marion williams : financial sector developments in barbados address by dr marion williams, governor of the central bank of barbados, at the opening ceremony of the firstcaribbean international bank business centre, warrens, st. michael, 29 june 2007. * * * thank you, madam master of ceremonies, for your kind words of introduction. mr. charles pink ; other members of the board ; members of management and staff ; specially invited guests ; distinguished ladies and gentlemen. let me first offer my congratulations to firstcaribbean on the construction of this impressive facility at warrens. in so doing, you are confirming your long - term commitment to the development of the barbadian economy. it has now been acknowledged that warrens is the fastest growing urban centre in barbados. by establishing its head office here, firstcaribbean has become part of the growth and the expansion of the area and demonstrates today its confidence that this location has the potential to be a major financial hub. mr. chairman, i am naturally pleased by any activity which seeks to improve the level of financial intermediation in barbados. financial intermediaries agglomerate capital from many small savers and allocate it to eligible users. in so doing, they also transfer, pool and reduce risk, increase liquidity and convey information, thus contributing to an environment for growth. a well - functioning financial system can make an important contribution to the growth of gross domestic product. there is no doubt that over time barbados has enjoyed a very high standard of financial intermediation. the commercial banking sector has led the way in this regard and has so conducted itself that there is tremendous confidence in our banking system. the confidence which the public at large has reposed in the banking sector is exemplified by the continued increase in commercial bank assets. during the two decades ending in 2006, for example, commercial bank assets grew six - fold. firstcaribbean international bank, whose roots in barbados run very deep, has made a major contribution to the growth of the domestic financial sector and, by extension, to the economic well - being of barbados. this has been demonstrated in many tangible ways over the years, including the provision of credit and foreign exchange, the issue of financial instruments and the management of assets. the construction of this facility must be seen as yet another example of the continuing effort by this organisation to be among the leaders in the financial services sector. over the last two decades or so in barbados, it was investment

delisle worrell : reviewing economic research in barbados and the caribbean address by dr delisle worrell, governor of the central bank of barbados, to the central bank of barbados ’ research review seminar, bridgetown, 26 july 2010. * * * this seminar had its origins as a development tool for economists in the central bank of barbados ’ research department, many years ago, when i was director of the department. we came up with the idea of a forum to be held each year when all our economists would share their research, at whatever stage it had reached, so that we could help each other with ideas and suggestions, and benefit as well from the comments of the wider community of economists in barbados and the caribbean. the idea worked spectacularly well, and the seminar quickly grew into a leading incubator for academic research in the eastern caribbean. over the years, we have built up a loyal following of attendees, whose research has benefitted from their participation in the seminar. the seminar has maintained its character as a catalyst in the professional development of central bank economists, while at the same time facilitating research and debate on caribbean economic performance and policy among the wider community of economists. the research department of the central bank has sustained an enviable record of research and publication, much of it reflected in some form in the presentations made at the annual review seminar. for many years we published these working papers once a year in a volume of collected papers, for the convenience of our colleagues. nowadays they are published online, in electronic form. the breadth and depth of its research and published work, much of it in regional and international journals, is a foundation on which the central bank ’ s reputation for authoritative economic opinion is formed. the insights gained have enabled the bank to make persuasive arguments for its policy recommendations, and to defend its views in discussions with the imf, world bank and other international bodies. there can be no doubt that this has helped us to implement better policies, over the years. building on the foundation of this proud record of achievement, the central bank ’ s policy research and publication are on the cusp of fundamental change, occasioned by remarkable innovations in the professional environment of economics, finance and accounting, as well as new challenges facing the discipline of economics itself. the changes in the professional environment include : – the evolution of the internet, now the principal research tool of economists ; – electronic publication, which has become the main channel of discussion, debate and sharing