The modernization strategy, crises and adjustment in Latin American economies
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Data de Publicação: | 2018 |
Tipo de documento: | Artigo |
Idioma: | por |
Texto Completo: | https://revistas.ufrj.br/index.php/rec/article/view/19639 |
Resumo: | The objective of the paper is to analyze why the pattern of growth based on the Washington consensus, implemented in many Latin American semiindustrialized economies, has so frequently led to a fall in private savings and to foreign-exchange crises. Thus the author considers the underpinnings and consequences of the most important measures taken by those economies, by referring to financial liberalization and the opening of their domestic markets to import competition, as well as to the priority given to the foreign over the domestic market. The author shows that the adjustment package normally brings about a fall in output and employment, coupled with inflationary pressures and a worsening of income distribution. He also argues that output recovery, when it takes place, comes into being thanks to an improvement in external conditions and to an expansion of government demand. Thus, it is the government and not the market that leads the recovery. |
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UFRJ-2 |
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Revista de Economia Contemporânea |
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The modernization strategy, crises and adjustment in Latin American economiesLópez G., Juliomacroeconomicseconomic policyThe objective of the paper is to analyze why the pattern of growth based on the Washington consensus, implemented in many Latin American semiindustrialized economies, has so frequently led to a fall in private savings and to foreign-exchange crises. Thus the author considers the underpinnings and consequences of the most important measures taken by those economies, by referring to financial liberalization and the opening of their domestic markets to import competition, as well as to the priority given to the foreign over the domestic market. The author shows that the adjustment package normally brings about a fall in output and employment, coupled with inflationary pressures and a worsening of income distribution. He also argues that output recovery, when it takes place, comes into being thanks to an improvement in external conditions and to an expansion of government demand. Thus, it is the government and not the market that leads the recovery.IE-UFRJ2018-08-20info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtigo avaliado pelos Paresapplication/pdfhttps://revistas.ufrj.br/index.php/rec/article/view/19639Revista de Economia Contemporânea; Rev. Econ. Contemp., v. 5, n. 1, jan./jun. 2001Journal of Contemporary Economics; Rev. Econ. Contemp., v. 5, n. 1, jan./jun. 20011980-5527porhttps://revistas.ufrj.br/index.php/rec/article/view/19639/11387Copyright (c) 2018 Julio López G.oai:ojs.pkp.sfu.ca:article/196392019-08-02T18:49:06Z |
dc.title.none.fl_str_mv |
The modernization strategy, crises and adjustment in Latin American economies |
title |
The modernization strategy, crises and adjustment in Latin American economies |
spellingShingle |
The modernization strategy, crises and adjustment in Latin American economies López G., Julio macroeconomics economic policy |
title_short |
The modernization strategy, crises and adjustment in Latin American economies |
title_full |
The modernization strategy, crises and adjustment in Latin American economies |
title_fullStr |
The modernization strategy, crises and adjustment in Latin American economies |
title_full_unstemmed |
The modernization strategy, crises and adjustment in Latin American economies |
title_sort |
The modernization strategy, crises and adjustment in Latin American economies |
dc.creator.none.fl_str_mv |
López G., Julio |
author |
López G., Julio |
author_facet |
López G., Julio |
author_role |
author |
dc.subject.none.fl_str_mv |
macroeconomics economic policy |
topic |
macroeconomics economic policy |
description |
The objective of the paper is to analyze why the pattern of growth based on the Washington consensus, implemented in many Latin American semiindustrialized economies, has so frequently led to a fall in private savings and to foreign-exchange crises. Thus the author considers the underpinnings and consequences of the most important measures taken by those economies, by referring to financial liberalization and the opening of their domestic markets to import competition, as well as to the priority given to the foreign over the domestic market. The author shows that the adjustment package normally brings about a fall in output and employment, coupled with inflationary pressures and a worsening of income distribution. He also argues that output recovery, when it takes place, comes into being thanks to an improvement in external conditions and to an expansion of government demand. Thus, it is the government and not the market that leads the recovery. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-08-20 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artigo avaliado pelos Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://revistas.ufrj.br/index.php/rec/article/view/19639 |
url |
https://revistas.ufrj.br/index.php/rec/article/view/19639 |
dc.language.none.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistas.ufrj.br/index.php/rec/article/view/19639/11387 |
dc.rights.none.fl_str_mv |
Copyright (c) 2018 Julio López G. |
rights_invalid_str_mv |
Copyright (c) 2018 Julio López G. |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
IE-UFRJ |
publisher.none.fl_str_mv |
IE-UFRJ |
dc.source.none.fl_str_mv |
Revista de Economia Contemporânea; Rev. Econ. Contemp., v. 5, n. 1, jan./jun. 2001 Journal of Contemporary Economics; Rev. Econ. Contemp., v. 5, n. 1, jan./jun. 2001 1980-5527 |
repository.name.fl_str_mv |
|
repository.mail.fl_str_mv |
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_version_ |
1789436681671147520 |