Barbados [electronic resource] : Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities, Yartey, Charles Amo.

Yartey, Charles Amo.
Washington, D.C. : International Monetary Fund, 2012.
IMF eLibrary
IMF Working Papers; Working Paper No. 12/31.
IMF Working Papers; Working Paper No. 12/31
Government document
1 online resource (29 p.)
Local subjects:
Balance of payments.
Balance sheet effects.
Budget deficits.
Capital account liberalization.
Capital inflows.
Central bank.
Corporate sector.
Currency crises.
Currency crisis.
Currency debt.
Currency mismatch.
Currency mismatches.
Currency risk.
Current account.
Current account deficit.
Debt crisis.
Debt Management.
Debt problems.
Debt ratios.
Debt restructuring.
Debt statistics.
Debt sustainability.
Debt sustainability analysis.
Domestic creditors.
Domestic currency.
Domestic financial institutions.
Domestic financial system.
Domestic foreign currency.
Economic growth.
Exchange rate devaluation.
External debt.
External debt statistics.
External debts.
External liabilities.
External sector.
Financial assets.
Financial balance sheet.
Financial corporations.
Financial institutions.
Financial markets.
Financial sector.
Financial services.
Financial structure.
Financial system.
Foreign currency debt.
Foreign debt.
Interest rate risk.
International finance.
International financial markets.
International lending.
International Lending and Debt Problems.
International reserves.
National debt.
Nominal devaluation.
Portfolio investment.
Public debt.
Public finances.
Public sector debt.
Public sector indebtedness.
Sovereign debt.
Sovereign debt crisis.
Stock market.
This paper uses the balance sheet approach to analyze macroeconomic vulnerabilities in Barbados between 2006 and 2009. It discusses the financial position of the economy and its main sectors and the sectors'' exposure to changes in exchange rates. The main finding of the analysis is that the balance sheet of the aggregate economy has been weakened by the recent deterioration in the balance sheet of the nonfinancial public sector. Macroeconomic vulnerabilities have increased in Barbados since 2006 due to the high public debt and the deterioration in the net financial position with nonresidents. The private sector, however, maintained a healthy position and seems resilient to shocks. The paper also finds the balance sheet of the nonfinancial public sector has deteriorated significantly reflecting weak fiscal performance. While the central government is highly vulnerable to exchange rate shock, debt rollover risks are likely to be limited since most of external liabilities are long term and most domestic liabilities are held by the National Insurance System.
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Yartey, Charles Amo.
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