Caribbean Approaches to Economic Stabilization

March 1, 2000

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Alvin Hilaire. Caribbean Approaches to Economic Stabilization, (USA: International Monetary Fund, 2000) accessed November 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Consumption taxes, Economic sectors, Exchange restrictions, External debt, Foreign exchange, Imports, International trade, Public sector, Taxes

Keywords: Balance of payments, Barbados, Caribbean, Company, Consumption taxes, Country, Exchange rate, Exchange restrictions, Government, Government treasury bills, Guyana, Imports, Jamaica, Net spending, Public sector, Stabilization, State enterprise, Structural adjustment, Trinidad and Tobago, Trinidad and Tobago government, WP

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2000/073
Stock No:

WPIEA0732000
ISBN:

9781451849455
ISSN:

1018-5941

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