JOURNAL OF BUSINESS, FINANCE AND ECONOMICS IN EMERGING ECONOMIES

A Journal of the University of the West Indies

St. Augustine, Trinidad and Tobago

EDITOR

Dr. Dave Seerattan

ASSISTANT EDITORS

Mrs. Julia Jhinkoo

EDITORIAL ADVISORY BOARD

Dr. Richard L. Bernal

Dr. Courtney Blackman

Prof. Victor Bulmer-Thomas

Prof. Andrew Downes

Prof. Andrew Hughes-Hallet

Prof. Simon Jones-Hendrickson
Dr. Hyginus Leon

Dr. Arnold McIntyre

Prof. Chris Milner

Dr. Shelton Nicholls

Dr. Maurice Odle

Prof. Ramesh Ramsaran
Mr. Errol Simms

Mr. Alan David Slusher

Prof. Patrick Watson

Dr. Marion Williams

Dr. Delisle Worrell

BOARD OF ASSOCIATE EDITORS

Prof. Temisan Agbeyegbe

Dr. Daniel Boamah

Mr. Colin Bullock

Mr. Harold Codrington

Prof. Philip Davis

Dr. Penelope Forde

Dr. Gobind Ganga

Prof. David Greenaway

Dr. Kevin Greenidge
Dr. Lester Henry

Dr. Peter Blair Henry

Dr. Carlos Holder

Dr. Vanus James

Dr. Patrick Kendall

Dr. Hyginus Leon

Dr. Rudi Mathias

Prof. Jean-Gabriel Montauban

Dr. Garth Nicholls

Prof. Stephen Pollock
Dr. Ronald Ramkissoon

Mr. John Robinson

Dr. Wayne Robinson

Dr. Wendell Samuel

Dr. Karl Theodore

Prof. Clive Y. Thomas

Dr. Desmond Thomas

Mr. Peter Whitehall

Dr. Mary Zephirin


The Journal of Business, Finance and Economics in Emerging Economies (ISSN 1991-4636) is published bi-annually in June and December by the Caribbean Centre for Money and Finance Studies, the Department of Economics, the Department of Management Studies and the Sir Arthur Lewis Institute for Social and Economic Studies, all departments in the University of The West Indies, St. Augustine, Trinidad and Tobago. Copyright © 2007 by the Caribbean Centre for Money and Finance, The University of The West Indies, St. Augustine, Trinidad and Tobago; all rights reserved. No responsibility for the views expressed by the authors in this Journal are assumed by the Editor or the publishers.

The editorial offices of the Journal of Business, Finance and Economics in Emerging Economies is located at the Caribbean Centre for Money and Finance, The University of The West Indies, St. Augustine, Trinidad and Tobago.