ECCB
ANNUAL REPORT 2014/2015
17
EASTERN CARIBBEAN CENTRAL BANK
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An Examination of Interest Rate Convergence
in the ECCU Banking Sector;
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Towards a Policy on Foreign Direct Investment
within the Context of OECS Economic Union;
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Convergence and Macroeconomic Adjustment;
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The Tourism-Growth Link in the ECCU:
Evidence from Panel Co-integration;
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The Investment Paradox;
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The Stock Market and Macroeconomic
Variables: Evidence from the ECCU; and
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Foreign Demand, Exports and Diversification.
The Bank presented papers at two external conferences
during the year: (i) the 34
th
Central Bank of Barbados
Review Seminar and (ii) the 46
th
Annual Monetary
Studies Conference organised by the Caribbean
Centre for Money and Finance (CCMF). A paper
titled: “The Impact of Natural Disasters on Public
Debt Accumulation in Selected ECCU Countries”,
was presented at the Central Bank of Barbados Review
Seminar. The paper examined the impact of natural
disasters on ECCU economies, and proposed that
severe disasters led to an increase in the public Debt
to GDP Ratio. A study on “Macro-financial Linkages
in the ECCU” was delivered at the Annual Monetary
Studies Conference.
Two volumes of the ECCB Working Paper Series
were published on the Bank’s website during the
period. The first volume, published in June 2014,
include three papers:
1. A Critical Assessment of the Theoretical
Framework of IMF Adjustment Programmes;
2. Accommodations, Occupancy Rates and ECCU
Tourism Development; and
3. Has the Credit-GDP Relationship Changed?
The second volume was a Special Edition Working
Paper Series, featuring the work of the 2014 University
of the West Indies summer interns. The papers in that
volume are:
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•
Trade Policy in the ECCU and Implications for
Competitiveness: Assessing the Viability of the
Canada-Caricom FTA;
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•
Exploring Opportunities for ECCU Tourism:
Looking Toward the Emerging Economies;
and
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•
Specialisation vs Diversification: The
Implications for Economic Growth in the
ECCU.
Economic Surveillance
The economic surveillance and intelligence gathering
function of the Bank is concentrated in the Research
Department, executed primarily through the Country
Economist Unit. The main objective of the economic
surveillance function is to monitor developments in
member countries and disseminate macro data and
information via the publication of quarterly reviews
and annual reports. In addition, technical assistance is
provided to member governments in their preparation
for missions of international organisations, such as the
IMF and The World Bank, and in the preparation of
policy papers relating to fiscal and debt stabilisation
issues in member countries.
In fulfilment of its surveillance mandate, the Bank
prepared and published four economic and financial
reviews for 2014 - three quarterly and one annual.
