Responding to financial crisis: The case of Jamaica

The adverse economic and social effects of the financial crises that have afflicted many developing countries in recent years have highlighted the need to develop a policy response which addresses the vulnerability of financial systems to systemic instability and crisis. The article examines the experience of Jamaica, a country which managed a financial sector crisis during the 1990s, without the assistance or involvement of the International Monetary Fund. Lessons are drawn from the Jamaica case study for the domestic management of banking sector failures in lower-income countries. © 2002 Elsevier Science Ltd. All rights reserved.