These factors include the unwinding of carry trades, tightening of risk limits in the face of higher volatility, convexity hedging by holders of mortgage-backed securities, and large outflows from bond funds. I believe these factors to have been important collectively, although it is difficult to say how much of an effect is due to any one of them.
This view was also embraced by the originators of the CSME and commitments were given that those Caricom member countries, which still had exchange controls would remove them within a specified time frame. That  2  BIS Review 78/2007  deadline is now January 2008.