By Pedro-Pablo Kuczynski, John Williamson
This quantity is a successor of types to an past examine, towards Renewed fiscal progress in Latin the USA (Institute for overseas Economics; 1986), which blazed the path for the market-oriented financial reforms that have been followed in Latin the United States within the next years. It back provides the paintings of a gaggle of best economists (*) who have been requested to contemplate the character of the commercial coverage time table that the quarter might be pursuing after the higher a part of a decade that used to be punctuated through crises, accomplished disappointingly gradual development, 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 marketplace financial system with an egalitarian bias, and the hot projects which are had to crisis-proof the economies of the zone to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, middle 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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Extra resources for After the Washington Consensus: Restarting Growth and Reform in Latin America
Com 47 03--CH. 3--49-74 3/14/03 2:26 PM Page 49 3 Bootstraps, not Band-Aids: Poverty, Equity, and Social Policy NANCY BIRDSALL AND MIGUEL SZÉKELY After a decade of economic reform that dramatically altered the structure of economies in Latin America, making them more open and more competitive, and a decade of substantial increases in public spending on education, health, and other social programs in virtually all countries, poverty and high inequality remain deeply entrenched. 1 Yet the proportion of poor people, in most countries 40 percent or higher, failed to decline much if at all—the only exceptions were Chile, Nancy Birdsall is president of the Center for Global Development in Washington, DC.
2--33-48 3/13/03 3:44 PM Page 47 expenditures—although the federal government intervenes, sometimes decisively (Giugale and Webb 2000, 3). From there on, a combination of federal and central systems prevail. Some countries have a large number of municipalities and others not many—for instance, Peru has roughly 1,900 (with only 14,000 inhabitants per municipality), whereas Uruguay has only 19 (each with an average population of almost 170,000 in 1994). Peru tried in the 1980s to bring cohesion to the dispersion and small size of local government by creating a few large regions, but these had difficulty in getting established because voters, especially outside the capital city of Lima, felt too remote from them.
The energy area in Mexico remains largely untouched, except for a few private electricity-generating plants— whether state-owned or privately owned, a generating plant will have similar performance, so that the efficiency benefits of competitive private management are smaller for generation than for distribution. Did privatization contribute to economic growth? In a general way, there is no doubt that privatization was one of the key elements that helped to jump-start economic revival in the countries that were the most aggressive privatizers (Chile, Argentina, and Peru).
After the Washington Consensus: Restarting Growth and Reform in Latin America by Pedro-Pablo Kuczynski, John Williamson