Independent fiscal councils are among the most recent innovations in terms of the architecture of fiscal institutions. The first council was established just after World War II, and by 2016, 37 countries had implemented them across the world—most of these in the wake of the global financial crisis that began in 2008. Caribbean countries are just the latest frontier in the … [Read more...] about Fiscal Councils: Cutting edge fiscal architecture, or panacea?
The Bahamas’ Fiscal Responsibility Bill (FRB) 2018, can be compared with some standard principles that typically guide the formation of a Fiscal Responsibility Framework (FRF). Based on our examination, we conclude that the objectives of The Bahamas’ proposed FRF are clear, sound and are in accord with the typical objectives of a standard rules-based framework. We also find … [Read more...] about How The Bahamas’ Fiscal Responsibility Framework of 2018 will aid governance and accountability
Four macro-critical factors have the potential to trigger a creative disruption in the financial sector in the Caribbean region in the not-too-distant future. These macro-critical factors are (i) risks from climatic changes and natural disasters; (ii) advance in financial technology; (iii) derisking activities by correspondent banks; and (iv) changing lifestyles and … [Read more...] about What will the Caribbean’s financial sector of the future look like?
In recent years the significant loss of correspondent banking relationships (CBRs) in the Caribbean, commonly referred to as de-risking; and its impact on both the regional financial system and, on the economies of several territories has been broadly discussed. Additionally, several authors have validly identified an array of motivating factors which have driven some of the … [Read more...] about Correspondent Banking Relationships (CBR) Withdrawals
[soundcloud url="https://soundcloud.com/bancointeramericanodesarrollo/debt-and-fiscal-responsibility" params="color=#ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true" width="100%" height="300" iframe="true" /] Featuring Dr. Allan Wright, senior country economist … [Read more...] about Why is fiscal responsibility needed and what is the purpose of the Fiscal Seminar in Nassau?