Growth, Employment, and Equity : The Impact of the Economic Reforms in Latin America and the Caribbean

A series of structural reforms have led to a number of countries in Latin America and the Caribbean becoming more market-oriented and open to the rest of the world. This book examines the impact of these changes and provides a detailed picture of progress to date. Annotation Analyzes The Impact Of Economic Reforms In Nine Countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, And Peru. Econometric Evidence Presented Suggests That Reforms Have Had A Surprisingly Small Positive Impact On Growth And Investment Together With A Small Negative Impact On Employment And Income Distribution. Reforms' Stronger Effects Were Found At The Country, Sectoral, And Microeconomic Levels. The Authors Are Affiliated With The Un's Economic Commission For Latin America And The Caribbean. Annotation C. Book News, Inc., Portland, Or (booknews.com). Annotation In The Last Ten To Fifteen Years, The Latin American And Caribbean Region Has Undergone The Most Significant Transformation Of Economic Policy Since World War Ii. Through A Series Of Structural Reforms, An Increasing Number Of Countries Have Moved From Closed, State-dominated Economies To Ones That Are More Market Oriented And Open To The Rest Of The World. Policymakers Expected That These Changes, In Conjunction With Lower Rates Of Inflation And Increased Spending In The Social Area, Would Speed Up Economic Growth, Increase Productivity, And Lead To The Creation Of More Jobs And Greater Equality. Have Those Expectations Been Fulfilled? Analyzing The Impact Of The Reforms In Nine Countries (argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, Peru), This Study Provides A Detailed Picture Of Progress To Date. At The Overall Regional Level, The Book Suggests, The Reforms Have Had A Surprisingly Small Impact: A Small Positive Impact On Investment And Growth, And A Small Negativeimpact On Employment And Income Distribution. But At The Country, Sectoral, And Microeconomic Levels, It Finds Evidence Of Strong Effects, With Some Units Doing Very Well And Others Falling Behind. 1 A New Approach To Analyzing Reforms: Macro-micro Linkages 1 -- The Literature On The Reforms 2 -- A New Conceptual Framework 7 -- Six Propositions 11 -- Methodological Considerations 13 -- 2 The International Context: Trade And Capital Flows 17 -- Latin American Trade Relations 19 -- Capital Flows To Latin America 25 -- 3 Structural Reforms And Public Policies 35 -- First Generation Structural Reforms 36 -- Macroeconomic Policies And Outcomes 51 -- Links Between Reforms And Macroeconomic Policy 62 -- Social Policy And Social Expenditure 64 -- 4 Investment, Productivity, And Growth: Recovery And Modest Advances 72 -- Long-term Trends In Investment And Productivity 75 -- Post-reform Phases Of Investment And Technological Change 80 -- The Impact Of The Reforms On Investment 86 -- Reforms And Growth 88 -- Accounting For Differences In Growth 92 -- The Impact Of The Reforms On Growth 99 -- Growth And The External Sector 102 -- 5 Employment And Equity: Continuing Challenges 110 -- The Supply Side: Demography And Education 113 -- The Impact Of The Reforms On Employment 116 -- Wages And The Wage Differential 126 -- Trends In Primary Income Distribution 129 -- The Impact Of The Reforms On Household Income Distribution 137 -- The Impact Of Social Expenditure On Equity 142 -- 6 Heterogeneity In Responses Of Sectors And Firms 153 -- The Sectoral Dynamics Of The Economy As A Whole 155 -- Specialization And Heterogeneity In Manufacturing 166 -- Specialization And Polarization In Agriculture 178 -- Natural Advantages And Access To Foreign Investment In Mining 182 -- Technological Revolution And Privatization In Electricity And Telecommunications 186 -- Increasing Heterogeneity In Sectoral Employment 191 -- 7 A Policy Agenda For The Next Decade 202 -- The Reforms And Their Impact 202 -- Recommendations To Improve The Outlook For The Region 210. Barbara Stallings, Wilson Peres. Includes Bibliographical References (p. 225-231) And Index. A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication In the last ten to fifteen years, the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms, an increasing number of countries have moved from closed, state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes, in conjunction with lower rates of inflation and increased spending in the social area, would speed up economic growth, increase productivity, and lead to the creation of more jobs and greater equality. Have those expectations been fulfilled? Analyzing the impact of the reforms in nine countries (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, Peru), this study provides a detailed picture of progress to date. At the overall regional level, the book suggests, the reforms have had a surprisingly small impact: a small positive impact on investment and growth, and a small negative impact on employment and income distribution. But at the country, sectoral, and microeconomic levels, it finds evidence of strong effects, with some units doing very well and others falling behind.

In the last ten to fifteen years, the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms, an increasing number of countries have moved from closed, state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes, in conjunction with lower rates of inflation and increased spending in the social area, would speed up economic growth, increase productivity, and lead to the creation of more jobs and greater equality. Have those expectations been fulfilled? Analyzing the impact of the reforms in nine countries (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, Peru), this study provides a detailed picture of progress to date. At the overall regional level, the book suggests, the reforms have had a surprisingly small impact: a small positive impact on investment and growth, and a small negative impact on employment and income distribution. But at the country, sectoral, and microeconomic levels, it finds evidence of strong effects, with some units doing very well and others falling behind.

div pIn the last ten to fifteen years, the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms, an increasing number of countries have moved from closed, state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes, in conjunction with lower rates of inflation and increased spending in the social area, would speed up economic growth, increase productivity, and lead to the creation of more jobs and greater equality. Have those expectations been fulfilled? Analyzing the impact of the reforms in nine countries (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, Peru), this study provides a detailed picture of progress to date. At the overall regional level, the book suggests, the reforms have had a surprisingly small impact: a small positive impact on investment and growth, and a small negative impact on employment and income distribution. But at the country, sectoral, and microeconomic levels, it finds evidence of strong effects, with some units doing very well and others falling behind./p /div In the last ten to fifteen years, the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms, an increasing number of countries have moved from closed, state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes, in conjunction with lower rates of inflation and increased spending in the social area, would speed up economic growth, increase productivity, and lead to the creation of more jobs and greater equality.Have those expectations been fulfilled? Analyzing the impact of the reforms in nine countries (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Jamaica, Mexico, Peru), this study provides a detailed picture of progress to date. At the overall regional level, the book suggests, the reforms have had a surprisingly small impact: a small positive impact on investment and growth, and a small negative impact on employment and income distribution. But at the country, sectoral, and microeconomic levels, it finds evidence of strong effects, with some units doing very well and others falling behinds.