I. INTRODUCTION

With declining Foreign aid flows to the region, Caribbean countries now need to intensify their focus on national and regional means of financing development. The Monterrey Consensus (2002) notes that many developing countries increasingly depend on local funds to finance t heir development needs. Domestic financial institutions are important in this respect, as by intermediating between savers and borrowers, they can efficiently mobilize and use society's savings (Levine 1997).

When savings are mobilized by financial institutions, economic growth can be fostered by increases in both the quantity and quality of investments (Goldsmith 1969). The quantity of investment flows ...

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