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From board to bank: The Bahamas' monetary transition and a comparative analysis of economic outcomes and policy rationality

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  • Philip PROKAS

    (Bahamas)

Abstract

This paper seeks to answer whether the replacement of the Bahamas currency board by a central bank was a rational decision given the subsequent economic performance climate of the central bank and the Bahamian economy. The paper describes the currency board’s establishment; its switch from the pound sterling to the U.S. dollar as the anchor currency; and its replacement by a proto-central bank soon succeeded by the Central Bank of the Bahamas, which continues in existence today. Statements of the currency board from the Bahamas Gazette as well as other sources will help analyze the aforementioned periods and illustrate the effects each transition had on the economy. The paper will examine the later years of the currency board and test whether it behaved in an orthodox or unorthodox manner as well as exploring its relation to government finance.

Suggested Citation

  • Philip PROKAS, 2025. "From board to bank: The Bahamas' monetary transition and a comparative analysis of economic outcomes and policy rationality," Journal of Economics Library, EconSciences Journals, vol. 12(3), pages 159-171, September.
    • Handle: RePEc:cvv:journ5:v:12:y:2025:i:3:p:159-171
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    References listed on IDEAS

    as
    1. Steve H. Hanke and Kurt Schuler, 1993. "Currency Boards and Currency Convertibility," Cato Journal, Cato Journal, Cato Institute, vol. 12(3), pages 687-727, Winter.
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    More about this item

    Keywords

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    JEL classification:

    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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