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Reform, Recovery, and Growth

Latin America and the Middle East

The debt crisis of 1982 caused serious economic disruptions in most developing countries. Reform, Recovery, and Growth explains why some of these countries have recovered from the debt crisis, while more than a decade later others continue to stagnate.

Among the questions addressed are: What are the requirements for a stabilization policy that reduces inflation in a reasonable amount of time at an acceptable cost? What are the effects of structural reforms, especially trade liberalization, deregulation, and privatization, on growth in the short and long runs? How do macroeconomic instability and adjustment policies affect income distribution and poverty? How does the specific design of structural adjustment efforts affect results?

In this companion to Macroeconomics of Populism in Latin America, the authors confirm that macroeconomic stability has a positive effect on income distribution. The volume presents case studies that describe in detail the stabilization experiences in Brazil, Israel, Argentina, and Bolivia, and also includes discussion of Chile, Mexico, Peru, and Turkey.

Table of Contents

Rudiger Dornbusch, Sebastian Edwards.
1: Trade Policy, Exchange Rates, and Growth
Sebastian Edwards
2: Are Economic Crises Necessary for Trade Liberalization and Fiscal
Reform? The Mexican Experience
Aaron Tornell
3: Macroeconomic Instability and Social Progress
Mauricio Cardenas, Miguel Urrutia.
4: Continuity, Change, and the Political Economy of Transition in Chile
Raul Laban, Felipe Larrain.
5: Inflation and Unemployment as Determinants of Inequality in Brazil: The
Eliana Cardoso, Ricardo Paes de Barros, Andre Urani.
6: Israel’s Stabilization: Some Important Policy Lessons
Gil Bufman, Leonardo Leiderman.
7: Progress Report on Argentina
Rudiger Dornbusch
8: Bolivia: From Stabilization to What?
Federico A. Sturzenegger
9: Tax Lore for Budding Reformers
Arnold C. Harberger
10: Deregulation as a Source of Growth in Mexico
Arturo M. Fernandez
11: Partial Adjustment and Growth in the 1980s in Turkey
Anne O. Krueger
12: Stopping Three Big Inflations: Argentina, Brazil, and Peru
Miguel A. Kiguel, Nissan Liviatan.
Author Index
Subject Index

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