|TABLE OF CONTENTS||
|---|---|
|I. In<br>tro<br>d<br>u<br>c<br>tio<br>n<br>.<br>..............................................................|1|
|11.PoliticalInsbtutions and their Implications for Telecommunications<br>..|4<br>|
|i. The Parties and Their Constituencies .......................................|8|
|ii. The Judiciary and Administrative Discretion .................................|14|
|Ill.<br>A Contractng Analysis of Key Periods and Events in Jamaica's Telecommunications||
|Sector.1880-1985 ........ .............................................|16|
|**i.**Domesbc Telecommunications.<br>.............................|7...........<br>17|
|a. Telecommunicabons Policy under Colonial Rule: 1880-1961 ...............|17|
|b. The Issuing of New Ucenses to JTC and the Creaton of the JPUC:(1962-<br>1966)..............................................|19|
|c. The Takeover of JTC by Continental Telephone Company . ...............|23|
|d. The JPUC and the Quasi-Expropriation of JTC's Assets:1968-1975. ....<br>....|<br>25|
|e. The Takeover of JTC ...........................................|30|
|ii. Intemational Communications ...........................................|32|
|a. Colonial limes.<br>..............................................|32|
|b. Independence and The Creation of JAMINTEL (1971) ...................<br>c. The Boom in the Profitability of Intemational Communications and the|33|
|Beginning of the Policy of Subsidization of the Domestic Network:1979-<br>1 985. ..................................................|37|
|V. The Regulatory and Structural Changes of 1987-1990<br>.<br>.<br>.<br>**i.**The Creabon of Telecommunicabons of Jamaica and the Divestiture of GOJ's|39|
|Holdings . .....................................................|40|
|**ii.**An Assessment of the Regulatory Reforms of 1987..........................|.48|

|VI. Final Comments . .<br>.......................................................|53|
|---|---|
|REFERENCES.<br>...................................................|.........<br>55|
|Figure 1: Total Telephones and Main Unes||

Figure 2: Intemational Circuits and Intemational Calls Figure 3: Monthly Flat Payment Residential: In J$ and US$ Figure 4: Per Minute Intematonal Rates, Kingston to NY City: Full ISO Figure 5: JTC: Real Gross Investment In 1991 Prices

- Figure 6: JAMINTEL: Real Gross Investment

Figure 7: JTC: Real Fixed Assets, Accounting and Economic Figure 8: JAMINTEL: Fixed Assets, Accounfing and Economic; Real 1991 JA Figure 9: JTC: Fixed and Working Capital, Long Term Debt and Equity Figure 10: JAMINTEL Assets, Debt and Equity: Real 1991J$, Depreciation=8% Figure 11: JTC: Retum on FKxed Assets, Real 1991$ (8% Depreciation Rate) Figure 12: JAMINTEL: Retum on Fixed Assets, Net and After Tax; Real 1991 J$ Figure 13: After Tax Retum on Equity, 1991 J$: Combined, JTC, JAMINTEL Figure 14: JTC: Cost of Long Term Debt and Pretax Operating Retum on Fixed Assets Figure 15: Change in Consumer Surplus From Increase in Number of Lines Figure 16: Change in Consumer Surplus from Intemational, Domestic & Unes Figure 17: Change in Total Net Surplus; Consumers, Govemment JAMINTEL & JTC Figure 18: Real Revenue per Lines. C imbined JTCJJAMINTEL Figure 19: JTC: Profits Gross and Nei, 1991 Prices (8% Depreciation Rate) Figure 20: JAMINTEL2s Total Profits in Real 1991 JS; Depreciation=8% Figure 21: Evolution of Demand in Jamaica, Main iines and Held Order Count Figure 22: JPS: Profitabilty, Retum on Equity and Fcxed Assets Figure 23: Value of TOJ Stock and Jamaica Market Index (in US$)