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Towards a single regional currency in the Caribbean and Pacific regions

Jayaraman, Tiruvalangadu K. (2007) Towards a single regional currency in the Caribbean and Pacific regions. Journal of Social and Economic Studies, 56 (1&2). pp. 135-181. ISSN 0037-7651

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Economic integration in Europe has inspired many initiatives in other regions as well. One of the earliest attempts to imitate the European monetary union was the initiative announced in 1992 by the member countries of the Caribbean Community (CARICOM) for forming a single market and economy. Despite progress since then in many areas including harmonization of tax and various other policies and setting formal regional institutions including a Supreme Court, a common currency is still far off. On the other hand, the Pacific Islands Forum gave concrete shape only very recently, in late 2003, to integration efforts by agreeing to promote freer trade by 2010. The objective of the paper is to review the Caribbean experiences, which are of relevance to the Pacific region. In tracing recent progress in CARICOM, the paper focuses on the stability of most exchange rates, in terms of US dollar values, which has suggested to some observers that the US dollar should be adopted as the common currency, an idea, which parallels the Australian suggestion for the Pacific region. Future directions towards which the two regions can move for reaching the objective of a single economic space are indicated.

Item Type: Journal Article
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Business and Economics (FBE) > School of Economics
Depositing User: Ms Mereoni Camailakeba
Date Deposited: 20 Oct 2007 02:38
Last Modified: 25 May 2012 05:13

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