NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomic Stabilization in Latin America: Recent Experience and Some Sequencing Issues

Sebastian Edwards

NBER Working Paper No. 4697
Issued in April 1994
NBER Program(s):International Trade and Investment, International Finance and Macroeconomics

This paper reviews the experience of Latin American countries with structural reforms, and discusses the relationship between macroeconomic stabilization and trade liberalization programs undertaken in the region since the early 1980s. The problem of sequencing of stabilization and structural reforms is analyzed with detail. First from a theoretical perspective, second, reviewing the stabilization programs implemented in Latin America on a case by case basis. Particular emphasis is given to the analysis of the fiscal consequences of the chosen sequencing, as well as its impact on the evolution of domestic savings and investment, and on foreign investment. The final part of the paper concentrates on the behavior of real exchange rates during the stabilization programs and its relationship with trade reforms.

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Document Object Identifier (DOI): 10.3386/w4697

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