The Challenge of Diversification in the Caribbean

By A. Salehizadeh, Peter Berezin, Elcior Santana

November 1, 2002

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A. Salehizadeh, Peter Berezin, and Elcior Santana. The Challenge of Diversification in the Caribbean, (USA: International Monetary Fund, 2002) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

It is typically assumed that countries in the Caribbean suffer from a lack of output and export diversification. Contrary to this popular perception, we find no evidence that output variability is higher in Caribbean countries than in larger, more diversified, developing economies. In addition, we find no evidence that export earnings are more volatile in the Caribbean economies than elsewhere. In fact, export earnings are quite stable in the Caribbean, reflecting the fact the region is rather unique in that most of its export earnings are generated from service exports, which tend to be considerably less volatile than goods exports.

Subject: Agricultural commodities, Commodities, Consumption, Education, Export earnings, Income, International trade, National accounts

Keywords: Agricultural commodities, Caribbean, Caribbean country, Construction company, Consumption, Developing country, Diversification, Export earnings, Firms in core market, Foreign direct investment, Growth, Income, Informatics firm, Information processing company, Information technology company, North America, Physical capital, Production diversification, Rate of return, Risk pooling, Risk-sharing, Telecommunications company, WP

Publication Details

Pages:

53
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2002/196
Stock No:

WPIEA1962002
ISBN:

9781451859973
ISSN:

1018-5941

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