Caribbean Approaches to Economic Stabilization

Alvin Hilaire

No 2000/073, IMF Working Papers from International Monetary Fund

Abstract: In the late 1980s Barbados, Guyana, Jamaica, and Trinidad and Tobago found themselves in severe economic difficulties. Their ensuing economic strategies were all market-based, featured fiscal contraction and trade liberalization, multilateral support loans and, later on, tax and financial sector reforms. However, exchange rate, monetary and public sector wage policies varied greatly. Choice of exchange rate regime was not as fundamental to successful stabilization as was fiscal action, complemented by, but without undue reliance on, monetary policy. The policies employed to reduce debt and to diversify the economic bases also help t lessen vulnerabilities to future economic shocks.

Keywords: WP; government; exchange rate; balance of payments; country; company; Caribbean; stabilization; structural adjustment; Trinidad and Tobago; Jamaica; Barbados; Guyana; state enterprise; government treasury bills; Trinidad and Tobago government; net spending; Consumption taxes; Public sector; Imports; Exchange restrictions (search for similar items in EconPapers)
Pages: 32
Date: 2000-03-01
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