EXPLORING LIQUIDITY LINKAGES AMONG CARICOM BANKING SYSTEMS

Author(s): LOWE, SHANE; GROSVENOR, TIFFANY; (2011)

Created 25 Jul, 2011
Categories Working Papers
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Given the recent effects of the global financial crisis on Caribbean economies, the impact the CL Financial/CLICO upheaval has had across the ECCU and other Eastern Caribbean States, the common ownership of a number of financial institutions across the region, and the proposed movements toward a CARICOM single market and economy (the CSME), much attention needs to be paid towards examining the level of interconnectedness of financial markets. The domestic banking sectors of CARICOM represent the largest and most important of the individual countries’ onshore financial systems and any great shocks to these systems can have serious consequences on the financial confidence and economic performance/stability of these countries. As such, the paper seeks to evaluate whether there exists any linkages across the Caribbean with respect to the liquidity of banking systems, in an effort to assess the extent to which financial contagion can become a severe problem.

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