By Pedro-Pablo Kuczynski, John Williamson

This quantity is a successor of types to an prior examine, towards Renewed monetary progress in Latin the US (Institute for overseas Economics; 1986), which blazed the path for the market-oriented fiscal reforms that have been followed in Latin the United States within the next years. It back offers the paintings of a gaggle of best economists (*) who have been requested to consider the character of the commercial coverage time table that the sector may be pursuing after the higher a part of a decade that was once punctuated through crises, completed disappointingly gradual progress, and observed no development within the region's hugely skewed source of revenue distribution. It diagnoses the first-generation (liberalizing and stabilizing) reforms which are nonetheless missing, the complementary second-generation (institutional) reforms which are essential to give you the institutional infrastructure of a industry economic system with an egalitarian bias, and the hot tasks which are had to crisis-proof the economies of the sector to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, middle for international Development), Miguel Szekely (Mexico), Ricardo Lopez Murphy (Argentina), Jaime Saavedra (Peru), Claudio de Moura Castro (Brazil), Liliana Rojas-Suarez (Peru), Andres Velasco (Harvard), and Roberto Bouzas (Argentina).

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Extra resources for After the Washington Consensus: Restarting Growth and Reform in Latin America

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One of the legacies of the external debt crisis in Latin America during the 1980s, as well as of the return to democratically elected governments at about the same time, has been a desire to decentralize government from the center down to the local level. This pressure for change comes after almost 500 years of unusually strict although often ineffective centralization. In the words of a leading student of the subject: “Spain’s [and also, but to a lesser extent, Portugal’s] legacy to Latin America was a tradition of extreme centralization in government decision making and an elitist social structure that impeded the implementation of central government policies.

Luis Rubio, “A Rule of Law Emerges in Mexico, Slowly,” Wall Street Journal, April 27, 2001. com 02--CH. 2--33-48 3/13/03 3:44 PM Page 45 free press and an active participation of nongovernmental organizations that can publicize the concerns of particular groups of citizens and over time can lead to informed debate about the issues facing government. This evolution will lead to a better informed, more independent judiciary; conversely, a more independent judiciary will lead to a better informed, more open government and society.

Subsequently, many governments embarked on economic reform programs. Today, after several years of very slow growth and in some cases, notably Argentina, outright economic depression, there is widespread frustration with the role of governments as reformers. Nonetheless, since Toward Renewed Economic Growth in Latin America was published by Balassa et al. in 1986, there have been three significant improvements and changes in the role of the state in the economies of Latin America. First and most important, the destabilizing element of public finances has been reined in; the very large public-sector deficits and their impact in stimulating domestic inflation have been brought under reasonable control (see chapter 4), although significant fiscal weaknesses remain in most countries.

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