Monetary Union and Fiscal Discipline Evidence from CARICOM

Troy Lorde, Brian Francis and Mahalia Jackman
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Brian Francis: University of the West Indies

Ekonomia, 2009, vol. 12, issue 2, 109-126

Abstract: This study examines the disciplanary effect of monetary union in the Caribbean Community (CARICOM); specifically, whether there is a systematic difference between fiscal discipline in the Eastern Caribbean Currency Union (ECCU), a sub-regular grouping in CARICOM and other CARICOM members which retain monetary sovereignty. Fixed effects estimation is applied to a panel of 12 CARICOM countries over the period 1984-2004. Results indicate that non-ECCU countries are relatively more fiscally disciplined than ECCU countries, and that the dissimilarities between the 2 groups may be attributed to differences in real GDP per capita, openness, net international reserves and financial depth.

JEL-codes: C33 E62 F15 F33 F42 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:ekn:ekonom:v:12:y:2009:i:2:p:109-126

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