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Despite the financial liberalization agenda of the mid-1980s, a system of bank oligopolies has developed in both large and small, open developing economies. Mainstream monetary theory tends to assume a capital markets structure and is therefore not wel
This book argues that Guyana presently operates a system of domestic colonialism (DM). DM builds on institutions established during imperial colonialism, strengthened and expanded since independence in 1966, and regionalization, which balkanized the country into ten administrative regions. Regionalization is a flexible instrument that enables political and economic control, with one strengthening the other, further empowering Region 4 where the “metropole” is located, and enhancing the dependency of the nine satellite regions. Both political parties exploits regionalization when in power, the PPP principally through financial strangulation and discrimination, the PNC and its various inca...
Much of Guyana's 20th century history was defined by the PNC dictatorship and the political and economic wreckage it left behind. In "Guyana's Great Economic Downswing, 1977 to 1990", Dr Ramesh Gampat presents a comprehensive study of these specific years when the national economy contracted by 2.7 percent annually. He explores the multiple facets of the country's political tribalism which "does not value freedom, liberty and the flourishing of all people; it values only freedom, liberty and flourishing of tribes." The study reinforces the widely held belief that until and unless these adversarial groups subsume their respective selfish interests and commit to the common cause of national pe...
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Ramesh Gampat stands out as the first analyst to consolidate recent statistics on Guyana’s burgeoning oil economy. His work is essential reading for anyone engaged in public debate and policy regarding the dynamics of the local foreign exchange market, fiscal and public debt policies, and exchange rate management. Students and general readers will appreciate the accessible introduction to Exchange Rate Theory and the thorough examination of the local FX market, covering cambios as well as the inter-bank FX market. The book’s central focus is on the net sale of foreign exchange to the local market by both bank and non-bank cambios, with an emphasis on the period from 2013 to the second qu...
As Malaysia's economy grows and flourishes, strong new links are being forged with other developing countries in the region and beyond. This book examines these new links. It argues that as many countries with which Malaysia has new links are Indian Ocean countries, many of them Muslim countries, a new style trading network is being formed, a network with Islamic characteristics, which echoes Indian Ocean Islamic trading networks of earlier times.
Baytoram Ramharack was born in Berbice, Guyana. He teaches history and political science at Nassau Community College. His previous publications include Against the Grain: Balram Singh Rai and the Politics of Guyana (2005); and Jung Bahadur Singh of Guyana (1886-1956): Politician, ship doctor, labor leader and protector of Indians (2019). He remains a strong advocate and supporter of stable democracy in Guyana. Dr. Ramharack is working on a forthcoming book examining Cheddi Jagan’s relationship with Indians in Guyana.
This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The study assumes that the central bank conducts monetary policy using a Taylor-type rule and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks' interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.
This collection of more than a dozen essays focuses on the political dynamics of race, class, and nationalism in the contemporary Caribbean. Despite the plethora of studies on nationalism in the Caribbean, few have attempted to look at the phenomenon as a political invention that does not—and cannot—serve the interests of all: how essentialist, reductive, overdetermining nationalism is a political and conceptual confusion that forever stalls the project of universal human emancipation. Editors Scott Timcke and Shelene Gomes gather and frame chapters that, in their collective expression, help trace the process of race, class, and nationalism through the contours of a broader political, economic, and social geography. These chapters argue that notions of racial identity have changed over time, but those reformations are not independent of class rule or nationalism. By using several case studies that span the Anglo, Dutch, French, and Spanish Caribbean and focus on the development of political organizations, hardships, and ideology, each of these essays continues the struggle for liberation against elite entrenchment.