Cover -- Contents -- I. Introduction -- II. Catching Up or Falling Behind? A Caribbean Tale -- III. Accounting for Growth in the Caribbean -- A. Analytical Framework -- B. Growth Accounting Results -- C. Level Accounting Results -- IV. The Tourism and Growth Nexus in the Caribbean -- A. A Brief Review of the Literature -- B. The Proposed Econometric Approach -- C. The Impact of Tourism on Growth Levels -- D. The Impact of Tourism on Growth Volatility -- E. Tourism, Size and Growth Accounting -- V. Concluding Remarks -- References -- Appendix: Data and Variables -- Figures -- Figure 1. Caribbean: Ratio of Per capita GDP (PPP) to Relevant Comparators, 1970-2009 -- Figure 2. ECCU: Contributions to Growth, 1970-2007 -- Figure 3. Other Caribbean: Contributions to Growth, 1970-2007 -- Figure 4. Caribbean: Factors Contributing to Caribbean Growth vis-à-vis the World -- Tables -- Table 1. ECCU: Growth Accounting 1970-2007 -- Table 2. Other Caribbean: Growth Accounting 1970-2007 -- Table 3. ECCU: Output Growth and its Components: Ratio to Barbados Values, 1970-2007 -- Table 4. Other Caribbean: Output Growth and its Components: Ratio to Barbados Values, 1970-2007 -- Table 5. ECCU: Output Growth and its Components: Ratio to U.S. Values, 1970-2007 -- Table 6. Other Caribbean: Output Growth and its Components: Ratio to U.S. Values, 1970-2007 -- Table 7. Tourism and Growth Estimations -- Table 8. Tourism and Small Islands Interaction Estimations -- Table 9. Tourism and Growth Estimations Robustness -- Table 10. Growth Volatility Estimations -- Table 11. Growth Accounting Estimations -- Table 12. List of Countries.

After earlier success, growth performance in most Caribbean countries has been disappointing since the early 1990s. With slower growth, output has fallen behind that of relevant comparator countries. This paper analyzes the growth experience of the Caribbean countries from a cross country perspective. Three findings stand out. First, the slowdown in growth is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant contributor to higher growth (through both capital accumulation and productivity) and lower output volatility, and in many countries there is scope for further expansion of this sector. Third, the small size and the fact that most of these countries are islands have limited growth. Policies aimed at improving productivity, further development of the tourism sector, and regional integration could pay dividends in terms of higher growth in the region.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.