Latin America's Growth and Equity Frustrations During Structural Reforms
This paper argues that Latin America's market-oriented reforms, together with increased monetary and fiscal discipline, were successful in bringing down inflation, inducing export growth and diversification, and attracting foreign direct investment. Nonetheless, economic growth was frustratingly slow. Pro-cyclical macroeconomic policies generated, in turn, strong business cycles in the face of unstable access to international capital markets. Higher productivity in leading firms and sectors failed to spread throughout the economy and led to increasing productive sector dualism. Furthermore, despite the democratic dividend reflected in increased social spending and coverage of social services, weak economic performance and additional distributive tensions led to disappointing results in terms of employment generation and poverty reduction. Overcoming these frustrating outcomes would require counter-cyclical macroeconomic policies, open-economy productive development strategies and mainstreaming social objectives into economic policies.
Volume (Year): 18 (2004)
Issue (Month): 2 (Spring)
|Contact details of provider:|| Web page: https://www.aeaweb.org/jep/|
More information through EDIRC
|Order Information:||Web: https://www.aeaweb.org/subscribe.html|
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.:
- Ffrench-Davis, Ricardo, 2002. "Financial Crises and National Policy Issues: An Overview," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
- Pablo Astorga & Ame E. Bergés & Valpy Fitzgerald, 2004.
"The Standard of Living in Latin America During the Twentieth Century,"
Oxford University Economic and Social History Series
_054, Economics Group, Nuffield College, University of Oxford.
- Pablo Astorga, Ame R. Berges and Valpy FitzGerald, . "The Standard of Living in Latin America During the Twentieth Century," QEH Working Papers qehwps103, Queen Elizabeth House, University of Oxford.
- Escaith, Hubert & Morley, Samuel, 2001. "El efecto de las reformas estructurales en el crecimiento económico de la América Latina y el Caribe. Una estimación empírica," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(272), pages 469-513, octubre-d.
When requesting a correction, please mention this item's handle: RePEc:aea:jecper:v:18:y:2004:i:2:p:67-88. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)or (Michael P. Albert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.