Domestic investment and the cost of capital in the Caribbean
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Author
Contributions
- International Monetary Fund. Western Hemisphere Dept. - Contributor
Publication
2006 - International Monetary Fund, Western Hemisphere Dept., Washington, D.C, District of Columbia
Language
English
Word Count
11,000 words, Guess
Page Count
44 pages
Identifiers
- Better World Books9781451864120
- Better World Books9781452735009
- Better World Books9781452703398
- Open LibraryOL19269847M
Classifications
- LCCHG4661
Description
Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and foreign direct investment. Private domestic investors have been less prominent. This may be one reason why such high investment has delivered Caribbean growth rates below the middle-income average. This paper seeks to understand how higher private investment may be encouraged. Using new data, it concludes that: the multiplier effects of public investment and FDI on private domestic investment are weak; and private domestic investment (PDI) is sensitive to the cost of capital. Public policy designed to raise PDI should focus on creating conditions for a lower cost of capital. The focus should be on removing barriers to lower real interest rates, rather than the further extension of costly tax concessions.
Subjects
Topics
Places
Series Statement
- IMF working paper -- WP/06/152
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