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In this study, we assess the size of the government wage bill and employment in the member countries of the Eastern Caribbean Currency Union and their implications for fiscal sustainability and the adequacy of public service delivery. Over the period 2005 to 2015 their wage bill (as a percentage of GDP, government revenues and expenditures) is higher than in other small states notwithstanding recent efforts by governments to make it more manageable. The composition and distribution of employment is sub-optimal and is reflected in skills mismatches contributing to inefficiencies in public service delivery. Using a dynamic fixed-effects panel, we find that wage bill growth reflects the expansion of government activities to speed up economic and social development and that wage bill spending is procyclical in good times but is rigid during downturns. Finally, we identify the main institutional and legal reforms needed to improve wage bill management and public service efficiency.

Wages --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Econometric models. --- Labor --- Public Finance --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Welfare Programs --- Wages, Compensation, and Labor Costs: General --- Personnel Economics: General --- Employment --- Unemployment --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Incomes Policy --- Price Policy --- Labour --- income economics --- Public finance & taxation --- Public employment --- Government wage bill --- Wage adjustments --- Expenditure --- Economic theory --- Antigua and Barbuda --- Income economics

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Government Wage Bill Management and Civil Service Reform in the Eastern Caribbean Currency Union.

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This paper analyses the prudential liquidity management framework, in particular the quantitative indicators employed by the central bank of Rwanda in response to the domestic liquidity crisis in 2008/09. It emphasises that the quantitative methods used in the monitoring and assessment of systemic liquidity risk are inadequate because they did not signal the liquidity crises ex-post. There are quick gains to be made from augumenting the liquidity risk indicators with more dynamic liquidity stress tests so that compliance will be achieved through lengthening the maturities of both assets and liabilities on the balance sheet as opposed to simply holding more liquid assets. The paper recommends that policy emphasis shift toward reforms that strengthen systemic liquidity risk assesment, monetary policy implementation as well as improve the efficiency of Rwanda's financial system.

Financial risk management --- Liquidity (Economics) --- Banks and banking, Central --- Banks and banking --- Global Financial Crisis, 2008-2009 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Assets, Frozen --- Frozen assets --- Risk management --- Econometric models. --- State supervision --- Banks and Banking --- Finance: General --- Portfolio Choice --- Investment Decisions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- Financial services law & regulation --- Liquidity --- Liquidity risk --- Liquidity indicators --- Asset and liability management --- Financial regulation and supervision --- Liquidity management --- Liquidity stress testing --- Financial sector policy and analysis --- Economics --- Rwanda