Jamaica
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Washington, DC
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Jamaica has experienced 30 years of low
economic growth and high fiscal deficits, with a significant
impact on the development of the financial sector. As part
of the overall growth and competitiveness reform agenda, the
authorities have embarked on ambitious financial sector
legislation reforms to address weaknesses. Lack of access to
credit and equity constrain Micro, Small and Medium Sized
Enterprise (MSME) operations and growth, and ultimately
their contribution to the economy. High interest rates and
low penetration of credit to households and MSMEs can be
explained by high credit risk as a result of high
information asymmetries in the market, as well as limited
competition in the banking sector. The authorities should
complete the establishment of a regulatory and supervisory
framework for deposit-taking institutions proportionate to
the risks and the activities they undertake. The impact of
public policies has been limited and programs on housing,
MSME finance, and agriculture finance would be welcomed to
address market gaps, in support of financial inclusion. The
financial inclusion agenda also requires a comprehensive
strategy on consumer protection regulation and supervision.
Palabras clave
FINANCIAL SERVICES, BORROWER, FINANCIAL FRAUD, ECONOMIC GROWTH, WAREHOUSE, DEPOSITS, REPAYMENT CAPACITY, PAYMENT SERVICE, BENEFITS OF CREDIT, FINANCING, ALTERNATIVE SOURCES OF FINANCE, INTEREST, LIQUIDITY RISKS, REMITTANCE, WAREHOUSE RECEIPTS, BANKING SERVICES, ENTREPRENEURS, CAPITAL ADEQUACY, INFORMATION SHARING, CAPACITY BUILDING, LOAN, FEE, BORROWERS, PAYMENTS, BANKRUPTCY, PAYMENTS INFRASTRUCTURE, INFORMATION ASYMMETRIES, MFIS, SMALL FARMERS, HOUSING LOANS, INDEBTEDNESS, HOUSING FINANCE, FINANCIAL INSTITUTION, INFORMAL ECONOMY, HIGH INTEREST RATES, COMMERCIAL BANK, MORAL HAZARD, PARTIAL CREDIT, LOAN PRODUCTS, FINANCES, PHONE PENETRATION, CREDIT RISKS, CREDIT APPLICATIONS, FINANCIAL INSTITUTIONS, PAYMENT, DEBT, LIMITED PARTNERSHIPS, WAREHOUSE RECEIPT, DEPOSIT INSURANCE, PUBLIC FINANCE, CONSUMER FINANCE, VENTURE CAPITAL, ECONOMIC REFORMS, FARMERS, ENTERPRISES, INVESTMENT OPPORTUNITIES, ELECTRONIC PAYMENTS, APPROVAL PROCESS, PEOPLES, PENSION FUNDS, FINANCING COSTS, CONSUMER CONFIDENCE, BANKS, UNIONS, FORMAL FINANCIAL INSTITUTION, RURAL FINANCE, MOVABLE COLLATERAL, BUSINESS FINANCE, AFFORDABILITY, CAPITAL, LACK OF ACCESS, ACCESS TO FINANCE, PRIVATE LENDERS, BANK, FINANCIAL EDUCATION, CREDIT INFORMATION, LOAN PORTFOLIO, CREDIT GUARANTEE, SECURITIES, FINANCIAL INFRASTRUCTURE, CREDIT RISK, PROFITABILITY, GOVERNMENT POLICIES, MICROFINANCE, FINANCIAL SECTOR ASSESSMENT, BANK LOAN, EMPLOYER, CREDIT GUARANTEES, COMMERCIAL BANKS, HOUSEHOLDS, ELECTRONIC PAYMENT, MORTGAGE LOANS, FINANCIAL ASSETS, EMPLOYEE, FINANCIAL SUPPORT, MORTGAGE PRODUCTS, CREDIT REPORTS, CONSUMER EDUCATION, FEES, REMITTANCES, BANK SERVICE, COOPERATIVE, CREDIT LINES, DEVELOPMENT BANK, CREDIT REGISTRY, MFI, MICROFINANCE INSTITUTION, CREDIT PRODUCTS, LINE OF CREDIT, DEPOSIT, CAPITAL MARKETS, RECEIPT, PEOPLE, CREDIT ENHANCEMENT, FISCAL DEFICITS, FINANCIAL LITERACY, GUARANTEES, DEVELOPMENT OF VENTURE CAPITAL, STOCK MARKET, RESERVE REQUIREMENTS, BANK ACCOUNT, MORTGAGE, WELFARE, MORTGAGE LENDING, LENDING PORTFOLIO, LIMITED ACCESS TO FINANCE, SOURCES OF FINANCE, SUBSIDY, BUSINESS ASSOCIATIONS, SAVING, CREDITORS, CREDITOR, CREDIT BANK, PROVISION OF CREDIT, BANK COMPETITION, CONSUMER FINANCES, ELECTRONIC BANKING, BANK LENDING, PUBLIC CREDIT, LACK OF CREDIT, BUSINESS LOANS, MORTGAGES, SAVINGS, CREDIT UNIONS, CREDIT BUREAUS, UNION, PUBLIC FUNDS, UNFAIR BUSINESS PRACTICES, INTEREST RATES, CASH PAYMENT, LIMITED ACCESS, RECEIPTS, FINANCIAL PRODUCTS, LENDERS, MICRO-ENTREPRENEURS, SOCIAL SECURITY, LOANS, WAREHOUSE RECEIPT FINANCING, FINANCIAL SYSTEM, SMALL BORROWERS, REAL ESTATE, FINANCE, ADMINISTRATIVE COSTS, GOVERNMENT SECURITIES, COLLATERAL REQUIREMENTS, MICRO-CREDIT, EQUITY, POINT OF SALE, MONEY LENDING, CREDIT, FORMAL FINANCIAL SERVICES, FINANCIAL INSTRUMENTS, DOCUMENTATION REQUIREMENTS, REPAYMENT, ENTERPRISE, MINIMUM BALANCES, PROPERTY, PAYMENT INFRASTRUCTURE, CREDIT REPORTING, MORTGAGE INSURANCE, VOUCHERS, FINANCIAL ACCESS, BALANCE SHEET, GUARANTEE SCHEME, FINANCIAL SERVICE, CREDIT UNION, COOPERATIVE BANK, ACCESS TO CREDIT, SECURITY, FINANCIAL DEVELOPMENT, BANK LOANS, FINANCIAL MARKET, INVESTMENT, COLLATERAL, PAYMENT SERVICES, BORROWINGS, COOPERATION, ECONOMIC ACTIVITIES, INVESTMENTS, AGRICULTURAL FINANCE, RISK MANAGEMENT, DEBIT CARD, MERCHANT, UNFAIR COMPETITION, EXCHANGE RATE, OUTREACH, BANK BRANCHES, MORTGAGE MARKET, SMALL BUSINESSES, GUARANTEE, CONSUMER PROTECTION, BUSINESS TRAINING