By Barbara Stallings
A chain of structural reforms have resulted in a couple of nations in Latin the US and the Caribbean changing into extra market-oriented and open to the remainder of the area. This publication examines the influence of those adjustments and offers an in depth photograph of development up to now.
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Extra info for Growth, Employment, and Equity: The Impact of the Economic Reforms in Latin America and the Caribbean
Sample text
Combined with the fact that Mexico accounted for nearly 40 percent of all Latin American and Caribbean exports by the late 1990s, boosted the total regional share of manufactured exports substantially. ) The geographic focus of Latin American trade flows also changed substantially in recent decades, especially in the 1990s. Two main developments helped to account for the changes, both linked to processes of regional integration. S. share in Mexican exports and imports. Whereas the United States bought 63 to 70 percent of Mexican exports between 1965 and 1990, by the late 1990s it purchased nearly 85 percent.
Next, it shifts to macroeconomic accomplishments and the interactions between reforms and macroeconomic policies. Social policy trends are also examined, with a special focus on expenditure in education and health areas. A concluding section looks at the implications for topics covered in other chapters, namely, investment, growth, employment, and equity. First Generation Structural Reforms The structural reforms undertaken by Latin America and the Caribbean marked the most significant change in development strategy since the initiation of the so-called import substitution industrialization (ISI) model.
See Vos and others (forthcoming). 17. The alternative would have been a sample that mixed reformers and non-reformers, using the latter as a type of control group. Our main reason for not using this alternative research design was that two of the countries that would enter the sample as non-reformers (Ecuador and Venezuela) were in such difficulties that reaching meaningful conclusions would have been impossible. Macroeconomic instability and lack of consensus on the need for reforms gave rise to extremely volatile economic conditions, under which long-term trends on investment, productivity, and other variables could not have been detected.