ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

14

Economic Union.” The paper was presented at the 35 th Central Bank of Barbados Review Seminar. The second volume contains two working papers: (i) Risk and Capital Adequacy: A Preliminary Examination of ECCU Commercial Banks ; and (ii) Sovereign Wealth Funds: A Model for Citizenship by Investment in the ECCU . The former was initially delivered at the 47 th Annual Monetary Studies Conference held by the Caribbean Centre for Money and Finance (CCMF). The Bank participated in the 48 th Annual Monetary Studies Conference hosted by the Central Bank of Bahamas, in collaboration with the CCMF. The paper titled: The Determinants of Credit-less Recoveries in the Eastern Caribbean Currency Union was presented at the conference. The paper attempts to broaden understanding of credit-less recoveries in the ECCU by identifying the conditions under which they occur and differentiating them from normal recoveries. Recommendations are also proffered to policymakers on how they should respond to such incidences. In addition, the Bank partnered with the IMF on the topic: Non-Performing Loans in the ECCU: Determinants and Macroeconomic Impact, an articlewhichwas published subsequently as an IMF Working Paper in November 2016. The paper assesses the determinants of non- performing loans, while identifying whether asset quality deterioration may cause negative feedback effects from the banking sector to economic activity. In memory of the late Garfield T Riley, who was an exemplary employee in the Research Department, the Bank launched a compilation of papers and briefs he produced during his tenure at the Bank, and renamed its weekly Seminar Series as the “Garfield T Riley Seminar Series” on 2 December 2016. The Seminar Series provides an avenue for discussion on research

the Current Account, Financial Stability and Economic Structure; c. Sustainable Economic Development in Small Island States: Does Population Density Matter?; d. The Social Dimensions of Growth; e. Revisiting the Role of Marketing Boards in Responding to a Modern Agricultural Sector: Case Studies of Grenada and Saint Lucia; f. Can the Eastern Caribbean Central Bank Better Influence Fiscal Policy in its Member States?; g. Establishment of a Conceptual Framework for Fiscal Rules: A Case for the ECCU; h. The Governance Framework of Citizens by Investment (CBI) Flows; i. Offshore Manufacturing Services; j. Financial Stability and Growth in the Eastern Caribbean Currency Union; k. Credit and the ECCU Macroeconomic Environment; l. Construction and Economic Growth – Is the Current Model Sustainable?; m. Macro Prudential Policy in a Currency Board; n. Developing a Banking Stability Index for the ECCU; o. St Kitts and Nevis Housing and Real Estate Price Index; p. Harnessing the Benefits of Foreign Direct Investment (FDI) Through Linkages; q. Brexit: What Brexit Means for the Eastern Caribbean; and r. The New Age of Education: The Role of Information Technology in the ECCU. The Bank published two volumes of the ECCB Working Paper Series on its website. The first volume features a research paper titled: “Towards a Policy on Foreign Direct Investment Within the Context of the OECS