Abstract
After pursuing for many decades economic policies which disregarded macroeconomic fundamentals and were based on heavy government intervention and isolation from foreign trade, the last decade has witnessed a major overhaul of economic policies in Latin America. These changes were started in Chile in the middle of the 1970s and then extended to most countries in the region. This revolution resulted in a frontal attack on public sector deficits and in a drastic change of the traditional import substitution-cum-government intervention model that had emerged following the great depression and the end of the Second World War.1
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Alam, A and S. Rajapatirana, (1993) ‘Trade Policy Reform in Latin America and the Caribbean in the 1980s’, Working Paper, no. 1104 (Washington, DC: The World Bank).
Bitr’n, E. and R. Saez, (1995) ‘The Chilean Privatization Process’, in B. Bosworth et al (eds), The Chilean Economy: Policy Lessons and Challenges (Washington, DC: Brookings Institution).
Campos, R. (1961) ‘Two Views on Inflation in Latin America’, in A. O. Hirschman (ed.), Latin American Issues: Essays and Comments (New York: Twentieth Century Fund).
CEPAL (1992) Equidad y Transformación Productiva: Un Enfoque Integrado (Santiago: CEPAL).
Cheyre, H. (1988). La Previsión en Chile Ayer y Hoy: Impacto de una Reforma (Santiago: Centro de Estudios Públicos).
Corbo, V. (1985) ‘Reforms and Macroeconomic Adjustment in Chile during 1974–84’, World Development, vol. 13, no. 8.
—— (1988). ‘Problems, Development Theory and Strategies of Latin America’, in G. Ranis and T. P. Shultz (eds), The State of Development Economics: Progress and Perspectives (London: Basil Blackwell).
—— (1990) ‘Public Finance, Trade, and Development: The Chilean Experience’, in V. Tanzi (ed.), Fiscal Policy in Open Developing Economies (Washington, DC: IMF).
Corbo, V. and S. Fischer (1992). ‘World Bank Supported Adjustment Programs: Rationale and Main Results’, in Corbo V, S. Fischer and S. Webb (eds), Adjustment Lending Revisited: Policies to Restore Growth (Washington, DC: World Bank).
—— (1994) ‘Lessons from the Chilean Stabilization and Recovery’, in B. Bosworth et al (eds), The Chilean Economy: Policy Lessons and Challenges (Washington, DC: Brookings Institution).
—— (1995) ‘Structural Adjustment, Stabilization and Policy Reform: Domestic and International Finance’, in J. Behrman, J. and T. N. Srinivasan (eds), Handbook of Development Economics, volume III (New York: Elsevier).
Corbo, V. and K. Schmidt-Hebbel (1990) ‘Public Policies and Saving in Developing Countries’, Journal of Development Economics, vol. 36, pp. 89–115.
Corbo, V. and A. Solimano (1991) ‘Chile’s Experience with Stabilization Revisited’, in M. Bruno et al. (eds), Lessons of Economic Stabilization and its Aftermath (Cambridge, Mass: MIT Press).
De la Cuadra, S. and D. Hachette, (1992) Apertura Commercial: Experiencia Chilena (Santiago: Chile: Editorial de Economía y Administratión, Universidad de Chile).
Diamond, P. and S. Valdés (1994) ‘Social Security Reforms’, in B. Bosworth et al. (eds). The Chilean Economy: Policy Lessons and Challenges (Washington, DC: Brookings Institution).
Diáz-Alejandro, C. (1983) ‘Stories of the 1930s for the 1980s’, in P. Aspe et al. (eds). Financial Policies and the World Capital Market: The Problem of Latin American Countries (Chicago: University of Chicago Press).
Díz, A. C. (1966) ‘Money and Prices in Argentina: 1935–62’, PhD dissertation (Chicago: University of Chicago).
Easterly, W. and D. L. Wetzel (1989) ‘Policy Determinants of Growth: Survey of the Theory and Evidence’, World Bank, PPR Working Paper, no. 343.
Edwards, S. (1995) ‘Crisis and Reform in Latin America (Oxford: Oxford University Press).
Edwards, S. and A. C. Edwards (1987) Monetarism and Liberalization: The Chilean Experiment (Boston: Ballinger).
Ffrench-Davis R. (1973) Políticas Económicas en Chile: 1952–1970 (Santiago: Editorial Nueva Universidad).
Fontaine, J. A. (1989) ‘The Chilean Economy in the 1980s: Adjustment and Recovery’, in S. Edwards and F. Larraín (eds), Debt, Adjustment, and Recovery (Oxford: Blackwell).
Hachette, D. and R. Luders (1993) Privatization in Chile: An Economic Appraisal (San Francisco: ICS Press).
Harberger, A. C. (1985) ‘Observations on the Chilean Economy, 1973–1983’, Economic Development and Cultural Change, vol. 33 (April).
Larraín, F. (1991) ‘Public Sector Behavior in a Highly Indebted Country: The Contrasting Chilean Experience 1970–85’, in F. Larraín and M. Selowsky (eds), The Public Sector Crisis and the Latin American Crisis (San Francisco: ICS Press).
McKinnon, R. (1988) ‘Financial Liberalization and Economic Development’, International Center for Economic Growth, Occasional Paper, no. 6 (San Francisco).
—— (1991) The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy (Baltimore: Md.: Johns Hopkins University Press).
Meller, P. (1990) ‘Chile’, in J. Williamson (ed.), Latin American Adjustment (Washington, DC: Institute for International Economics).
Serven, L. and A. Solimano (1992) ‘Private Investment and Macroeconomic Adjustment: A Survey’, The World Bank Research Observer, vol 7, no. 1.
Sjaastad, L. A. (1984) ‘Stabilization and Liberalization Experience in the Southern Cone’, in N. A. Barletta et al. (eds), Economic Liberalization and Stabilization Policies in Argentina, Chile and Uruguay: Applications of the Monetary Approach of the Balance of Payments (Washington, DC: World Bank).
Stiglitz, J. E. (1993) ‘The Role of the State in Financial Markets’, World Bank Annual Conference on Development Economics (Washington, DC: World Bank).
Summers, L. (1985) ‘Public Policy and Saving’, NBER Working Paper.
Universidad de Chile (1963) La Economía Chilena en el Período 1950–63 (Santiago, Chile: Instituto de Economía).
Valdés, S. (1992) ‘Ajuste Estructural en el Mercado de Capitales: La Experiencia Chilena’, in D. Wisecarver D (ed.), El Modelo Económico Chileno (Santiago de Chile: Catholic University and CINDE).
Villanueva, D. and A. Mirakhor (1990) ‘Strategies for Financial Reforms’, IMF Staff Papers, vol 37, no. 3.
Williamson, J. (1989) Latin American Adjustment (Washington, DC: Institute for International Economics).
Wisecarver, D. (ed.) (1992) El Modelo Económico Chileno(Santiago de Chile: Catholic University and CINDE).
World Bank (1989) The World Development Report (New York: Oxford University Press).
—— (1991) The World Development Report (New York: Oxford University Press).
—— (1994) The World Development Report (New York: Oxford University Press).
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 1998 International Economic Association
About this chapter
Cite this chapter
Corbo, V. (1998). Economic Reforms in Latin America: The Decade of Hope. In: Lin, J.Y. (eds) Contemporary Economic Issues. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26723-1_10
Download citation
DOI: https://doi.org/10.1007/978-1-349-26723-1_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-26725-5
Online ISBN: 978-1-349-26723-1
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)