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Exchange rate regimes and monetary autonomy : empirical evidence from selected Caribbean countries

By:

Craigwell, Roland

Material type: Text

TextPublication details: [Caribbean Centre for Money and Finance] [St. Augustine]TT 2007Description: 27 pAction note:

11/19/08 JOYD

Summary: Uses the error correcting methodology to investigate how pegged and non-pegged exchange rate regimes in a set of Caribbean countries affect the closeness of the relationship between changes in a base country rate and the local rate. Supports the open economy macroeconomic policy trilemma proposition that only two of the following goals - stability in the exchange rate, national independence in monetary policy and free capital mobility - can be achieved simultaneously.

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Uses the error correcting methodology to investigate how pegged and non-pegged exchange rate regimes in a set of Caribbean countries affect the closeness of the relationship between changes in a base country rate and the local rate. Supports the open economy macroeconomic policy trilemma proposition that only two of the following goals - stability in the exchange rate, national independence in monetary policy and free capital mobility - can be achieved simultaneously.

11/19/08 JOYD

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