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With a fixed peg to the U.S. dollar for more than three decades, the tourism-dependent Eastern Caribbean Currency Union (ECCU) countries share a close economic relationship with the U.S. This paper analyzes the impact of the United States on ECCU business cycles and identifies possible transmission channels. Using two different approaches (the common trends and common cycles approach of Vahid and Engle (1993) and the standard VAR analysis), it finds that the ECCU economies are very sensitive to both temporary and permanent movements in the U.S. economy and that such linkages have strengthened over time. There is, however, less clear-cut evidence on the transmission channels. United States monetary policy does not appear to be an important channel of influence, while tourism is important for only one ECCU country.
Business & Economics --- Economic Theory --- Business cycles --- Economics --- Econometrics --- Exports and Imports --- Macroeconomics --- Business Fluctuations --- Cycles --- Economic Growth of Open Economies --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Externalities --- Commodity Markets --- Remittances --- Economic growth --- Econometrics & economic statistics --- International economics --- Vector autoregression --- Spillovers --- Commodity prices --- Econometric analysis --- Financial sector policy and analysis --- Prices --- Balance of payments --- International finance --- United States
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Recent turbulence in global and Caribbean regional financial markets underscore the importance of reassessing the adequacy of international reserves held by the Eastern Caribbean Central Bank (ECCB). Using the Jeanne (2007) optimization framework, this paper finds that international reserves held by the ECCB are generally adequate for a variety of external current account and capital account shocks. However, the ECCB would be challenged in the event of moderate to severe deposit outflows.
Commerce --- Business & Economics --- Accounting --- Reserves (Accounting) --- Monetary unions --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Amortization --- Sinking-funds --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Lending and Debt Problems --- Banking --- International economics --- Monetary economics --- International reserves --- Monetary base --- Current account --- External debt --- Capital account --- Foreign exchange reserves --- Balance of payments --- Money supply --- Debts, External --- United States
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Reptiles, Fossil. --- Reptiles --- Reptiles --- Skeleton. --- Anatomy. --- Classification.
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The paper analyzes the determinants of banking spreads in Barbados, with a view to identifying the role of the monetary policy regime in explaining high spreads. The paper finds that interest rate spreads for Barbados are higher than would be suggested by its macroeconomic performance. Banking concentration and bank-specific variables, including bank size and provisions for nonperforming loans, do not have an important role in explaining variations in bank spreads. Rather, it appears that monetary policy variables, such as reserve requirements and capital controls, are the most important determinants of spreads.
Banks and banking -- Barbados. --- Electronic books. -- local. --- Interest rates -- Barbados. --- Monetary policy -- Barbados. --- Finance --- Business & Economics --- Financial Management & Planning --- Banks and banking --- Monetary policy --- Interest rates --- Money market rates --- Rate of interest --- Rates, Interest --- Monetary management --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Interest --- Economic policy --- Currency boards --- Money supply --- Financial institutions --- Money --- Banks and Banking --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Credit ratings --- Deposit rates --- Bank credit --- Credit --- Barbados
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Vertebrates, Fossil --- Paleontology --- Paleontology --- Animals, Fossil
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