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Trade and Industrial Policy Reform in Latin America

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  • Sebastian Edwards

Abstract

This paper documents and evaluates the process of trade reforms in Latin America from the mid-1980s until 1993. It provides an analytical and historical discussion of the consequences of industrial policies in the region, from the early 1950s when import-substitution ideas were supported by the Economic Commission for Latin America to the 1990s when liberal regimes were embraced. A careful distinction is made between policies based on strict import substitution and policies that combine high and uneven import tariffs with export promotion. Additionally, the role of supporting policies to assure the success of trade liberalization is assessed. Important questions related to the sequencing of economic reform are discussed in detail, with particular emphasis on the proper sequencing of stabilization and trade reform policies. The extent of trade reform in Latin America is also discussed. The analysis concentrates on the evolution of productivity and exports, and it deals with several countries' experiences. The role of real exchange rates in the trade liberalization process is studied, and the recent trend towards appreciation observed in many countries in the region is scrutinized. Finally the paper contains an analysis of the recent attempts at reviving regional integration agreements, and of the consequences of the completion of GATT for Latin American nations.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4772.

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Date of creation: Jun 1994
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Publication status: Published as "The Short-Run Relation Between Growth and Inflation in Latin America: Comment", American Economic Review, Vol. 73, no. 3 (1983): 477-482.
Handle: RePEc:nbr:nberwo:4772

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  1. Fischer, Stanley, 1988. "Recent Developments in Macroeconomics," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 98(391), pages 294-339, June.
  2. Bonelli, Regis, 1992. "Growth and productivity in Brazilian industries : Impacts of trade orientation," Journal of Development Economics, Elsevier, Elsevier, vol. 39(1), pages 85-109, July.
  3. De Gregorio, Jose, 1992. "Economic growth in Latin America," Journal of Development Economics, Elsevier, Elsevier, vol. 39(1), pages 59-84, July.
  4. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 407-43, May.
  5. Rodriguez, Carlos Alfredo, 1982. "The Argentine stabilization plan of December 20th," World Development, Elsevier, Elsevier, vol. 10(9), pages 801-811, September.
  6. Saborio, Sylvia & Michalopoulos, Constantine, 1992. "Central America at a crossroads," Policy Research Working Paper Series 922, The World Bank.
  7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  8. Anne O. Krueger, 1980. "Trade Policy as an Input to Development," NBER Working Papers 0466, National Bureau of Economic Research, Inc.
  9. McKinnon, Ronald I., 1982. "The order of economic liberalization: Lessons from Chile and Argentina," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 17(1), pages 159-186, January.
  10. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, Elsevier, vol. 39(1), pages 5-30, July.
  11. Tybout, James R, 1992. "Linking Trade and Productivity: New Research Directions," World Bank Economic Review, World Bank Group, World Bank Group, vol. 6(2), pages 189-211, May.
  12. Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," IMF Working Papers 92/62, International Monetary Fund.
  13. Summers, Robert & Heston, Alan, 1988. "A New Set of International Comparisons of Real Product and Price Levels Estimates for 130 Countries, 1950-1985," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(1), pages 1-25, March.
  14. Jeffrey J. Schott, 1991. "Trading Blocs and the World Trading System," The World Economy, Wiley Blackwell, vol. 14(1), pages 1-18, 03.
  15. McGreevey, W., 1990. "Social security in Latin America: issues and options for World Bank," World Bank - Discussion Papers, World Bank 110, World Bank.
  16. Rudiger Dornbusch, 1990. "From Stabilization to Growth," NBER Working Papers 3302, National Bureau of Economic Research, Inc.
  17. Condon, Timothy & Corbo, Vittorio & de Melo, Jaime, 1985. "Productivity growth, external shocks, and capital inflows in Chile: A general equilibrium analysis," Journal of Policy Modeling, Elsevier, Elsevier, vol. 7(3), pages 379-405.
  18. Fischer, Stanley, 1986. "Issues in Medium-term Macroeconomic Adjustment," World Bank Research Observer, World Bank Group, World Bank Group, vol. 1(2), pages 163-82, July.
  19. Dornbusch, Rudiger & Edwards, Sebastian, 1990. "Macroeconomic populism," Journal of Development Economics, Elsevier, Elsevier, vol. 32(2), pages 247-277, April.
  20. Corden, W.M., 1984. "The normative theory of international trade," Handbook of International Economics, Elsevier, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 2, pages 63-130 Elsevier.
  21. Bruton, Henry, 1989. "Import substitution," Handbook of Development Economics, Elsevier, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 2, chapter 30, pages 1601-1644 Elsevier.
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Citations

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Cited by:
  1. Roberto Alvarez & Rodrigo Fuentes, 2003. "Trade Reforms and Manufacturing Industry in Chile," Working Papers Central Bank of Chile, Central Bank of Chile 210, Central Bank of Chile.
  2. Alvaro Forteza & Rossana Patrón, 2001. "Trade liberalisation with costly adjustment," Documentos de Trabajo (working papers), Department of Economics - dECON 0901, Department of Economics - dECON.
  3. Nigel Nagarajan, 1998. "MERCOSUR and Trade Diversion: What Do The Import Figures Tell Us?," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 129, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  4. Ros, Jaime & Draisma, Joost & Lustig, Nora & Kate, Adriaan Ten, 1996. "Prospects for growth and the environment in Mexico in the 1990s," World Development, Elsevier, Elsevier, vol. 24(2), pages 307-324, February.
  5. Arbache, Jorge Saba, 2004. "Do Structural Reforms always Succeed? Lessons from Brazil," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  6. Hester, Annette & Beaulieu, Eugene, 2000. "Trade Agreements in the Americas: Regionalism Converging to Globalization: Technical Annex," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, Estey Centre for Law and Economics in International Trade, vol. 1(2).
  7. Mariam Camarero & Inmaculada Martínez-Zarzoso & Felicitas Nowak-Lehmenn D. & Cecilio Tamarit, 2013. "Trade Openness and Income: A Tale of Two Regions," Ibero America Institute for Econ. Research (IAI) Discussion Papers 226, Ibero-America Institute for Economic Research.
  8. Alam, Ila M Semenick & Morrison, Andrew R, 2000. "Trade Reform Dynamics and Technical Efficiency: The Peruvian Experience," World Bank Economic Review, World Bank Group, World Bank Group, vol. 14(2), pages 309-30, May.
  9. Perez-Aleman, Paola, 2000. "Learning, Adjustment and Economic Development: Transforming Firms, The State and Associations in Chile," World Development, Elsevier, Elsevier, vol. 28(1), pages 41-55, January.
  10. Sarath Rajapatirana, 1995. "The Evolution of Trade Treaties and Trade Creation: Lessons for Latin America," Reports, World Bank Latin America and the Caribean Region Department _005, World Bank Latin America and the Caribean Region Department.
  11. Hester, Annette & Beaulieu, Eugene, 2000. "Trade Agreements in the Americas: Regionalism Converging to Globalization," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, Estey Centre for Law and Economics in International Trade, vol. 1(2).
  12. Madani, Dorsati H., 2001. "South-South regional integration and industrial growth : the case of the Andean Pact," Policy Research Working Paper Series 2614, The World Bank.
  13. Klaus Schmidt-Hebbel, 2006. "Chile's Economic Growth," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 5-48.
  14. Madani, Dorsati H., 2001. "Regional integration and industrial growth among developing countries - the case of three ASEAN members," Policy Research Working Paper Series 2697, The World Bank.
  15. Ana Fernandes, 2002. "Trade Policy, Trade Volumes and Plant-Level Productivity in Colombian Manufacturing Industries," Working Papers, Economic Growth Center, Yale University 847, Economic Growth Center, Yale University.
  16. Berry, Albert, 1995. "The Social Challenge of the New Economic Era in Latin America," 1995: Economic Integration in the Western Hemisphere Symposium, June 7-9, 1995, San Jose, Costa Rica, International Agricultural Trade Research Consortium 50818, International Agricultural Trade Research Consortium.

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