working of financial system

May 28th, 2015
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Abilene Christian University
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Background 1. The recent global economic crisis was particularly severe on the economies of the Caribbean, especially those that depend heavily on services for their economic growth. The aggregate cost of the crisis for the region has been estimated at 13.5 per cent of Gross Domestic Product (GDP) in 2009 and for many economies, positive growth only occurred in 2011. Unlike many countries in Latin and Central America, governments of the region could not employ significant fiscal stimuli because they are constrained by limited fiscal space.

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AG. Strengthening the technical capacity of public finance managers in select Caribbean Small Island Developing States to manage their public finances ECLAC ($492,000)Background1.The recent global economic crisis was particularly severe on the economies of the Caribbean, especially those that depend heavily on services for their economic growth. The aggregate cost of the crisis for the region has been estimated at 13.5 per cent of Gross Domestic Product (GDP) in 2009 and for many economies, positive growth only occurred in 2011. Unlike many countries in Latin and Central America, governments of the region could not employ significant fiscal stimuli because they are constrained by limited fiscal space.2.It is important to note, however, that the reduced fiscal space has been a long standing problem that has only been aggravated by recent economic conditions. Chronic fiscal deficit leading to high public debt is one of the most important development challenges facing Caribbean Small Island Developing States (SIDS). For instance, the average fiscal deficit and public debt levels were 3.4 per cent and 84.4 per cent of GDP, respectively from 2000 to 2007. Moreover f

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