GLOBAL

                                                                                                                                                                                                                                             DEVELOPMENT STUDIES

                                                                            Copyright © 2010 International Development Options

                                                                                               All Rights Reserved

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Volume Six                                                                             Winter-Spring 2010                                                                   Numbers 1-2.

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 THEME: THE GLOBAL FINANCIAL AND ECONOMIC CRISIS: IMPLICATIONS FOR THE CARIBBEAN REGION

 

    

       TROUBLE IN PARADISE: THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON THE CARIBBEAN

 

        Lester Henry

       Department of Economics

       University of the West Indies

       St. Augustine Campus

       Trinidad & Tobago

 

       Nicole Bissessar

       Department of Economics

       Kent State University

       Ashtabula / Trumbull

       Ohio, United States

 

       Published Online: March 15, 2017

 

        ABSTRACT

 

The impact of the global financial crisis is taking a heavy toll on the small open economies of the Caribbean.   From the onset of the crisis, there were concerns from various sources about the possible negative consequences for the Caribbean region.  However, the fallout is proving to be much more severe than most have predicted.   This article reviews and examines the continuing and deepening economic problems faced by Caribbean islands since the start of the global economic crisis in 2008.   After a brief introduction and review of the origins of the crisis, there is a detailed survey of the impact on small Caribbean economies particularly in relation to tourism, remittances and offshore banking services.  The article concludes with an overview and evaluation of the policy responses by selected countries in the region.     

 

 

IDO        ISSN: 1093-8281                 Copyright © 2017 International Development Options

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