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The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues

Author

Listed:
  • Mrs. Ruby Randall
  • Mr. Jorge Shepherd
  • Mr. Frits Van Beek
  • Mr. J. R. Rosales
  • Ms. Mayra Rebecca Zermeno

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.

Suggested Citation

  • Mrs. Ruby Randall & Mr. Jorge Shepherd & Mr. Frits Van Beek & Mr. J. R. Rosales & Ms. Mayra Rebecca Zermeno, 2000. "The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues," IMF Occasional Papers 2000/012, International Monetary Fund.
    • Handle: RePEc:imf:imfops:2000/012
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    Citations

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    Cited by:

    1. Ricci, Luca Antonio, 2008. "A Model of an Optimum Currency Area," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-31.
    2. -, 2004. "Issues, effects and implications of the Free Trade Area of the Americas (FTAA) Agreement for CARICOM economies," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 27552, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. John Hawkins & Paul Masson, 2003. "Economic aspects of regional currency areas and the use of foreign currencies," BIS Papers chapters, in: Bank for International Settlements (ed.), Regional currency areas and the use of foreign currencies, volume 17, pages 4-42, Bank for International Settlements.
    4. Aman, Moustapha & Nenovsky, Nikolay, 2022. "Stabilité monétaire et Currency Board régional : Vers un système à deux niveaux pour accélérer l'intégration régionale dans la Corne de l'Afrique. (Une proposition de politique monétaire) [Monetary," MPRA Paper 115298, University Library of Munich, Germany.
    5. Moustapha Aman & Nikolay Nenovsky, 2022. "Monetary stability and regional currency board: towards a two-tier system to accelerate regional integration in the Horn of Africa: a policy proposal," Working Papers hal-04084421, HAL.
    6. Mr. Pablo F Druck & Mr. Mario Dehesa, 2008. "The Eastern Caribbean Central Bank: Challenges to an Effective Lender of Last Resort," IMF Working Papers 2008/214, International Monetary Fund.
    7. Lee, Hyunchul & Kim, Heeho, 2020. "Time varying integration of European stock markets and monetary drivers," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 369-385.

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