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Macroeconomic Stabilization in Latin America: Recent Experience and Some Sequencing Issues

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  • Sebastian Edwards

Abstract

This paper reviews the experience of Latin American countries with structural reforms, and discusses the relationship between macroeconomic stabilization and trade liberalization programs undertaken in the region since the early 1980s. The problem of sequencing of stabilization and structural reforms is analyzed with detail. First from a theoretical perspective, second, reviewing the stabilization programs implemented in Latin America on a case by case basis. Particular emphasis is given to the analysis of the fiscal consequences of the chosen sequencing, as well as its impact on the evolution of domestic savings and investment, and on foreign investment. The final part of the paper concentrates on the behavior of real exchange rates during the stabilization programs and its relationship with trade reforms.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4697.

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Date of creation: Apr 1994
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Handle: RePEc:nbr:nberwo:4697

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Cited by:
  1. Carlos Arteta & Barry Eichengreen & Charles Wyplosz, 2001. "When Does Capital Account Liberalization Help More than It Hurts?," NBER Working Papers 8414, National Bureau of Economic Research, Inc.
  2. Anoop Singh & Martin D. Cerisola, 2006. "Sustaining Latin America's Resurgence," IMF Working Papers 06/252, International Monetary Fund.
  3. Lundström, Susanna, 2003. "Effects of Economic Freedom on Growth and the Environment - Implications for Cross-Country Analysis," Working Papers in Economics 115, University of Gothenburg, Department of Economics.
  4. Christian Volpe Martincus & Antoni Estevadeordal, 2009. "Trade policy and specialization in developing countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 145(2), pages 251-275, July.
  5. Carmen Pagés-Serra & Gustavo Márquez, 1998. "Trade and Employment: Evidence from Latin America and the Caribbean," Research Department Publications 4108, Inter-American Development Bank, Research Department.
  6. Carmen Pagés-Serra & Gustavo Márquez, 1998. "Comercio y empleo: elementos de juicio de América Latina y el Caribe," Research Department Publications 4109, Inter-American Development Bank, Research Department.
  7. Cardenas, Mauricio & Barrera, Felipe, 1997. "On the effectiveness of capital controls: The experience of Colombia during the 1990s," Journal of Development Economics, Elsevier, vol. 54(1), pages 27-57, October.
  8. Ibarra, Alonso Aguilar & Reid, Chris & Thorpe, Andy, 2000. "Neo-liberalism and its impact on overfishing and overcapitalisation in the marine fisheries of Chile, Mexico and Peru," Food Policy, Elsevier, vol. 25(5), pages 599-622, October.
  9. Arbache, Jorge Saba, 2004. "Do Structural Reforms always Succeed? Lessons from Brazil," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  10. Antoni Estevadeordal & Christian Volpe Martincus, 2006. "Specialization and Diverging Manufacturing Structures: The Aftermath of Trade Policy Reforms in Developing Countries," Development Working Papers 220, Centro Studi Luca d\'Agliano, University of Milano.

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