Development Economics and Structuralist Macroeconomics
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Development Economics and Structuralist Macroeconomics

Essays in Honor of Lance Taylor

Edited by Amitava Krishna Dutt

Lance Taylor is widely considered to be one of the pre-eminent development economists in the world and is known for his work on development planning, macroeconomics of development, stabilization policy, and the global economy. He has also been the major force behind structuralist economics, which is seen by many to be a major alternative to orthodox development economics and policy prescriptions. The essays in this volume, written by well-known scholars in their own right, make contributions to each of these areas while honoring the contributions made by Lance Taylor.
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Chapter 11: The two waves of financial liberalization in Latin America

Roberto Frenkel and Lucio Simpson

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11. The two waves of financial liberalization in Latin America Roberto Frenkel and Lucio Simpson* I INTRODUCTION The economic history of Latin America in the past three decades suggests that the most sensible approach to evaluating the regional processes of financial liberalization, is not to see them as policy initiatives that can be isolated from their context, but rather as a set of experiences that share a set of common features. However, there are still enough noteworthy contrasts in policies and performance between the different LA countries to be able to draw important lessons about the relative merit or lack of it of specific measures. The long-term trend towards financial liberalization in LA has not been a continuous process but one with a marked break during the 1980s as a result of the crises brought about by the failure of the ‘first wave’ of liberalization attempts. These were labeled the ‘Southern Cone liberalization experiments’, and we especially analyse the cases of Argentina and Chile. Though they were short-lived, these experiences are for our purposes closed episodes with well-defined beginnings and ends.1 With respect to the 1990s our view is particularly influenced by five national cases: Argentina, Brazil, Colombia, Chile and Mexico. These are the biggest economies in the region. Together they represent more than three-quarters of the regional product and were the main recipients of the capital inflows. They also provide good examples of a variety of policies and economic performances. However, even though chronologically...

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