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Sustained Debt Reduction: The Jamaica Exception

Author

Listed:
  • Serkan Arslanalp

    (International Monetary Fund)

  • Barry Eichengreen

    (University of California, Berkeley)

  • Peter Blair Henry

    (Stanford University Hoover Institution)

Abstract

Reducing high public debt is key for countries seeking to restore fiscal capacity and resilience in the wake of recent crises. But large debt reductions are rare. Jamaica stands out for reducing its debt from 144 percent of GDP to 72 percent over the last decade, a record achieved by running large, persistent primary budget surpluses. Well-designed fiscal rules combined with social partnership agreements making for fiscal ownership are at the root of its achievement

Suggested Citation

  • Serkan Arslanalp & Barry Eichengreen & Peter Blair Henry, 2024. "Sustained Debt Reduction: The Jamaica Exception," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 55(1 (Spring), pages 133-204.
    • Handle: RePEc:bin:bpeajo:v:55:y:2024:i:2024-01:p:133-204
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    File URL: https://www.brookings.edu/articles/sustained-debt-reduction-the-jamaica-exception/
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