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This paper examines the development of the financial sector in Barbados over the period 1946-1990. In four sections the issues in the theoretical literature on the relationship between the financial structure and economic development are discussed. It reviews the institutional development of the Barbadian financial sector, and provides empirical evidence on the interrelationship between real and financial sector development in Barbados and on the financial repression hypothesis. The current evidence on the casual relationship between financial and real development in Barbados are given and conclusions are in the final section. (Institute of Social and Economic Research, University of the West Indies, Cave Hill)