Dr. DeLisle Worrell

Dr DeLisle Worrell is the author of Development and Stabilization in Small Open Economies, published by Routledge in January 2023. Now an independent international economic consultant, he was Governor of the Central Bank of Barbados, 2009 - 2017.

Dr Worrell was inducted into the Global Interdependence Center’s College of Central Bankers on July 12, 2021.

He was appointed a member of the Financial Policy Council of the Bermuda Monetary Authority on July 1, 2018.

Dr. Worrell, an Economist, founded the Research Department of the Central Bank in 1973, and served with the Bank until 1998, by which time he was Deputy Governor with responsibilities for research, management information systems and banking supervision.

Dr. Worrell is a member of the Bretton Woods Committee (www.brettonwoods.org), a network of prominent global citizens which works to demonstrate the value of international cooperation and to foster strong, effective Bretton Woods institutions. He has held research fellowships at the Smithsonian Institution, the Peterson Institute, the Federal Reserve Board in Washington, Yale University, Princeton University and the University of the West Indies.  He has been consultant to the Inter-American Development Bank, the Foundation for Development Cooperation in Brisbane, Australia, the U.S. Agency for International Development, the World Bank, the UN Economic and Social Council and the Caribbean Community Secretariat.  He was general chairperson of the International Symposium on Forecasting 1997, and a member of the programme committee of the International Economic Association Moscow congress of 1992.

Between 1998 and 2008 Dr. Worrell worked with the International Monetary Fund, focusing on monetary policy, financial stability and stress testing in countries in Europe, Asia, Africa and the Caribbean.

More recently, Dr. Worrell served as the Executive Director of the Caribbean Centre for Money and Finance (CCMF).

Dr. Worrell is the author of Policies for Stabilization and Growth in Small Very Open Economies (Group of Thirty, Washington D C, 2012) and Small Island Economies (Praeger Publishers, 1987). His publications on money and banking, exchange rate policy and the balance of payments, fiscal policy, the economic implications of size, and the comparative economic performance of Caribbean and South Pacific economies, may be found on the websites of the International Monetary Fund, the Central Bank of Barbados, the Caribbean Centre for Money and Finance, and international journals and publications.  Dr. Worrell holds a Bachelor of Science Degree in Economics from U.W.I. and a Ph.D. in the same discipline from McGill University.

My Areas of Expertise

Economic modelling and forecasting

See, for example, "Growth forecasts for foreign exchange constrained economies," by myself, Shane Lowe and Simon Naitram, September 2012.

I am the original author of the forecasting model currently used by the Central Bank of Barbados, and I have developed forecasting models for the Bahamas, the Dominican Republic, Guyana, Jamaica and Trinidad and Tobago. 

Financial risk analysis and stress testing

My papers on risk assessment and stress testing methodology include "Decomposing financial risks and vulnerabilities in Eastern Europe," with Andrea Maechler and Sbrona Mitra, IMF Economic Review, 2010, Vol 57 No 1, Pages 25-60, , http://link.springer.com/article/10.1057/imfsp.2009.31 (subscription required); "Stressing to breaking point: interpreting stress test results," IMF Working Paper No 148, June 2008 http://www.imf.org/en/Publications/WP/Issues/2016/12/31/Stressing-to-Breaking-Point-Interpreting-Stress-Test-Results-22034 ; and "Quantitative assessment of the financial sector: an integrated approach," IMF Working Paper No 153 of 2004, August, http://www.imf.org/en/Publications/WP/Issues/2016/12/31/Quantitative-Assessment-of-the-Financial-Sector-An-Integrated-Approach-17572

Exchange rates and currency unions

My papers on this topic include "Pros and cons of dollarisation,"; "Prosperity and the exchange rate regime in small open economies,"; "Size, structure and devaluation,"; "Why devaluation isn't a viable option for Greece," (this website); "Economic resilience with an exchange rate peg," (with Harold Codrington, Roland Craigwell and Kevin Greenidge), IMF Working Paper No 168 of 2003, August; and "A currency union for the Caribbean," IMF Working Paper No 35 of 2003, February. 

Monetary, fiscal and exchange rate policies

My publications in this area include the regional collaboration Fiscal sustainability and debt in small open economies; Policies for stabilisation and growth in small very open economies; "Exchange rate targeting through aggregate demand management"; "A review of the VAT system in Barbados," (with Tracy Maynard, Chrystol Thomas and Michelle Doyle-Lowe); and "A framework for interest rate policy in Barbados," (with Michelle Doyle-Lowe, Anton Belgrave, Darrin Downes and Kester Guy). 

Pricing and price formation

See my annual Fair Trading Commission lecture "What is a fair trade?" and my collaborative monograph Price formation and inflation dynamics in the Caribbean (edited jointly with Roland Craigwell and Winston Moore), both posted on this website. 


See my "Competitiveness in the Caribbean and Central America," with Kevin Greenidge and Shane Lowe; and “The Competitiveness of Selected Caribbean Tourism Markets,” by Roland Craigwell and myself, Social and Economic Studies,Vol. 57, No. 1 (March 2008), pp. 72-107. 

Other topics: financial technology, de-risking, financing for development

"The promise of digital currencies,"; "De-risking in the Caribbean: the unintended consequences of international financial reform,"; "Central banks and the financing of development".