Economic Policy in the Dominican Republic since 1966
Since the introduction of electoral politics in 1966, the Dominican Republic has undergone a period of economic growth (but with prosperity concentrated in the better-off segment of the population), followed by an attempt to redress this situation which came to grief because of the need for economic adjustment. From 1966 to 1973 high output of traditional exports and strong demand for import-substituting manufactures provided the underpinnings for economic growth, but wages failed to keep pace. The period from 1974 to 1981 witnessed a moderately successful adjustment to the first oil crisis. The next four years brought tough orthodox adjustment policies. They were relaxed somewhat from 1987, but the economy remained in disequilibrium. This essay looks at the factors underlying the economic performance and suggests a way forward.
KeywordsExchange Rate Foreign Exchange Fiscal Policy Dominican Republic Import Substitute
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