By Pedro-Pablo Kuczynski, John Williamson
This quantity is a successor of varieties to an prior research, towards Renewed financial progress in Latin the USA (Institute for overseas Economics; 1986), which blazed the path for the market-oriented monetary reforms that have been followed in Latin the United States within the next years. It back offers the paintings of a bunch of top economists (*) who have been requested to consider the character of the commercial coverage time table that the area will be pursuing after the higher a part of a decade that used to be punctuated via 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 climate with an egalitarian bias, and the hot projects which are had to crisis-proof the economies of the quarter to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, heart for worldwide 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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Additional resources for After the Washington Consensus: Restarting Growth and Reform in 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. Second, as part of fiscal stabilization, but also to increase economic efficiency, the role of the government as provider of commercial goods and services has been drastically reduced through privatization.
Third and most important, very little effort was made to create a wide shareholding for privatized companies. The exceptions were some of the telephone companies and the energy company YPF in Argentina, but in the end it was sold in its entirety to Repsol of Spain. Privatization is a work in progress in Latin America. Because of worldwide overinvestment in telephone and electricity systems, major players in the United States and Europe—pressed by their regulators—are trying to exit from areas that are not central to their main business.
Many assets will be sold at knockdown prices in the next year or two. What that will do to concession agreements and to service is still very much an open question. The Rule of Law—Personal Security If there is one area where the government has a clear role it is that of controlling crime and providing physical security for its citizens. Yet, in the words of a recent report by the Inter-American Development Bank, “Crime and violence have become staple features in most Latin American countries. Despite the persistent lack of reliable data, what statistics are available indicate that the region has one of the highest crime rates in the world” (IDB 2000b, 71).