Central Bank of Barbados

St. Michael, Barbados

Central Bank of Barbados

St. Michael, Barbados
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Jackman M.,Central Bank of Barbados | Lorde T.,The University of the West Indies, Cave Hill Campus | Lowe S.,Central Bank of Barbados | Alleyne A.,Research and Planning Unit
Anatolia | Year: 2011

This paper analyses the competitiveness of eighteen small island developing states (SIDS) over the period 2000-2007 employing the technique of revealed comparative advantage. We find that most SIDS had at the very least a weak comparative advantage on average. Of particular note, the results indicate that competitiveness in most SIDS increased over the sample period. However, in spite of their improvements, none of the countries at any point in time displayed a strong comparative advantage. This would then call for a need for policy makers in SIDS to further upgrade their tourism products in order to improve competitiveness and sustain tourism. © 2011 Taylor & Francis.


Lorde T.,The University of the West Indies, Cave Hill Campus | Lowe S.,Central Bank of Barbados | Francis B.,The University of the West Indies, Cave Hill Campus
International Journal of Tourism Research | Year: 2013

Given Barbados' recent history of persistent current account deficits and reliance on tourism as a major source of foreign exchange and driver of the economy, this paper investigated the contribution of tourism receipts to the sustainability of Barbados' current account deficits. Utilizing an inter-temporal budget approach, it was found that Barbados' current account deficits were weakly sustainable as a result of tourism's contribution, underscoring the island's dependence on the industry. © 2012 John Wiley & Sons, Ltd.


Moore W.,The University of the West Indies, Cave Hill Campus | Stanford S.,Central Bank of Barbados
Journal of Economic Studies | Year: 2010

Purpose: The purpose of this paper is to investigate the main determinants of dependency on food aid programmes. Food aid may take the form of a loan, a sale below market price or a current transfer. Food aid programmes across the globe are generally designed to provide short-term assistance to countries. However, many countries have developed a dependence on food aid assistance. Design/methodology/approach: The paper estimates cross-sectional regressions using a database containing 116 developing countries over the period 1970-2003. Bayesian averaging of classical estimates is employed to identify the robust determinants of dependency. Findings: The study finds that the top two determinants of food aid dependence (both cereals and non-cereals) were food production and the frequency of droughts affecting the country. Food inflation, population density, crop yields, the amount of arable land per capita, the rule of law and the number of armed conflicts were also robustly related to aid dependence. Practical implications: These findings suggest that international donors should focus primarily on offsetting the substitution effect of aid on local production as well as implement systems to partially offset the negative effects of droughts, if they are to break the cycle of dependence on food aid. Originality/value: Previous studies have investigated the effects of a large number of other variables. The findings from these papers were somewhat conflicting due to differences in model specification. To identify the variables that have a robust relationship with food aid dependence, whatever the model specification, the Bayesian averaging of classical estimates approach proposed by Sala-i-Martin et al. is employed. © Emerald Group Publishing Limited.

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