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Economic Resilience with An Exchange Rate Peg; The Barbados Experience, 1985-2000

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

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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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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  1. 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.
  2. Michael Kumhof, 2001. "A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks," Working Papers Central Bank of Chile 127, Central Bank of Chile.
  3. Nancy P. Marion & Robert P. Flood, 1998. "Perspectiveson the Recent Currency Crisis Literature," IMF Working Papers 98/130, International Monetary Fund.
  4. Karl Friedrich Habermeier & Mario Mesquita, 1999. "Long-Run Exchange Rate Dynamics; A Panel Data Study," IMF Working Papers 99/50, International Monetary Fund.
  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; Extension of the Macroeconomic Balance Approach," IMF Occasional Papers 167, International Monetary Fund.
  7. 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.
  8. 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.
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