Inflation and Stabilization in Latin America

Inflation and Stabilization in Latin America

Inflation and Stabilization in Latin America

Inflation and Stabilization in Latin America

Excerpt

The issue of inflation and stabilisation policy in Latin America attracted considerable debate and research during the 1960s. In the early years of the 1970s the debate largely died out, for reasons which, as we explain below, are closely related to international developments. But today the issue is reviving as a focal point of controversy, in reaction to further significant changes in the international economy. This is the motivation for the case studies drawn together in this book: what new light can be thrown on these difficult policy issues by reviewing the reactions of six countries to the major adjustment problems thrust upon them since the early 1970s? What can the comparison show us both about the internal structures of those countries and about the modus operandi of different stabilisation techniques?

It is clearly important that these policies are being attempted in a context distinctly different from that of a decade earlier. It is the task of this Introduction, first, to define the differences both in the international economy and in Latin America itself, and, second, to attempt to define the issues — which, we shall argue, have also shifted somewhat in the intervening years.

Since the 1960s major developments in the international economy have led to the collapse of the old Bretton Woods system. We must therefore outline briefly what that system meant for Latin America and how the continent was affected by its disintegration. It was in 1944 at Bretton Woods that the IMF and the World Bank were . . .

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