Author Affiliation, Ana.
Department of Economics
Finacial liberalization and banking crisis in Jamaica
Global development studies
Date of Publication
Examines the underlying causes of the financial crisis which followed financial liberalization in Jamaica. The crisis cost an estimated 40 percent of Gross Domestic Product (GDP). Institutional deficiencies are identified as the main factors that caused the process of financial liberalization to lead to a collapse of the banking sector. It also argues that capital account liberalization necessitated macroeconomic policies that aggravated the structural weaknesses in the Jamaican banking system. Concludes that where banking systems are weak, the costs of financial liberalization may actually outweigh the benefits.....