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    THREE ESSAYS ON THE PROPOSED CARIBBEAN MONETARY UNION

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    Genre
    Thesis/Dissertation
    Date
    2014
    Author
    BRAITHWAITE, SAMUEL
    Advisor
    Fardmanesh, Mohsen
    Committee member
    Khemraj, Tarron
    Kushnirsky, Fyodor I.
    Swanson, Charles E.
    Department
    Economics
    Subject
    Economics
    Ad-as
    International Macroeconomics
    Monetary Integration
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/2622
    
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    DOI
    http://dx.doi.org/10.34944/dspace/2604
    Abstract
    This thesis asks the question, is there economic justification for two CARICOM countries forming a currency union? There is a theoretical component consisting of a dynamic stochastic general equilibrium (DSGE) model, and an empirical component utilizing vector autoregressions and cointegration analyses. More specifically, the reactions of two, small, open economies, to symmetric and asymmetric shocks, with and without a currency union, are investigated. Secondly, the demand and supply shocks between country pairs are examined to determine whether positive correlations exist. Thirdly, the thesis looks at the issue of economic convergence, especially given the coordinated efforts of CARICOM member states towards an environment conducive for a currency union. The theoretical results support the traditional view that countries with symmetric shocks are better candidates for a currency union, while those with asymmetric shocks are not. The empirical work supports the formation of currency unions for the following country pairs, Grenada-St. Kitts, Grenada-St. Vincent, Trinidad-Grenada, and Trinidad-St. Vincent.
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