Crisis and Reform in Latin America From Despair to Hope

, by USA, Oxford University Press; Edwards, Sebastian

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ISBN: 9780195211054 | 0195211057
Cover: Paperback
Copyright: 9/1/1995

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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.

Preface

vii

Introduction: The Launching of the Reforms

(14)

The Reform, 1982--93: A Brief Overview

(4)

Plan of the Book

(5)

Part I. The Debt Crisis and Early Adjustment: 1982--87

(52)

Muddling Through: Adjustment from 1982 to 1987

(24)

Was the Debt Crisis Anticipated?

(4)

External and Domestic Origins of the Crisis

(1)

The Adjustment

(10)

Heterodox Stabilization Attempts in the Mid-1980s

(6)

Fiscal Control and Incomes Policies: The Mexican Pacto

(2)

The Emergence of a New Latin American Consensus

(26)

The Crisis of Traditional Economic Thinking in Latin America: An Overview

(5)

Factors behind the Emerging Consensus

(10)

How Broad is the Emerging Consensus?

(9)

Part II. An Era of Adjustment and Reform: 1987--93

(226)

Macroeconomic Adjustment as a Priority

(46)

Debt Restructuring, Debt Relief, and Macroeconomic Adjustment

(12)

Fiscal Policy and Macroeconomic Equilibrium

(16)

Exchange Rates, Inflation, and Disinflation

(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

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Crisis and Reform in Latin America From Despair to Hope

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Crisis and Reform in Latin America From Despair to Hope

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