An assessment of the economic impact of climate change on the tourism sector in the Bahamas

The Bahamas is at great risk and vulnerability given its geographical features as a low-lying, sea encircled country. If projected sea level rise is reached by 2050, between 10-12% of territory will be lost, especially in coastal zones where the main tourism assets are located. Vulnerability could also be manifested if flight carbon emission taxes are established in the main source markets, representing an economic threat to the tourism sector for the islands. The impact of climate change on main tourism demand variables will cause some losses to the country‟s income and government revenues. This would be acting conjointly with some local threats to tourism assets and trends in future global tourism demand. The second and no less important threat is tropical cyclones, which may be associated with raising sea level. Estimations posited the amount of losses in excess of 2400 million US$ for the four decades under examination. It is to be pointed out that there is still a lack of comparatively accurate data collection and analysis on this subject, a point deserving more attention in order to deepen the understanding of, and to extract better lessons from these extreme events. In the same period, total estimated impacts of progressive climate change are between 17 and 19 billions of B$ with estimated discount rates applied. The Bahamas is a Small Island Developing State with low growth on GHG emissions (second in Latin America), as well as a relative short capacity to lower emissions in the future. The country has a relative delay in the application of renewable energy systems, a solution that, provided documented studies on-site, might turn out to be fundamental in the country‟s efforts to establish mitigation related policies. The Bahamas currently has institutions and organizations that deal with climate change-related issues and an important number of measures and courses of action have been set up by the government. Nevertheless, more coordination among them is needed and should include international institutions. This coordination is essential even for the first steps, i.e. to conduct studies with a bottom-up approach in order to draw more accurate programs on adaptation and mitigation. It is fundamental for tourism to keep track of potential losses in tourist attractions (and to act accordingly), related to correspondent losses in biodiversity, water resources and coastal erosion. Also, actions to fight climate change impacts might improve the islands security standards, quality of living and protect cultural and heritage assets. These elements may definitely shape the future of the country‟s competitiveness as a tourism destination. It is possible and necessary to decide about the options with good cost-benefit ratio and reasonable payback periods, notwithstanding that cost-benefit analysis requires more refined and accurate data to provide precise and locally adapted options.

Socio-demographic analysis of youth in the Caribbean- a three country case study

Many Caribbean youth are doing reasonably well. They live in loving and caring families, attend school and are involved in various social activities in their communities. The health and well-being of the children and youth1 in the Caribbean is, and has been, the centre of attention of many studies, meetings and policy directives set at the regional, subregional and national levels. Programmes have been put in place to address the basic needs of young children in the areas of health and education and to provide guidance and directives to youth and adolescents in the area of professional formation and transition to adulthood. Critical issues such as reproductive health and family planning combined with access to education and information on these topics have been promoted to some extent. And finally, the Caribbean is known for rather high school enrolment rates in primary education that hardly show any gender disparities. While the situation is still good for some, growing numbers of children and youth cannot cope anymore with the challenges experienced quite early in their lives. Absent parents, instable care-taking arrangements, violence and aggression subjected to at home, in schools and among their friends, lack of a perspective in schools and the labour-market, early sexual initiation and teenage pregnancies are some of those issues faced by a rising number of young persons in this part of the world. Emotional instability, psychological stress and increased violence are one of the key triggers for increased violence and involvement in crime exhibited by ever younger youth and children. Further, the region is grappling with rising drop-out rates in secondary education, declining quality schooling in the classrooms and increasing numbers of students who leave school without formal certification. Youth unemployment in the formal labour market is high and improving the quality of professional formation along with the provision of adequate employment opportunities would be critical to enable youth to complete consistently and effectively the transition into adulthood and to take advantage of the opportunities to develop and use their human capital in the process. On a rather general note, the region does not suffer from a shortage of policies and programmes to address the very specific needs of children and youth, but the prominent and severe lack of systematic analysis and monitoring of the situation of children, youth and young families in the Caribbean does not allow for targeted and efficient interventions that promise successful outcomes on the long term. In an effort to assist interested governments to fill this analytical gap, various initiatives are underway to enhance data collection and their systematic analysis2. Population and household censuses are conducted every decade and a variety of household surveys, such as surveys of living conditions, labour force surveys and special surveys focusing on particular sub-groups of the population are conducted, dependent on the resources available, to a varying degree in the countries of the region. One such example is the United Nations Children’s Fund (UNICEF)-funded Multi-Indicator Cluster Surveys (MICS) that assess the situation of children and youth in a country. Over the past years and at present, UNICEF has launched a series of surveys in a number of countries in the Caribbean3. But more needs to be done to ensure that the data available is analyzed to provide the empirical background information for evidence-based policy formulation and monitoring of the efficiency and effectiveness of the efforts undertaken.

Determinants and home-country effects of FDI outflows: Evidence from Latin American countries

Foreign direct investment (FDI) by Latin American companies has increased sharply since the beginning of the 2000s. While most investment flows correspond to firms from large economies (i.e. Argentina, Brazil, Chile, Mexico and Colombia), small economies have also witnessed the increasing internationalisation of their domestic companies. This study examines the strategies followed by multinational enterprises (MNEs) from Latin America when they decide to invest in other countries, highlighting differences by sector and issuer-country size. To that end a new database, which comprises quantitative information on the main operations abroad of Latin American enterprises (both greenfield, and mergers and acquisitions) was constructed, based on fDi Markets and Thomson Reuters Datastream. It also investigates the home-country effects of outward foreign direct investment (OFDI) by conducting a case study of Costa Rica through a representative sample of firms investing abroad.