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IMF Quotas—Updated Calculations (2007)

Introduction

This paper presents the results of updating the data set for quota calculations through 2005. The updated data set would provide the basis for the next round of discussions on quota and voice reforms. The paper also revisits the issue of data adjustments. Consideration of a broader range of specifications for a new quota formula is left for the next paper on quota and voice reforms being issued concurrently.

Published Date:  July 2007
Prepared by: The Finance Department In consultation with other departments
Approved by: Michael G. Kuhn
Author: Williams, S., Metzgen, Y., Basset, S., Treichel, H., La Rock, R., Shuster, T.

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Colonial Origins, Institutions and Economic Performance in the Caribbean : Guyana and Barbados

Abstract

The countries that were once British colonies in the Caribbean share a common language and a colonial history of slavery, dominance of a plantation-based sugar industry, and broadly similar government and administrative traditions. Following independence in the late-1960s economic strategies and performance across the region diverged. However, by the end of the 1980s, in the face of economic collapse Guyana had abandoned its strategy of “cooperative socialism”, and its economic policies converged with those generally supported by the IMF and World Bank. Despite this policy convergence and shared colonial origins, economic performance and social indicators in Guyana and Barbados have continued to diverge. The paper explores some of the origins of this divergence, and, in particular, the deep seated factors that derive from the countries’ history, geography, and demographics. In Guyana, while the focus on sound macroeconomic policies and donor support has been important, the most pressing requirement for sustained progress is to strengthen domestic institutions and build consensus on the country’s future direction.

Published Date: November 2012
Keywords: Caribbean, Guyana, Barbados, Institutions, Economic History
Author: Michael DaCosta

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