Latin American Comparisons: Failures, Successes, Heterogeneity

Michael Bruno

in Crisis, Stabilization, and Economic Reform

Published in print August 1993 | ISBN: 9780198286639
Published online September 2006 | e-ISBN: 9780191603839 | DOI:

Series: Clarendon Lectures in Economics

 Latin American Comparisons: Failures, Successes, Heterogeneity

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This chapter focuses on specific lessons that emerged from some of the more extreme Latin American episodes of high inflation and low growth. It discusses the lessons from Chile’s costly orthodox stabilization and successful, though slow, process of structural reform. It further considers the reasons for the failures in the case of Argentina and Brazil, and also discusses the 1990-91 turnaround in Argentina. The chapter ends with a comparison of the successful Mexican reform with that of Israel. There was considerable similarity in programmes, but enough differences in underlying institutions and market structure to make this comparison a particularly relevant one.

Keywords: inflation; structural adjustment; Chile; Argentina; Brazil; Mexico; Israel

Chapter.  15441 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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