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Caribbean Growth in an International Perspective
After earlier success, growth performance in most Caribbean countries has been disappointing since the early 1990s. With slower growth, output has fallen behind that of relevant comparator countries. This paper analyzes the growth experience of the Caribbean countries from a cross country perspective. Three findings stand out. First, the slowdown in growth is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant contributor to higher growth (through both capital accumulation and productivity) and lower output volatility, and in many countries there is scope for further expansion of this sector. Third, the small size and the fact that most of these countries are islands have limited growth. Policies aimed at improving productivity, further development of the tourism sector, and regional integration could pay dividends in terms of higher growth in the region.
Revisiting the Potential Impact to the Rest of the Caribbean from Opening US-Cuba Tourism
The Cuban revolution and the subsequent US embargo on Cuba helped shape the tourism sector in the Caribbean, facilitating the birth and growth of alternative destinations. Therefore, the apprehension of the Caribbean tourism industry towards a change in US travel policy to Cuba is understandable, but likely unwarranted. The history of tourism in the region has shown that it is possible for all destinations to grow despite large changes in market shares. Our estimations show that liberalizing US-Cuba tourism could result in US arrivals to Cuba of between 3 and 5.6 million, most of it coming from new tourists to the region. We also identify the destinations most at risk of changes in US-Cuba relations.
Flying to Paradise
This paper studies the role of airlift supply on the tourism sector in the Caribbean. The paper examines the relative importance of U.S.-Caribbean airlift supply factors such as the number of flights, seats, airlines, and departure cities on U.S. tourist arrivals. The possible endogeneity problem between airlift supply and tourist arrivals is addressed by using a structural panel VAR and individual country VARs. Among the four airlift supply measures, increasing the number of flights is found to be the most effective way to boost tourist arrivals on a sustained basis. As a case study, the possible crowding effect of increasing the number of U.S. flights to Cuba is investigated and, based on past observations, we find no significant impact on flights to other Caribbean countries. The impact of natural disasters on airlift supply and tourist arrivals is also quantified.
Global Waves of Debt
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Food for All
This book assesses the prospects for achieving the sustainable development goals, and the role of international organizations in achieving them, in light of recent economic, medical, and environmental developments.
Wildlife in a Changing World
"Wildlife in a Changing World" presents an analysis of the 2008 IUCN Red List of Threatened Species. Beginning with an explanation of the IUCN Red List as a key conservation tool, it goes on to discuss the state of the world s species and provides the latest information on the patterns of species facing extinction in some of the most important ecosystems in the world, highlighting the reasons behind their declining status. Areas of focus in the report include: freshwater biodiversity, the status of the world s marine species, species susceptibility to climate change impacts, the Mediterranean biodiversity hot spot, and broadening the coverage of biodiversity assessments."
MySpace/OurPlanet
Provides facts, information, real-life stories, suggestions, and challenges -- a how-to guide to saving the environment.
The Girl with Stars in Her Eyes
* MOST ANTICIPATED: Buzzfeed, Goodreads, Country Living, Bookish, Frolic, and more! * A Star is Born meets Daisy Jones and the Six by way of Colleen Hoover in this unique story following an all-female band on the brink of breaking out. This diverse cast of characters play hard and love harder...no matter the ultimate price. "Sharp, propulsive, and sexy. Once I started, I couldn't put it down. Antonia and Seb are imprinted in my book-loving heart. I genuinely, truly, relished this book."—CHRISTINA LAUREN, NYT and #1 International Bestselling Author Growing up in dive bars up and down the East Coast, Toni Bennette's guitar was her only companion...until she met Sebastian Quick. Seb was a lit...
Trade Integration and Business Cycle Synchronization
This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country-pair heterogeneity—that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to increase co-movement, indicating that not only the intensity but also the type of trade matters. Finally, we show that dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth shocks in China.
