Latin American Debt and Adjustment: External Shocks and Macroeconomic Policies

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The fourteen papers presented in this volume are thought-provoking studies of the economic adjustment of Latin America to the difficult external environment of the 1980s. The anthology evolved out of a group of papers presented at the Third Dominican Republic Conference on International Debt and Adjustment in 1986. A number of the papers were updated and are presented here along with new ones written especially for this collection. The debt problems of Latin America form the background for the analyses undertaken by the articles in the book. The articles go beyond description of the debt problems to offer insights on the more fundamental long-range problems facing policy makers in the region. Positive analyses into the nature of the adjustment process and insights into future institutional changes that could improve the functioning of the Latin American economies highlight the book.

The papers are divided into major topics of concern. The transmission of external shocks to the region and instability to the financial markets are covered. Fiscal constraints, labor market adjustment, exchange rates, and the political economy of adjustment as each relates to the external shocks of the 1980s are investigated. A major essay by Montague Lord shows Latin American potential to reap substantial gains by pursuing policies to encourage expansion of its resource-based comparative-advantage activities. The essays in Latin American Debt and Adjustment provide a starting point for the consideration of some of the deeper problems that need to be addressed by any meaningful attempt to improve the market-oriented economies of the region.

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Product Details

  • ISBN-13: 9780275931230
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 4/4/1989
  • Pages: 286
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.81 (d)

Meet the Author

PHILIP L. BROCK is Assistant Professor of Economics at Duke University.

MICHAEL B. CONNOLLY is Professor of Economics at the University of Miami.

CLAUDIO GONZALEZ-VEGA is Professor of Agricultural Economics at Ohio State University.

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Table of Contents


Introduction: Latin American Debt and the Transfer Problem

The Transmission of External Shocks to Latin America

Debt, Depression and Real Rates of Interest in Latin America

Lessons of the Past: The Role of External Shocks in Chilean Recessions, 1926-1982

The Transmission of Terms-of-Trade Shocks

Fiscal Constraints and the Adjustment Process

Fiscal Lags and the Problem of Stabilization: Argentina's Austral Plan

Adjustment to Interest Rate Shocks in Latin America and the Caribbean

Financial Market Instability and External Shocks

Macroeconomic Instability and Moral Hazard in Banking in a Liberalizing Economy

The Chilean Financial Collapse

Labor Market Disequilibrium and Adjustment

Labor Market Adjustment with Wage Indexation: The Case of Chile Between 1974-1980

Monetary and Exchange Rate Policies

Debt and Adjustment in the Dominican Republic: The Second Time Around

Exchange Controls and the Breakdown of Central American Trade in the 1980s

The Equilibrium Exchange Rate of the Mexican Peso: A Monetary Approach

The Political Economy of Stabilization Programs

Debt, Stabilization, and Liberalization in Costa Rica: Political Economy Responses to a Fiscal Crisis

Recession and Adjustment in the Dominican Republic: 1983-1985

Long-Run Trade Strategies for Latin America

International Commodity Trade and Latin American Exports: An Empirical Investigation



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