATORY VARIABLES BUSINESS CYCLE OPEN ECONOMY ECONOMIC SIZE DIRECT INVESTMENT EXPANSIONARY PHASE OUTPUT GROWTH AVERAGING GROSS DOMESTIC PRODUCT AVERAGE GROWTH COMMODITY PRICE EXTERNAL FACTORS GLOBAL ECONOMIES UNEMPLOYMENT DATA AVAILABILITY ECONOMIC IMPACT FIXED EFFECTS ESTIMATOR ECONOMETRIC ANALYSIS OPTIMUM CURRENCY AREA UNEMPLOYMENT RATE STABLE GROWTH FINANCIAL CRISIS DEPENDENT VARIABLE GROWTH PROSPECTS POLICY MAKERS COMPETITIVENESS FOREIGN DIRECT INVESTMENT STRUCTURAL BREAK PRICE OF OIL MACROECONOMICS WORLD ECONOMY DEMAND FUNCTIONAL FORM NEGATIVE EFFECT ECONOMY RESPONSE TO SHOCKS REAL EXCHANGE RATE GLOBAL CONDITIONS ECONOMICS DIVERSIFICATION REGRESSION ANALYSIS DOMESTIC DEMAND FIXED EFFECTS PRIMARY COMMODITIES MACROECONOMIC VARIABLES BUSINESS CYCLES DEMANDS TRADE STANDARD DEVIATIONS GDP GOODS DOMESTIC ECONOMY REAL DEPRECIATIONS GROWTH RATE BILATERAL TRADE GROWTH PERFORMANCE SUPPLY CONTROL VARIABLES CROSS COUNTRY COUNTRY CHARACTERISTICS GLOBAL DEMAND POLICY RESEARCH HIGH GROWTH EXCHANGE RATE REAL EFFECTIVE EXCHANGE RATE REMITTANCES COMMODITY PRICES OUTCOMES TRADING PARTNERS COUNTRY SPECIFIC CONTROL VARIABLE FINANCIAL CONSTRAINTS DEVELOPMENT INDICATORS POSITIVE EFFECTS PRICE RIGIDITY PRODUCTION COSTS ECONOMIES TRADE STATISTICS DEVELOPMENT POLICY GROWTH |
spellingShingle |
ECONOMIC BOOM GROWTH RATES MONETARY POLICY ECONOMIC GROWTH OIL PRICE SIGNIFICANT EFFECT SUPPLY CURVE FIXED EFFECT DIRECTION OF TRADE NORMAL DISTRIBUTION DOMESTIC CONDITIONS LAGGED GROWTH MACROECONOMIC POLICY NOMINAL GROSS DOMESTIC PRODUCT DEVELOPING COUNTRIES EXPORTS ELASTICITY CURRENCY UNION ECONOMETRIC MODELING PRICE INDICES ECONOMIC STRUCTURE GROWTH MODEL WORLD DEVELOPMENT INDICATORS VARIABLES SLOWDOWN ANNUAL GROWTH BENCHMARKS INPUTS SHORT-TERM IMPACT INFLATION TRENDS ECONOMIC OUTLOOK ECONOMIC ACTIVITY EFFECTIVE EXCHANGE RATE LABOR MARKET STANDARD DEVIATION INFLUENCE ECONOMIC SLOWDOWN EMPIRICAL RESULTS GLOBAL ECONOMY CURRENCY NATURAL DISASTER ADVANCED ECONOMIES GOLD HIGH CONCENTRATION MARKET DYNAMICS WORLD ECONOMIES GLOBALIZATION EASTERN CARIBBEAN CURRENCY UNION DEPRECIATIONS EXPLANATORY VARIABLES BUSINESS CYCLE OPEN ECONOMY ECONOMIC SIZE DIRECT INVESTMENT EXPANSIONARY PHASE OUTPUT GROWTH AVERAGING GROSS DOMESTIC PRODUCT AVERAGE GROWTH COMMODITY PRICE EXTERNAL FACTORS GLOBAL ECONOMIES UNEMPLOYMENT DATA AVAILABILITY ECONOMIC IMPACT FIXED EFFECTS ESTIMATOR ECONOMETRIC ANALYSIS OPTIMUM CURRENCY AREA UNEMPLOYMENT RATE STABLE GROWTH FINANCIAL CRISIS DEPENDENT VARIABLE GROWTH PROSPECTS POLICY MAKERS COMPETITIVENESS FOREIGN DIRECT INVESTMENT STRUCTURAL BREAK PRICE OF OIL MACROECONOMICS WORLD ECONOMY DEMAND FUNCTIONAL FORM NEGATIVE EFFECT ECONOMY RESPONSE TO SHOCKS REAL EXCHANGE RATE GLOBAL CONDITIONS ECONOMICS DIVERSIFICATION REGRESSION ANALYSIS DOMESTIC DEMAND FIXED EFFECTS PRIMARY COMMODITIES MACROECONOMIC VARIABLES BUSINESS CYCLES DEMANDS TRADE STANDARD DEVIATIONS GDP GOODS DOMESTIC ECONOMY REAL DEPRECIATIONS GROWTH RATE BILATERAL TRADE GROWTH PERFORMANCE SUPPLY CONTROL VARIABLES CROSS COUNTRY COUNTRY CHARACTERISTICS GLOBAL DEMAND POLICY RESEARCH HIGH GROWTH EXCHANGE RATE REAL EFFECTIVE EXCHANGE RATE REMITTANCES COMMODITY PRICES OUTCOMES TRADING PARTNERS COUNTRY SPECIFIC CONTROL VARIABLE FINANCIAL CONSTRAINTS DEVELOPMENT INDICATORS POSITIVE EFFECTS PRICE RIGIDITY PRODUCTION COSTS ECONOMIES TRADE STATISTICS DEVELOPMENT POLICY GROWTH Kouame, Auguste Reyes, M. Ivanova Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
geographic_facet |
Latin America & Caribbean |
relation |
Policy Research Working Paper;No. 7544 |
description |
In spite of the United States'
recovery, most Caribbean nations are still struggling in the
aftermath of the 2007–08 global financial crisis. This paper
examines this slow growth recovery through the analysis of
how the Caribbean's growth relates to that of key
drivers of the global economy. The paper explores whether
the region's links with some important global partners
could be behind the sluggish post-crisis recovery. The paper
analyzes the economic growth of Caribbean countries as a
function of the growth in key global partners and of
country-specific characteristics. The findings attribute an
important role to the European Union and the United States
in the outcomes for the region, especially in
services-oriented economies. The findings show that when
these nations grow, or when they are in an expansionary
cycle, the Caribbean's growth responds positively but
less than proportionally. Consequently, the slow recovery in
the Caribbean region is attributed to the persistent
sluggishness in the European Union and the fact that the
U.S. recovery is still nascent and not quite robust. |
format |
Working Paper |
author |
Kouame, Auguste Reyes, M. Ivanova |
author_facet |
Kouame, Auguste Reyes, M. Ivanova |
author_sort |
Kouame, Auguste |
title |
Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
title_short |
Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
title_full |
Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
title_fullStr |
Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
title_full_unstemmed |
Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth |
title_sort |
before and after the global financial crisis : evaluating the caribbean's synchronization with global engines of growth |
publisher |
World Bank, Washington, DC |
publishDate |
2016 |
url |
http://documents.worldbank.org/curated/en/2016/01/25832141/before-after-global-financial-crisis-evaluating-caribbeans-synchronization-global-engines-growth http://hdl.handle.net/10986/23718 |
_version_ |
1764454622485807104 |