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Caribbean Approaches to Economic Stabilization

Author

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  • Mr. Alvin Hilaire

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.

Suggested Citation

  • Mr. Alvin Hilaire, 2000. "Caribbean Approaches to Economic Stabilization," IMF Working Papers 2000/073, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/073
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    Cited by:

    1. Kevin Greenidge & Carlos Holder & Alvon Moore, 2009. "Current account deficit sustainability: the case of Barbados," Applied Economics, Taylor & Francis Journals, vol. 43(8), pages 973-984.

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