By D. King, D. Tennant
Debt and improvement in Small Island constructing States attracts at the services of proven researchers and public officers from in the SIDS neighborhood to respond to the subsequent urgent questions concerning sustainability, debt accumulation, and clients for destiny progress.
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Extra resources for Debt and Development in Small Island Developing States
From a low annual average of 4 percent in 2001–2005, The Bahamas’ external debt ratio has climbed to an annual average of 11 percent in 2006–2010. Many Caribbean SIDS face unsustainably high fiscal burdens. Total debt service has exceeded 15 percent of government revenue in more than half of all Caribbean SIDS for much of the decade. Notably in Jamaica, total debt service has amounted to over 100 percent of fiscal revenue for most of the 2000s. From a peak of 157 percent in 2001, debt service-torevenue has declined to 67 percent in 2012.
The DOH is often presented as a Debt Laffer curve, “which posits that larger debt stocks tend to be associated with lower probabilities of debt repayment. ” Pattillo, Poirson, and Ricci (2004). Robinson (2014). Robinson (2014). Todaro and Smith (2006). As quoted in Sheikh, Faridi, and Tariq (2010). Ogunmuyiwa (2011). As quoted in Checherita and Rother (2010, 10). Foss (1997). Deshpande (1997). Scott-Joseph, Melville, Kendall, and Harris (2006). Hanson (2007) notes “(a) many of the largest increases observed in domestic government debt were in crisis countries or those where state banks were recapitalized, and (b) the increase in domestic government debt would have been much less in many countries between the mid1990s and 2004 had there been no financial crises” (13).
1 presents a number of indicators that highlight some of the key characteristics of these countries. Caribbean SIDs can be divided into two regional groupings, namely, the six member countries and “micro states” 3 of the Eastern Caribbean Currency Union (ECCU) and the four non-ECCU countries comprising The Bahamas, Barbados, Jamaica, and Trinidad and Tobago. The ECCU member states share a common currency, the Eastern Caribbean (EC) dollar, which is pegged to the US dollar, as well as a single central bank, the Eastern Caribbean Central Bank (ECCB).