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Sustained Debt Reduction: The Jamaica Exception

Author

Listed:
  • Serkan Arslanalp
  • Barry Eichengreen
  • Peter Blair Henry

Abstract

Reducing high public debts 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," NBER Working Papers 32465, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32465
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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F0 - International Economics - - General
    • N0 - Economic History - - General

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