||Haynes, Cleviston; Worrell, DeLisle (1987)
This paper assesses the statistical significance of currency substitution in two Caribbean economies - Barbados and Jamaica. A model of the demand for money and interest bearing deposits is presented. The explanatory variables, which all feature in previous models of a symmetrical currency substitution, include income, local and foreign interest rates and domestic and foreign rates of inflation. It concludes with empirical results.