Developing Sustainable Balance of Payments in Small Countries Lesson
This book analyses Jamaica’s ability to satisfy its short and long run foreign currency obligations in light of recurrent balance of payment support from international lending agencies. Jamaica is one of the top five indebted nations in the world, and des
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Andre Haughton
Developing Sustainable Balance of Payments in Small Countries Lessons from Macroeconomic Deadlock in Jamaica
Andre Haughton University of the West Indies Mona, Jamaica
ISBN 978-3-319-53030-7 DOI 10.1007/978-3-319-53031-4
ISBN 978-3-319-53031-4 (eBook)
Library of Congress Control Number: 2017936951 © The Editor(s) (if applicable) and the Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration © vkstudio / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Dedicated to Princess Aura
FOREWORD
Jamaica is a relatively small island of approximately 4,000 square miles with a population of three million people. It is reasonably endowed with productive resources for external earnings: bauxite and alumina, tourism, some highly fancied agricultural crops and the support of a diaspora of as many Jamaicans abroad as those who live in Jamaica. But despite this pleasant scenario of the external account, the economy still experiences a deficiency of external funding. This leads to heavy borrowing to close the gap to meet high import levels, public debt servicing and other external costs. This is the signal indicating the vulnerability of the Jamaican economy, which has only averaged 0.7 percent growth annually over the past 50 years. Understanding and closing this gap is what this book, Developing Sustainable Balance of Payments in Small Countries: Lessons from Macroeconomic Deadlock in Jamaica, is about. It examines all the main variables that affect the Balance of Payments of the Jamaican economy, especially the deviations produced by the exchange rate policies. It is useful to note that the most significant im
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