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    Monetary policy, central banking and economic performance in the Caribbean

    Boyd, D. and Smith, Ron P. (2012) Monetary policy, central banking and economic performance in the Caribbean. Kingston, Jamaica: University of West Indies Press. ISBN 9789766402525.

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    Despite their common British colonial heritage, the twelve Caribbean economies examined in this book exhibit a wide variety of monetary regimes. These include a currency union, currency board, and fixed and floating exchange rate regimes which allow for a range of rules and discretionary-based monetary policies. Derick Boyd and Ron Smith trace the historical origins and evolution of this variety of Caribbean institutions and examine the effect of policy regime on economic performance, using theoretical economic analysis and several econometric techniques, which they explain in detail. Their conclusion is that better economic performance has benefited from an embedded tradition of conservative central banking, either hardwired, as in the case of a currency board, or through discretionary policies, a tradition which seems to have been largely eroded in the resource-rich economies. “This book is a work of impressive scholarship. It is essential reading for Caribbean economists who seek to understand the institutional evolution of Caribbean monetary regimes over the colonial era and since independence, and for regional economic policymakers perplexed by the wide variation of economic performance among Caribbean states.”—Sir Courtney Blackman, Founding Governor, Central Bank of Barbados. “The authors provide a detailed explanation of the theoretical monetary relationship that underlies the establishment of colonial Caribbean monetary relations and trace the changes that underlie the contemporary Caribbean monetary institutional framework. They offer a valuable explanation and analysis of the determination of contemporary Caribbean monetary policies. It is a benchmark study of Caribbean monetary policy and central banking.”—Kempe Ronald Hope, United Nations Development Programme.


    Item Type: Book
    School: School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Research Centres and Institutes: Applied Macroeconomics, Birkbeck Centre for, Innovation Management Research, Birkbeck Centre for
    Depositing User: Sarah Hall
    Date Deposited: 12 May 2014 16:13
    Last Modified: 15 Oct 2019 09:04


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