02172cas a2200277 a 4500 AALejournalIMF013189 230101c9999 xx r poo 0 0eng d 5.00 USD 9781557754967 1018-5941 BD-DhAAL BD-DhAAL Yartey, Charles Amo. The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean / Charles Amo Yartey, Machiko Narita, Shelton Nicholls, Joel Chiedu Okwuokei. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines debt dynamics in the Caribbean and discusses policy options for reducing the high debt levels. Based on empirical studies of factors underlying global large debt reduction episodes, important policy lessons are drawn for the Caribbean. The analysis shows that major debt reductions are associated with strong growth and decisive and lasting fiscal consolidation efforts. Since growth in the current environment is virtually nonexistent, significant fiscal consolidation is inevitable in the region. Better control of the public wage bill, increasing public sector efficiency and tackling transfers are the obvious targets to reduce spending. On the revenue side, there is ample room to reduce tax expenditures, eliminate distortions while broadening the tax base. Fiscal consolidation needs to be complemented by a comprehensive debt reduction strategy including tax policy reforms and structural reforms to boost competiveness. Mode of access: Internet Chiedu Okwuokei, Joel. Narita, Machiko. Nicholls, Shelton. IMF Working Papers; Working Paper ; No. 2012/276 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/276/001.2012.issue-276-en.xml IMF e-Library