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Productive Development Policies in Jamaica

Author

Listed:
  • Monica Panadeiros
  • Warren Benfield

Abstract

Jamaica seems to be a puzzling case for economic growth: despite the structural reforms implemented in the last three decades and adequate investment levels, real GDP per capita is roughly the same as in 1970. The disappointing performance of this economy suggests that productive development policies (PDPs), including first-generation reforms, have not been enough to create a better environment for productivity growth. This paper examines the PDPs in Jamaica and concludes that behind the paradox of high investment and low growth of this economy are the “public debt trap” and a highly distortive tax incentive structure to attract foreign direct investment (FDI) and promote exports. Although industrial policy is moving towards a more modern conceptual design, the old schemes seem politically difficult to dismantle.

Suggested Citation

  • Monica Panadeiros & Warren Benfield, 2010. "Productive Development Policies in Jamaica," Research Department Publications 4656, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4656
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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=IDB-WP-128&pub_file_name=pubIDB-WP-128.pdf
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    References listed on IDEAS

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    1. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
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    3. Abhijit V. Banerjee & Esther Duflo, 2007. "The Economic Lives of the Poor," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 141-168, Winter.
    4. Fernando A. Broner & Alberto Martin & Jaume Ventura, 2008. "Enforcement Problems and Secondary Markets," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 683-694, 04-05.
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    6. Mario Cuevas & Sigfrido Lée & Bismarck Pineda, 2010. "Industrial Policy in Guatemala: A Case of Policy Inertia under Changing Paradigms," IDB Publications (Working Papers) 3027, Inter-American Development Bank.
    7. Eduardo Fernández-Arias & Fidel Jaramillo & Manuel R. Agosin & Gabriel Sánchez & Inés Butler & Juan S. Blyde & Armando Castelar Pinheiro & Christian Daude & Simón Cueva Armijos & Vicente Albornoz & Le, 2009. "Growing Pains: Binding Constraints to Productive Investment in Latin America," IDB Publications (Books), Inter-American Development Bank, number 39438 edited by Manuel R. Agosin & Eduardo Fernández-Arias & Fidel Jaramillo, February.
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    Citations

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    Cited by:

    1. World Bank, 2011. "Jamaica - Country Economic Memorandum : Unlocking Growth," World Bank Other Operational Studies 2756, The World Bank.

    More about this item

    Keywords

    Productivity; Industrial policy; Foreign direct Investment; Jamaica;

    JEL classification:

    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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