{
  "title": "Dominica: Selected Issues",
  "publication": "IMF Staff Country Reports, July 20, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/dominica-selected-issues-44108",
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  "summary": "This Selected Issues paper presents a proposal for the creation of savings funds (SF) for rehabilitation and reconstruction after natural disasters (ND) in Dominica.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Presents a proposal for the creation of savings funds (SF) for rehabilitation and reconstruction after natural disasters (ND) in Dominica.\n- Concludes that under the parameter calibrations proposed, the SF would be financially sustainable with a low probability of depletion."
    },
    {
      "heading": "Methodology",
      "content": "- Uses a Monte Carlo experiment to calibrate the size of the SF.\n- ND fiscal shocks are estimated from an empirical fiscal model.\n- ND shocks are identified by:\n  - Controlling for other major sources of shock affecting the cyclical fluctuations of output, and government revenue and expenditure.\n  - Calibrating the probability of ND consistent with their historical frequency."
    },
    {
      "heading": "Key Findings",
      "content": "- The Monte Carlo calibration based on the distribution of ND fiscal shocks indicates the SF can be sized to achieve financial sustainability.\n- The analysis finds a low probability of SF depletion under the proposed parameter calibrations."
    },
    {
      "heading": "Policy Implications and Recommendations",
      "content": "- Create savings funds (SF) dedicated to rehabilitation and reconstruction after natural disasters (ND).\n- Calibrate SF size using:\n  - Empirical fiscal models to estimate ND fiscal shocks.\n  - Monte Carlo experiments to account for distributional properties of shocks.\n  - Probabilities of ND consistent with historical frequency.\n- Design SF policy to control for other cyclical sources of shock to output, government revenue, and expenditure when identifying ND-specific shocks.\n\n---\n\n Content in this bundle\n\n- Dominica: Selected Issues; IMF Country Report No. 16/245; June 21, 2016\n  - Dominica: Selected Issues; IMF Country Report No. 16/245; June 21, 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Dominica: Selected Issues; IMF Country Report No. 16/245; June 21, 2016 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/dominica-selected-issues-44108/index.md)",
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    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/dominica-selected-issues-44108/bundle-manifest.json)",
    "Published: July 20, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498377423.002",
    "Presents a proposal for the creation of savings funds (SF) for rehabilitation and reconstruction after natural disasters (ND) in Dominica.",
    "Concludes that under the parameter calibrations proposed, the SF would be financially sustainable with a low probability of depletion.",
    "Uses a Monte Carlo experiment to calibrate the size of the SF.",
    "ND fiscal shocks are estimated from an empirical fiscal model.",
    "ND shocks are identified by:",
    "The Monte Carlo calibration based on the distribution of ND fiscal shocks indicates the SF can be sized to achieve financial sustainability.",
    "The analysis finds a low probability of SF depletion under the proposed parameter calibrations.",
    "Create savings funds (SF) dedicated to rehabilitation and reconstruction after natural disasters (ND).",
    "Calibrate SF size using:",
    "Design SF policy to control for other cyclical sources of shock to output, government revenue, and expenditure when identifying ND-specific shocks.",
    "**Dominica: Selected Issues; IMF Country Report No. 16/245; June 21, 2016**"
  ],
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