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Palgrave Macmillan

Developing Sustainable Balance of Payments in Small Countries

Lessons from Macroeconomic Deadlock in Jamaica

  • Book
  • © 2017

Overview

Authors:
  1. Andre Haughton

    1. University of the West Indies, Mona, Jamaica

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  • Provides a case study applicable to small economies with insufficient net international reserves
  • Examines underlying influences of foreign currency flows over time
  • Considers optimal level of net international reserves for small countries

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xxix
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  2. Foreign Currency Flows and the Jamaican Economy

    • Andre Haughton
    Pages 1-12

  3. Foreign Currency Borrowing and Foreign Debt Sustainability

    • Andre Haughton
    Pages 13-36

  4. Determinants of Current Account Imbalances

    • Andre Haughton
    Pages 37-53

  5. Current Account Subgroups and Real Exchange Rate Dynamics

    • Andre Haughton
    Pages 55-73

  6. Currency Depreciation and Economic Growth

    • Andre Haughton
    Pages 75-87

  7. Balance of Payments and Capital Account Sustainability

    • Andre Haughton
    Pages 89-102

  8. Net International Reserve Adequacy and the Optimal Reserves

    • Andre Haughton
    Pages 103-133

  9. Foreign Direct Investment, Savings, Investment and GDP Growth

    • Andre Haughton
    Pages 135-146

  10. Commercial Banks and the Monetary Transmission Mechanism

    • Andre Haughton
    Pages 147-168

  11. Concluding Remarks and Policy Recommendation

    • Andre Haughton
    Pages 169-177

  12. Back Matter

    Pages 179-190
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Keywords

About this book

This book analyses Jamaica’s ability to satisfy its short and long run foreign currency obligations in light of recurrent balance of payment support from international lending agencies. Jamaica is one of the top five indebted nations in the world, and despite entering 13 successive arrangements with the International Monetary Fund over the past 40 years, its depreciating currency continues to drive up debt servicing requirements. The island nation’s longstanding relationship with multilateral lending agencies like the IMF serves as a case study for other developing countries that are unable to generate sufficient intrinsic net international reserves and, consequently, suffer from incredibly low GDP growth per annum. The book closes with policy recommendations to bolster the Jamaican economy into solvency so that it can create a sustainable foreign debt repayment plan, and suggests strategies for supporting local economic objectives within global geopolitical constraints. 

Authors and Affiliations

  • University of the West Indies, Mona, Jamaica

    Andre Haughton

About the author

Andre Haughton is Lecturer at the University of the West Indies, Mona in Jamaica. He earned his PhD from the University of Essex in the UK. He is a KPMG Peat Marwick Scholar, a Thomas De La Rue Scholar, and a British Commonwealth Scholar. He is a member of the Private Sector of Jamaica’s Economic Policy Committee and the Inter-American Development Bank’s Civil Society Consulting Group.





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