What Does The New Global Economic Order Mean For Caricom Central Banks?

CARICOM central banks have not been particularly successful in undertaking the classical functions of central banks, but perhaps in the new order they can find an effective niche. The central banks' crucial contribution is its role as a source of information for economic decision-making, for go...

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Bibliographic Details
Published in:Journal of eastern Caribbean studies 2007-09, Vol.32 (3), p.70-84
Main Author: Worrell, DeLisle
Format: Article
Language:English
Subjects:
Balance of payments
Caribbean
CARICOM
Central banks
Decision making
Economic change
Globalization
Information dissemination
Monetary policy
New international economic order
Roles
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Summary:CARICOM central banks have not been particularly successful in undertaking the classical functions of central banks, but perhaps in the new order they can find an effective niche. The central banks' crucial contribution is its role as a source of information for economic decision-making, for government authorities, businesspersons and households and citizens. Although this is not conventional central banking, in CARICOM countries no other institution is so well positioned as central banks to undertake this task. Globalization has not affected the mission of Caribbean central banks. Information networks within the CARICOM region are particularly weak, well short of what is needed for effective policymaking in the current economic environment. The immediate priorities for central banks are, therefore, better coordination with fiscal authorities in the use of information for decision making, better use of the Internet and better regional sharing of economic information on performance and on future prospects.
ISSN:1028-8813