ECCB 2016/2017 Annual Report

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14 ECCB ANNUAL REPORT 2016/2017
the Current Account, Financial Stability and
Economic Structure;
c. Sustainable Economic Development in Small
Island States: Does Population Density Matter?;
d. The Social Dimensions of Growth;
e. Revisiting the Role of Marketing Boards in
Responding to a Modern Agricultural Sector:
Case Studies of Grenada and Saint Lucia;
f. Can the Eastern Caribbean Central Bank Better
Influence Fiscal Policy in its Member States?;
g. Establishment of a Conceptual Framework for
Fiscal Rules: A Case for the ECCU;
h. The Governance Framework of Citizens by
Investment (CBI) Flows;
i. Offshore Manufacturing Services;
j. Financial Stability and Growth in the Eastern
Caribbean Currency Union;
k. Credit and the ECCU Macroeconomic
Environment;
l. Construction and Economic Growth – Is the
Current Model Sustainable?;
m. Macro Prudential Policy in a Currency Board;
n. Developing a Banking Stability Index for the
ECCU;
o. St Kitts and Nevis Housing and Real Estate Price
Index;
p. Harnessing the Benefits of Foreign Direct
Investment (FDI) Through Linkages;
q. Brexit: What Brexit Means for the Eastern
Caribbean; and
r. The New Age of Education: The Role of
Information Technology in the ECCU.
The Bank published two volumes of the ECCB Working
Paper Series on its website. The first volume features
a research paper titled: “Towards a Policy on Foreign
Direct Investment Within the Context of the OECS
Economic Union.” The paper was presented at the 35th
Central Bank of Barbados Review Seminar. The second
volume contains two working papers: (i) Risk and
Capital Adequacy: A Preliminary Examination of ECCU
Commercial Banks ; and (ii) Sovereign Wealth Funds:
A Model for Citizenship by Investment in the ECCU.
The former was initially delivered at the 47th Annual
Monetary Studies Conference held by the Caribbean
Centre for Money and Finance (CCMF).
The Bank participated in the 48th Annual Monetary
Studies Conference hosted by the Central Bank of
Bahamas, in collaboration with the CCMF. The paper
titled: The Determinants of Credit-less Recoveries in
the Eastern Caribbean Currency Union was presented
at the conference. The paper attempts to broaden
understanding of credit-less recoveries in the ECCU
by identifying the conditions under which they occur
and differentiating them from normal recoveries.
Recommendations are also proffered to policymakers
on how they should respond to such incidences. In
addition, the Bank partnered with the IMF on the topic:
Non-Performing Loans in the ECCU: Determinants and
Macroeconomic Impact, an articlewhichwas published
subsequently as an IMF Working Paper in November
2016. The paper assesses the determinants of non-
performing loans, while identifying whether asset
quality deterioration may cause negative feedback
effects from the banking sector to economic activity.
In memory of the late Garfield T Riley, who was an
exemplary employee in the Research Department, the
Bank launched a compilation of papers and briefs he
produced during his tenure at the Bank, and renamed
its weekly Seminar Series as the “Garfield T Riley
Seminar Series” on 2 December 2016. The Seminar
Series provides an avenue for discussion on research