This chapter reviews the financial liberalization reforms undertaken in Uruguay and their long-run effects. The reforms enacted in the 1970s created an institutional framework that has survived a deep recession and a severe financial crisis (1981–83), several negative external shocks (such as the debt crisis of the early 1980s) and the transition from the military dictatorship to democracy in 1985.


Exchange Rate Interest Rate Central Bank Real Exchange Rate Credit Market 
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© International Development Research Centre 1998

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