Sustained Debt Reduction: The Jamaica Exception

Serkan Arslanalp, Barry Eichengreen and Peter Blair Henry
Additional contact information
Serkan Arslanalp: International Monetary Fund
Peter Blair Henry: Stanford University Hoover Institution

Brookings Papers on Economic Activity, 2024, vol. 55, issue 1 (Spring), 133-204

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

Keywords: Debt reduction; international economics; Jamaica; fiscal policy (search for similar items in EconPapers)
Date: 2024
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