The University of the West Indies Press
Trade and Development Issues in CARICOM: Key Considerations for Navigating Development
Roger Hosein, Anthony Gonzales, Ranita Seecharan, Rebecca Gookool-Bosland
Trade and Development Issues in CARICOM: Key Considerations for Navigating Development
US$ 9.99
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Description
Contents
Reviews

This collection of CARICOM-specific research represents a spectrum of writing on interrelated themes of trade, growth, debt and the environment as it applies to development prospects in the Caribbean. The contributors include a mix of researchers, at various levels of experience and institutional representation, who utilize theoretical and empirical perspectives to examine key concerns of policymakers and other stakeholders. The editors have organized the discussions in such a way as to sequence thought about the region which emphasizes the peculiarities of smallness and openness in the context of a globalized world. The importance of economic integration regionally and integration into established global production value chains are highlighted. This type of strategy becomes obviously relevant especially in the post–Covid-19 recovery processes. Trade and Development Issues in CARICOM represents a point of reference for regional policymakers and thinkers to contemplate the multifaceted nature of regional growth and development.

Language
English
ISBN
9789766408800
Title Page
Copyright
Contents
List of Figures
List of Tables
Preface
1. Insights into the Evolution of the CARICOM’s Trade
International Trade and the CARICOM Economies
CARICOM’s Trade Policy Regime
Economic Integration in the Caribbean
CARICOM’s Intraregional Trade Profile
Intraregional Services Trade Performance
Conclusion
2. Premature Deindustrialization
Defining Deindustrialization
Kaldorian Economics and Manufacturing as an Engine for Growth
Natural Deindustrialization versus Premature Deindustrialization
Deindustrialization under Natural Conditions
Dutch Disease and Deindustrialization
Premature Deindustrialization and Economic Development
How Does Premature Deindustrialization Affect Economic Growth: Baumol’s Cost Disease
Overview of Trinidad and Tobago
Deindustrialization in Trinidad and Tobago
Shift Share Analysis of Labour Productivity Growth
Shift Share Results
Conclusion and Policy Prescriptions for Guyana, Suriname and Grenada
3. The Hillman Condition and Its Empirical Validity in CARICOM Economies
Revealed Comparative Advantage
The Hillman Condition
Data and Methodology
Results
Conclusion
4. The Practicality of Regional Import Substitution as a Strategy for Sustainable Development in the Caribbean
Brief Review of Previous Literature: Import Substitution in Developing Countries
Infant Industry Argument
Empirical Methodology
Empirical Results: Opportunities for Regional Import Substitution
Potential Impact on Key Macroeconomic Variables
Conclusions
5. Trade and the Environment and Caribbean SIDS
Global Environmental Governance
Climate Change
Fishing
Trade, Biodiversity and BioTrade
Trade, Shipping and the Environment
Conclusion
6. Comparative Review of the Services Trade Performance of CARICOM
Some Caveats
Services Trade Trends in CARICOM
The Competitiveness of Service Industries in CARICOM
Incentives for Investment in Service Industries
Considerations Re: Policymaking in CARICOM
The Role of National Coalitions of Services Industries
Lessons from Other Countries
The ICT/BPO Sector in CARICOM
Cultural or Creative Industries
The Approach of Mauritius
Skills for New Service Industries
Conclusions
7. Assessing the Depth of CARICOM Market Integration and Trade Performance
Protectionism and Liberalization in Market Integration
Normative Stages of Integration
Stages of CARICOM Integration
Measuring the Depth of Market Integration and Trade Deepening
Conclusion
8. An Empirical Assessment of Intra-Industry Trade
Measuring IIT
CARICOM IIT Measures
Model Specification
Econometric Methodology
Fractional Probit Estimator
Results
Sectoral IIT and RTAs
IIT by Commodity
Intra-CARICOM IIT
Conclusion and Policy Recommendations
9. Small Country Trade Competitiveness and Export Sustainability
Literature Review
Methodology
Revealed Comparative Advantage (RCA)
TradeCan and RCA
Analysis
Revealed Comparative Advantage
TradeCAN
TradeCan and RCA
Generalized Policy Directives
Conclusion
10. Debt Burden in Small Island Caribbean States and Prospects for Debt Relief
Part 1: The Evolution of Caribbean Debt
Decomposing the Caribbean Debt
The Heterogeneity of Caribbean Debt
The Debt Repayment Burden
Unpleasant Fiscal Arithmetic
Part 2: Structural Factors Contributing to Debt Accumulation over Time
The Impact of Disasters and Climate Change
Part 3: Proposals for Debt Reduction
Proposal by the World Bank
Proposal by the Economic Commission for Latin America and the Caribbean (ECLAC)
Conclusion
Contributors
Index
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