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Structural Reforms in Latin America Under Scrutiny

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Author Info
Ugo Panizza (Research Department, Inter-American Development Bank)
Eduardo Lora () (Research Department, Inter-American Development Bank)

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Abstract

The future of structural reforms in Latin America is under discussion. The purpose of this document is to synthesize the facts and opinions that underlie this debate. The first section shows that although the reform process has not ground to a halt, it has been incomplete and uneven, both across countries and different areas of reform. The greatest progress has been made in reforming the trade and financial sectors. In terms of tax reform and privatization, the record has been mixed across countries. The most modest progress has been made in the area of labor code reform. The second section analyzes the status of public opinion of the reform process. Disillusionment with the reforms has been growing, particularly among the middle class. This disapproval, rather than reflecting concerns about the state of the economy or the degree of progress of the reforms, stems from the corruption that has tainted the privatization process in some countries. The third section reviews the effects of the reforms. Their impact on growth seems to have been positive, albeit temporary, but the effects on employment and income distribution have varied in different areas of reform and according to the particular context in each country. Specifically, the effectiveness of reforms has depended heavily on the quality of public institutions. The fourth section summarizes the main proposals to expand or reorient the reform agenda in the region. One set of proposals suggests broadening the Washington Consensus with more active policies aimed at addressing the need for greater economic stability, social integration and equitable income distribution. Another set of proposals, guided by a more encompassing view of the goals of development, emphasizes the interaction among civil society, the private sector, and the government. Finally, a more radical vision proposes a new national and international institutional architecture that would limit the role of markets and mitigate the effects of globalization.

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File URL: http://www.iadb.org/res/publications/pubfiles/pubS-108.pdf
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File Function: Final paper, 2002.
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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 1012.

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Length: 51 pages
Date of creation: Mar 2002
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Handle: RePEc:idb:wpaper:1012

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Keywords: reforms Washington consensus globalization

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Vittorio Corbo & Leonardo Hernández & Fernando Parro, 2005. "Institutions, Economic Policies and Growth: Lessons From the Chilean Experience," Working Papers Central Bank of Chile 317, Central Bank of Chile. [Downloadable!]
  2. Javier Reyes & Giorgio Fagiolo & Stefano Schiavo, 2008. "Using a complex weighted-network approach to assess the evolution of international economic integration: The cases of East Asia and Latin America," LEM Papers Series 2008/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  3. Jamasb, Tooraj & Newbery, David & Pollitt, Michael, 2005. "Core indicators for determinants and performance of the electricity sector in developing countries," Policy Research Working Paper Series 3599, The World Bank. [Downloadable!]
  4. Alvaro Forteza & Mario Tommasi, 2005. "Understanding reform in Latin America," Documentos de Trabajo (working papers) 2205, Department of Economics - dECON. [Downloadable!]
  5. Eugene Beauliue & Ravi Yatawara & Wei Guo Wang, 2005. "Who supports Free Trade in Latin America?," International Trade 0506002, EconWPA. [Downloadable!]
    Other versions:
  6. Haaparanta, Pertti & Pirttilä, Jukka, 2005. "Reforms and Confidence," BOFIT Discussion Papers 1/2005, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
    Other versions:
  7. Jamasb, T. & Newbery, D. & Pollitt, M., 2004. "'Core Indicators for Determinants and Performance of Electricity Sector in Developing Countries’," Cambridge Working Papers in Economics 0438, Faculty of Economics, University of Cambridge. [Downloadable!]
  8. Hector J. Villarreal & Ricardo Cantú, . "Do Walmartians Ruled? The political power of an emerging middle class in Mexico," Working Papers 20081, Escuela de Graduados en Administración Pública y Políticas Públicas, Campus Monterrey, revised Jun 2007. [Downloadable!]
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  10. Javier Reyes & Stefano Schiavo & Giorgio Fagiolo, 2007. "Using Complex Network Analysis to Assess the Evolution of International Economic Integration: The cases of East Asia and Latin America," LEM Papers Series 2007/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  11. Nunes, Mauricio & Da Silva, Sergio, 2007. "Foreign exchange intervention and central bank independence: The Latin American experience," MPRA Paper 5073, University Library of Munich, Germany. [Downloadable!]
  12. Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self Discovery," CEPR Discussion Papers 3356, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  14. Jamasb, Tooraj & Mota, Raffaella & Newbery, David & Pollitt, Michael, 2005. "Electricity sector reform in developing countries : a survey of empirical evidence on determinants and performance," Policy Research Working Paper Series 3549, The World Bank. [Downloadable!]
    Other versions:
  15. Palladini, Eric & Goldberg , Mike, 2008. "Chile : a strategy to promote innovative small and medium enterprises," Policy Research Working Paper Series 4518, The World Bank. [Downloadable!]
  16. Marc Hofstetter, 2004. "Disinflations in Latin America and the Caribbean: A Free Lunch?," Economics Working Paper Archive 506, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
  17. Sebastian Galiani & Daniel Heymann & Mariano Tommasi, 2002. "Missed Expectations: The Argentine Convertibility," William Davidson Institute Working Papers Series 515, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  18. Da Silva, Sergio & Nunes, Mauricio, 2007. "Latin American foreign exchange intervention - Updated," MPRA Paper 1982, University Library of Munich, Germany. [Downloadable!]
  19. Carlos Guerrero de Lizardi, 2006. "Thirlwall´s law with an emphasis on the ratio of export/import income elasticities in Latin American economies during the Twentieth Century," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 21(1), pages 23-44. [Downloadable!]
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