Before and After the Global Financial Crisis : Evaluating the Caribbean's Synchronization with Global Engines of Growth

Kouame, Auguste ; Reyes, M. Ivanova

World Bank, Washington, DC

关键词: ECONOMIC BOOM;    GROWTH RATES;    MONETARY POLICY;    ECONOMIC GROWTH;    OIL PRICE;   

DOI  :  10.1596/1813-9450-7544
RP-ID  :  WPS7544

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In spite of the United States'recovery, most Caribbean nations are still struggling in theaftermath of the 2007–08 global financial crisis. This paperexamines this slow growth recovery through the analysis ofhow the Caribbean's growth relates to that of keydrivers of the global economy. The paper explores whetherthe region's links with some important global partnerscould be behind the sluggish post-crisis recovery. The paperanalyzes the economic growth of Caribbean countries as afunction of the growth in key global partners and ofcountry-specific characteristics. The findings attribute animportant role to the European Union and the United Statesin the outcomes for the region, especially inservices-oriented economies. The findings show that whenthese nations grow, or when they are in an expansionarycycle, the Caribbean's growth responds positively butless than proportionally. Consequently, the slow recovery inthe Caribbean region is attributed to the persistentsluggishness in the European Union and the fact that theU.S. recovery is still nascent and not quite robust.