The 1980s were a lost decade for Latin America, will the 1990s
also be lost? For some countries stabilization has not even
started. In other countries the stabilization accomplishments
remain tentative and ,vulnerable. And even those countries that
have established firmly a new path for their econoreic management
are still waiting for economic growth to return.
The hardest part of stabilization is the transition to growth.
Even with major adjustment efforts in place, growth does not
resume spontaneously. If the lack of recovery is due to a
coordination failure than market forces cannot resolve the
difficulty, a mechanism must be found to bring about the
coordination.
*Published:
"Policies to Move from Stabilization to Growth." From Proceedings of the World Bank Annual Conference on Development Economics 1990, edited by Stanley Fischer, Dennis de Tray, and Shekhar Shah, pp. 19-48. Washington, DC: World Bank Publications, 1991.
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