The evolution of structural adjustment and stabilization policy in Jamaica

Includes bibliography

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Autor principal: King, Damien
Otros Autores: NU. CEPAL
Formato: Texto
Lenguaje:English
Publicado: ECLAC 2014
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Acceso en línea:http://hdl.handle.net/11362/7600
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spelling oai-11362-76002020-03-03T20:03:42Z The evolution of structural adjustment and stabilization policy in Jamaica King, Damien NU. CEPAL NU. CEPAL. División de Desarrollo Económico Países Bajos. Gobierno AJUSTE ESTRUCTURAL ESTABILIZACION ECONOMICA INFLACION POLITICA ECONOMICA POLITICA FISCAL POLITICA SOCIAL REFORMA ECONOMICA TIPOS DE CAMBIO ECONOMIC POLICY ECONOMIC REFORM ECONOMIC STABILIZATION FISCAL POLICY FOREIGN EXCHANGE RATES INFLATION SOCIAL POLICY STRUCTURAL ADJUSTMENT Includes bibliography Introduction The history of economic policy in Jamaica since World War II, viewed at some distance, reflects the broad sweep of fashion in the history of economic development. The cycles of industrialization by foreign investment, import substitution, populist socialism, and structural adjustment are all present. The most recent phase of that history, that of structural economic reform, has however presented some confusion in the literature on Jamaica. At one extreme, economic reform may be dated from 1977, when Jamaica signed its first Stand By Agreement with the IMF, accompanied by the usual list of conditionalities and their implications for economic reform. Witter and Anderson (1991);, largely using that fact, and Lora (1997);, using a narrow list of indicators, imply that Jamaica is an early reformer. At the other extreme, some key elements of economic reform were not implemented until 1991. Following this vein, Handa and King (1997); suggest that economic reform is a phenomenon of the 1990s. The survey of economic reform below reveals a country drawn reluctantly into the reform era, implementing some aspects of economic reform from the early 1980s, delaying others until the 1990s and ignoring a few elements entirely. Economic liberalism has not caught the popular imagination in Jamaica. The fundamental liberal ideas underlying structural adjustment reform are not popular in Jamaica, and have for the most part been foisted on the people by first, an unwilling administration, and later, by an unfocused one merely following to a limited extent world economic fashion. This unwillingness and lack of commitment will be important in understanding the inconsistency in the reform process as it unfolded in Jamaica. Jamaica represents an interesting case study of economic reform for a number of reasons. First, the various aspects of economic reform occurred during distinct periods. This case stands in contrast to those, such as Chile in the late 1970s, that changed economic policy radically over a relatively short period of time. The Jamaican case, therefore, may be instructive in understanding issues surrounding the timing and sequencing of reform. The other reason why Jamaica presents an important case study is that, amongst reforming economies, it has one of the worst records of economic performance in Latin America and the Caribbean during the era of economic reform. While average growth in the region was 2.2 percent per annum in the 1980s, Jamaica grew at an annual average of only 1.4 percent 1 . In the 1990s, the discrepancy worsened. The economies of Latin American and the Caribbean averaged 3.0 percent per annum from 1991 to 1996, but Jamaica's average growth rate was a mere 1.3 percent. Even within the Caribbean alone, Jamaica's relatively poor performance is manifest. The average growth rate for the period 1980 to 1996 is 3.0, whereas Jamaica managed only 1.4 percent annually over the same period. 2014-01-02T16:50:41Z 2014-01-02T16:50:41Z 2000-05 Texto Documento Completo http://hdl.handle.net/11362/7600 LC/L.1361 en Serie Reformas Económicas 65 application/pdf JAMAICA JAMAICA ECLAC
institution Cepal
collection Cepal
language English
topic AJUSTE ESTRUCTURAL
ESTABILIZACION ECONOMICA
INFLACION
POLITICA ECONOMICA
POLITICA FISCAL
POLITICA SOCIAL
REFORMA ECONOMICA
TIPOS DE CAMBIO
ECONOMIC POLICY
ECONOMIC REFORM
ECONOMIC STABILIZATION
FISCAL POLICY
FOREIGN EXCHANGE RATES
INFLATION
SOCIAL POLICY
STRUCTURAL ADJUSTMENT
spellingShingle AJUSTE ESTRUCTURAL
ESTABILIZACION ECONOMICA
INFLACION
POLITICA ECONOMICA
POLITICA FISCAL
POLITICA SOCIAL
REFORMA ECONOMICA
TIPOS DE CAMBIO
ECONOMIC POLICY
ECONOMIC REFORM
ECONOMIC STABILIZATION
FISCAL POLICY
FOREIGN EXCHANGE RATES
INFLATION
SOCIAL POLICY
STRUCTURAL ADJUSTMENT
King, Damien
The evolution of structural adjustment and stabilization policy in Jamaica
description Includes bibliography
author2 NU. CEPAL
author_facet NU. CEPAL
King, Damien
format Texto
author King, Damien
author_sort King, Damien
title The evolution of structural adjustment and stabilization policy in Jamaica
title_short The evolution of structural adjustment and stabilization policy in Jamaica
title_full The evolution of structural adjustment and stabilization policy in Jamaica
title_fullStr The evolution of structural adjustment and stabilization policy in Jamaica
title_full_unstemmed The evolution of structural adjustment and stabilization policy in Jamaica
title_sort evolution of structural adjustment and stabilization policy in jamaica
publisher ECLAC
publishDate 2014
url http://hdl.handle.net/11362/7600
work_keys_str_mv AT kingdamien theevolutionofstructuraladjustmentandstabilizationpolicyinjamaica
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