Crisis and Reform in Latin America From Despair to Hope

by USA, Oxford University Press; Edwards, Sebastian

• ISBN13: 9780195211054
• ISBN10: 0195211057
• Format: Paperback
• Copyright: 1995-09-01
• Publisher: World Bank Publications

Summary

This work provides a thorough analytical review of the processes that ledto the transformation of many Latin American economies during the last decade.The author examines every aspect of adjustment and reform since 1980 andsuggests alternative ways to consolidate the achievements.

Table of Contents

Preface	vii
Introduction: The Launching of the Reforms	1	(14)
The Reform, 1982--93: A Brief Overview	6	(4)
Plan of the Book	10	(5)
Part I. The Debt Crisis and Early Adjustment: 1982--87	15	(52)
Muddling Through: Adjustment from 1982 to 1987	17	(24)
Was the Debt Crisis Anticipated?	18	(4)
External and Domestic Origins of the Crisis	22	(1)
The Adjustment	23	(10)
Heterodox Stabilization Attempts in the Mid-1980s	33	(6)
Fiscal Control and Incomes Policies: The Mexican Pacto	39	(2)
The Emergence of a New Latin American Consensus	41	(26)
The Crisis of Traditional Economic Thinking in Latin America: An Overview	43	(5)
Factors behind the Emerging Consensus	48	(10)
How Broad is the Emerging Consensus?	58	(9)
Part II. An Era of Adjustment and Reform: 1987--93	67	(226)
Macroeconomic Adjustment as a Priority	69	(46)
Debt Restructuring, Debt Relief, and Macroeconomic Adjustment	71	(12)
Fiscal Policy and Macroeconomic Equilibrium	83	(16)
Exchange Rates, Inflation, and Disinflation	99	(6)
Summary and Conclusions	105	(10)
Debt and Debt Service Reduction Agreements	106	(1)
Inflationary Inertia and Nominal Exchange Rate Anchors	107	(8)
The Opening of Latin America	115	(55)
From Protectionism to Liberalization: Some Analytical Aspects	117	(7)
Recent Trade Liberalization Reforms in Latin America and the Caribbean	124	(5)
Effects of Trade Liberalization	129	(8)
Real Exchange Rate Behavior, Capital Inflows, and the Future of Trade Reforms in Latin America	137	(5)
Regional Trading Blocs in Latin America	142	(28)
Productivity Growth and Openness: An Econometric Analysis	164	(6)
Privatization and Deregulation	170	(30)
Privatization and Deregulation: Analytical Issues and Policy Options	171	(12)
Privatization Programs in Chile, Mexico, and Argentina	183	(17)
Capital Market Deregulation, Savings, and Investment	200	(52)
Financial Repression in Latin America: Historical Background	203	(5)
Financial Deregulation in Latin America: Regional Trends and Selected Experiences	208	(16)
Savings and Investment	224	(28)
Financial Development and Productivity Growth	249	(3)
Poverty, Income Distribution, and Human Resources	252	(41)
Poverty and Income Distribution	256	(17)
Education, Human Capital Formation, and Social Conditions	273	(4)
Labor Market Regulations in Latin America	277	(9)
Addressing the Social Agenda: Policy Options and Priorities	286	(7)
Part III. Looking toward the Future	293	(26)
The Mexican Crisis of 1994 and the Future of the Latin American Reforms	295	(24)
The Mexican Peso Crisis of 1994 and Its Lessons	296	(7)
Latin America after Mexico	303	(10)
Conclusions	313	(6)
The Simple Economics of Current Account Sustainability	314	(5)
Notes	319	(12)
References	331	(22)
Index	353