The Caribbean has a new resource which addresses one of the most contentious issues in economic policy in the Caribbean – devaluation of the exchange rate.
Former Governor of the Central Bank of Barbados Dr Delisle Worrell has authored a book entitled, Development and Stabilisation in Small Open Economies: Theories and Evidence from Caribbean Experience which provides explanations of the effects on the development of small economies of other economic policies including interest rate changes, tax policies and government subsidies.
“I explain what makes an economy competitive and the factors that promote investment and productivity,” said Worrell.
The former governor donated a copy of his work to the Sir Arthur Lewis Institute for Social and Economic Studies (SALISES) of The University of the West Indies in a brief ceremony on June 1 in the Audine Wilkinson Library of SALISES at the Cave Hill campus.
SALISES Director Professor Don Marshall expressed his gratitude to Dr Worrell stating the publication is an invaluable resource to both social and economic professionals and students with a vested interest in the region.
“On behalf of my fellows and colleagues across the university, that is Mona, St. Augustine and Cave Hill, thank you for gifting this book to us,” Professor Marshall said.
He also credited Dr Worrell for taking the time to craft this latest work weaving key issues of his professional life as a central banker alongside sharply-contested ideas and debates that occupy the pages of academic journals.
“One of the key features of the book is the in-depth explanations about political economy effects arising from interest rate adjustments, tax policies, government subsidies, how government expenditures are allocated, stockpiling foreign reserves, and government debt. Here we are treated to a deep dive into what works and what is inimical to growth and development among small economies,” Professor Marshall stated.
The book was published in January 2023 and is relevant to the fields of Economics, Finance, Business and Industry, Politics & International Relations. (PR)