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.
General
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