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The Eastern Caribbean Central Bank : challenges to an effective lender of last resort
Authors: --- ---
ISBN: 145191525X 1462384048 9786612841651 1282841653 1451870728 1452707707 Year: 2008 Volume: WP/08/214 Publisher: [Washington, District of Columbia] : International Monetary Fund,

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Abstract

The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of currency union members may veto emergency lending in the case of a member-specific shock, as such lending may endanger the stability of the currency board (by lowering the central bank's international reserves, thus raising devaluation risk). However, in the presence of contagion across countries, all currency union members have a vested interest in liquidity supply from the central bank. A key policy recommendation is that currency union members need a stronger fiscal position to continue to access international financial markets and sustain the exchange rate peg.

The Eastern Caribbean Currency Union : Institutions, Performance, and Policy Issues
Authors: --- --- --- ---
ISBN: 1557758948 145526802X 1452715688 9781557758941 Year: 2000 Volume: 195 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

The Eastern Caribbean Central Bank is one of just a few regional central banks in the world and the only one where the member countries have pooled all their foreign reserves, the convertability of the common currency is fully self-supported, and the parity of the exchange rate has not changed. This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union, and looks at the regional financial system, its supervision, and the central bank's initiatives to establish a single financial space. The paper includes a large amount of statistical information that is not readily available elsewhere from a single source.

Keywords

Zonder onderwerpscode --- Monetary unions --- History --- Eastern Caribbean Currency Union --- Eastern Caribbean Central Bank --- -339.732 <8> --- CAR / Caribbean Countries - Antillen - Antilles --- 333.432.9 --- 330.05 --- 332.49729 --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire--Zuid-Amerika --- Arabisch monetair fonds. --- -Eastern Caribbean Currency Union --- -ECCU --- ECCB --- East Caribbean Currency Authority --- Working papers --- Centrale banken: Oostelijke Caribische Staten --- Monetetaire unies: Oostelijke Caribische Staten --- Valuta-unies: Oostelijke Caribische Staten --- History. --- Centrale banken: Oostelijke Caribische Staten. --- Monetetaire unies: Oostelijke Caribische Staten. --- Valuta-unies: Oostelijke Caribische Staten. --- -History --- 339.732 <8> Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem--Zuid-Amerika --- 339.732 <8> Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire--Zuid-Amerika --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem--Zuid-Amerika --- 339.732 <8> --- Arabisch monetair fonds --- ECCU --- Monetary unions - Caribbean Area - History --- Banks and Banking --- Investments: Commodities --- Investments: General --- Public Finance --- Industries: Financial Services --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Agriculture: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Investment & securities --- Finance --- Public finance & taxation --- Monetary economics --- Commercial banks --- Agricultural commodities --- Loans --- Public investment spending --- Financial institutions --- Commodities --- Credit --- Expenditure --- Banks and banking --- Farm produce --- Public investments --- Antigua and Barbuda

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