The Challenge of Structural Adjustment in the Commonwealth Caribbean


Book Description

This work analyzes recent economic performance in the Commonwealth Caribbean by examining the IMF/World Bank Structural Adjustment Package and its relation to the deteriorating economic and social conditions in this part of the world. Ramesh F. Ramsaran not only takes a critical look at structural adjustment as it has been applied in the Caribbean but also examines recent structural adjustment theory in general and some of its contradictions in practice. Ramsaran argues that if structural adjustment programs are to be effective with minimum social cost, their design must take into account the specific conditions of individual countries. This argument against the general application of policies and principles remains firm, despite the fact that international aid agencies in the 1980s did find general guidelines useful in particular situations. His analysis will be of interest to scholars and policy-makers in international and development economics and international finance and trade.




Structural Reform and Growth


Book Description

Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean. The paper reviewed the package of structural reforms in trade liberalization, financial liberalization and tax policy, and gauges their impact on growth. The paper used a set of reform indices to gauge both short-run and long-run effects of structural reforms on growth, controlling for other possible growth determinants using panel dynamic OLS estimation. In addition, recognizing the importance of institutions to growth the empirical analysis also analyzed the impact of institutional quality on growth for a sample of small states including the Caribbean. We concluded that the benefits of structural reforms are only seen over the long-term and in reinvigorating growth the reform effort needs to be revived and include greater attention to strengthening institutional quality.




Storm Signals


Book Description

For review see: Peter Meel, in European Review of Latin American and Caribbean Studies, 54 (June 1993); p. 128-131.







In The Shadows Of The Sun


Book Description

Most people in the Caribbean are poor, and the economies of their countries, shaped by colonizing powers, remain highly dependent on international markets, Caribbean nations that have tried to follow a more autonomous course have found themselves at odds with the United States, which sees the region as part of its own sphere of influence. Washingto




Policy Reform for Sustainable Development in the Caribbean


Book Description

The Caribbean countries, and many other Third World countries in Latin America, Asia and Africa, have been under the yoke of structural adjustment measures for more than a decade. Numerous studies have addressed the inequality of North-South relations, the lack of transparency in negotiations that have led to the signature of agreements, the absence of a clear definition of responsibilities of the parties engaged, the inadequacy and inadaptation of policies with regard to the socio-cultural context, and especially the refusal to take into account the social demands of the most deprived. The criticisms formulated in this book can only find a beginning of solutions by the setting up of a solid administrative organization in which the public officials are made accountable and who, once aware of the national and international stakes, can confront the constraints involved in State/international negotiation relations. The book is a very rich presentation of the concept and the problems of structural adjustment and institutional development in the developing countries. Beside the impressive introduction and the convincing conclusion, the articles on these prerequisites for institutional sustainability present the most important empirical research results. The contents is a clear description of problems, failures and results in institutional reforms.




The Jamaican Economy In The 1980s


Book Description

This book analyzes the main causes of deterioration in the Jamaican economy since 1972 and assesses the prospects for returning to a period of stable growth under an International Monetary Fund Stabilization program. Considering both the role of international economic conditions and domestic policies on Jamaica's economic decline, Dr. Looney compares the viability of the socialist model of development, implemented between 1972 and 1980, with that of the U.S.-sponsored supply side model. He raises important questions about the ability of small open economies to sustain acceptable rates of growth in the existing world economic environment, the effectiveness of IMF Stabilization programs on these economies, the possible impact of supply side development strategies, and the significance of Caribbean Basin Initiative policies for growth and stability in the area.




Consequences of Structural Adjustment


Book Description




The Impact of Structural Reforms on Growth in Latin America and the Caribbean


Book Description

This paper presents an evaluation of the impact of trade and capital account liberalisation in 17 countries during the period 1970-1996. It shows that growth was responsive to investment in both physical and human capital and there was a link between education and capital formation. However in aggregate the reforms did not have a significant direct impact on the growth rate because individual components of reform had offsetting effects. In addition the speed of reform was important, the faster the pace the slower the growth. It seems that the impact of macroeconomic or investment variables was more homogeneous than structural reform..s.