Macroeconomic Sustainability and Development Prospects: Latin American Performance in the 1990s |
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activity level aggregate demand Argentina and Mexico assets authorities average billion Brazil capital inflows cent of GDP Chile and Colombia Chilean consequences constant dollar contraction current-account deficits devaluation developing countries disequilibrium domestic financial early ECLAC economic effects evolution exchange rate appreciation exchange rate policy exports external adjustment external fragility external sector financial markets financial system fiscal adjustment fiscal equilibrium fiscal gap fixed exchange rate flotation band flows herd behaviour implemented imports increase inflation rate instability interest rates international financial investment rate Latin America Latin American macroeconomic sustainability Mexican crisis Mexico and Argentina national savings rate nominal exchange rate performance period Plano Real points of GDP privatization productivity public investment public sector rates of growth real exchange rate reduction regarding regional relative price reserves revenues role savings and investment short-term showed significant situation stabilization programme structural reforms Table trade liberalization trend UNCTAD vis-à-vis wages Washington Consensus Yılmaz AKYÜZ