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Economic Resilience with An Exchange Rate Peg: The Barbados Experience, 1985-2000
Author: Roland Craigwell, Kevin Greenidge, Harold Codrington, and Mr. Rupert D Worrell
Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 168
Language:
English
Publication Date:
01 Aug 2003
DOI:
https://doi.org/10.5089/9781451858280.001
ISBN:
9781451858280
ISSN:
1018-5941
Pages:
24
Keywords:
WP; balance of payments; central bank; fiscal policy; monetary policy; Stabilization policy; Exchange rate; Caribbean; Barbados exchange rate anchor; cash flow; adjustment program; rate of return; Barbados economy; price effect; Barbados' balance of payments crisis; central bank of Barbados; Barbados policy framework; derived demand; Barbados experience; Phillips curve; International reserves; Inflation; Fiscal consolidation
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund