Publication:
Caribbean Social Protection Reponses to Surging Inflation

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dc.contributor.authorTesliuc, Cornelia
dc.contributor.authorPaffhausen, A. L.
dc.contributor.authorAvila, C.
dc.date.accessioned2024-04-10T15:48:27Z
dc.date.available2024-04-10T15:48:27Z
dc.date.issued2024-04-10
dc.description.abstractIn 2022, the Caribbean experienced an extraordinary inflation surge not seen in over a decade, hitting Caribbean households just as they were recovering from the economic repercussions of the COVID-19 pandemic and slowing recovery of living standards. Faced with soaring inflation, Caribbean policymakers seeking to mitigate the negative impacts on the population, especially on poor households, responded predominantly through subsidies, tax measures, and social assistance interventions. Subsidies, the single most used policy measure in the Caribbean, are relatively easy and swift to implement; however, this intervention is costly, regressive, and detrimental to the environment. Alternative policy response measures, such as targeted subsidies and cash transfers, can significantly reduce the fiscal cost, improve equity, and be environmentally friendly. Distributional outcomes also improve significantly when consumption-based universal subsidies are switched out for either universal or targeted flat benefit cash transfers. To strengthen the adaptive capacity of social protection (SP) systems in the Caribbean, especially to deliver successful cash transfer interventions, improvements to SP programs and delivery systems are required. Finally, to strengthen the adaptive capacity of SP systems in the Caribbean, further progress on the adaptive SP building blocks is necessary.en
dc.identifierhttp://documents.worldbank.org/curated/en/099011524164041723/P1805881cbe55c0fd1a8d71ea4bf565a31f
dc.identifier.doi10.1596/41398
dc.identifier.urihttps://hdl.handle.net/10986/41398
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectINFLATION
dc.subjectCOST OF LIVING
dc.subjectSOCIAL PROTECTION SYSTEMS
dc.titleCaribbean Social Protection Reponses to Surging Inflationen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleCaribbean Social Protection Reponses to Surging Inflation
okr.date.disclosure2024-04-10
okr.date.lastmodified2024-04-05T00:00:00Zen
okr.doctypeReport
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099011524164041723/P1805881cbe55c0fd1a8d71ea4bf565a31f
okr.guid099011524164041723
okr.identifier.docmidP180588-cbe55c7c-7a16-49fd-a8d7-ea4bf565a31f
okr.identifier.doihttps://doi.org/10.1596/41398
okr.identifier.externaldocumentum34240051
okr.identifier.internaldocumentum34240051
okr.identifier.report187003
okr.import.id3855
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099011524164041723/pdf/P1805881cbe55c0fd1a8d71ea4bf565a31f.pdfen
okr.region.geographicalCaribbean
okr.sectorSocial Protection
okr.themeSocial Safety Nets,Human Development and Gender,Data Development and Capacity Building,Food Security,Social Protection,Social Development and Protection,Public Sector Management,Social Insurance and Pensions,Data production, accessibility and use,Nutrition and Food Security
okr.topicMacroeconomics and Economic Growth::Inflation
okr.unitSocial Protection & Labor LCR (HLCSP)
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