Sustained Debt Reduction: The Jamaica Exception

Serkan Arslanalp, Barry Eichengreen and Peter Henry

No 32465, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E0 F0 N0 (search for similar items in EconPapers)
Date: 2024-05
Note: IFM
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Published as 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.

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