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ANNO 2008

INTEREST RATE DETERMINATION IN DEVELOPING COUNTRIES Titolo INTEREST RATE DETERMINATION IN DEVELOPING COUNTRIES
Autore TROY LORDE, BRIAN FRANCIS, KIMBERLY WAITHE and TIMOTHY G. TAYLOR    
Abstract

This paper seeks to determine nominal interest rates in five small developing countries - The Bahamas, Barbados, Guyana, Jamaica, and Trinidad and Tobago. The traditional Fisher equation augmented with the US nominal interest rate is employed. Results indicate the existence of a long-run relationship for The Bahamas, Jamaica (when the country’s exchange rate is floating), and Trinidad and Tobago. The Bahamian nominal interest rate moves one-for-one with the US interest rate, while for the others, the movement is greater than one-for-one. Fisher’s relation does not appear to be a suitable framework for determination of nominal interest rates in Barbados and Guyana.


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