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Economic Resilience with An Exchange Rate Peg

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Author Info

  • Roland Craigwell
  • Kevin Greenidge
  • Harold Codrington
  • DeLisle Worrell

Abstract

This paper discusses the institutional arrangements for exchange rate targeting in Barbados and the critical role they played in the policy response to its balance of payments crisis of 1991-92. The framework featured ongoing cooperation between the central bank and the Ministry of Finance, and the use of a forecast model which highlighted the size of fiscal adjustment needed to secure foreign reserves adequate to maintain the exchange rate peg.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/168.

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Length: 24
Date of creation: 01 Aug 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/168

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Related research

Keywords: Currency pegs; central bank; inflation; foreign exchange; exchange rate; foreign exchange reserves; exchange reserves; monetary policy; exchange rate peg; monetary fund; exchange rate anchor; foreign investment; exchange rate changes; currency areas; inflation-targeting; monetary targets; nominal exchange rate; foreign exchange operations; monetary authorities; monetary base; monetary authority; exchange rate dynamics; real exchange rate; exchange rate pegs; monetary integration; exchange operations; exchange rate policy; real exchange rates; foreign exchange earnings; monetary dynamics; exchange rate targeting; monetary measure; monetary sector; exchange earnings; fixed exchange rate; exchange rates; money supply;

References

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  1. Karl Friedrich Habermeier & Mario Mesquita, 1999. "Long-Run Exchange Rate Dynamics," IMF Working Papers 99/50, International Monetary Fund.
  2. Holder, Carlos & Worrell, DeLisle, 1985. "A model of price formation for small economies : Three Caribbean examples," Journal of Development Economics, Elsevier, vol. 18(2-3), pages 411-428, August.
  3. Robert Flood & Nancy Marion, 1998. "Perspectives on the Recent Currency Crisis Literature," NBER Working Papers 6380, National Bureau of Economic Research, Inc.
  4. Michael Kumhof, 2000. "A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks," Working Papers 00022, Stanford University, Department of Economics.
  5. Robert P. Flood & Joshua Aizenman, 1992. "A Theory of Optimum Currency Areas: Revisited," IMF Working Papers 92/39, International Monetary Fund.
  6. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
  7. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
  8. Boamah, Daniel & Craigwell, Roland, 1993. "Substitution possibilities between imports and traditional factors of production for a small open economy," The North American Journal of Economics and Finance, Elsevier, vol. 4(2), pages 211-223.
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Citations

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Cited by:
  1. Khemraj, Tarron & Pasha, Sukrishnalall, 2011. "Monetary sterilization and dual nominal anchors: some Caribbean examples," MPRA Paper 34503, University Library of Munich, Germany.

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