The debt crisis of 1982 caused serious economic disruptions in most developing countries. This book explains why some of these countries have recovered from the debt crisis, while, more than a decade later, others continue to stagnate.

Preface Introduction Rudiger Dornbusch, Sebastian Edwards. 1: Trade Policy, Exchange Rates, and Growth Sebastian Edwards 2: Are Economic Crises Necessary for Trade Liberalization and Fiscal Reform? The Mexican Experience Aaron Tornell 3: Macroeconomic Instability and Social Progress Mauricio Cardenas, Miguel Urrutia. 4: Continuity, Change, and the Political Economy of Transition in Chile Raul Laban, Felipe Larrain. 5: Inflation and Unemployment as Determinants of Inequality in Brazil: The 1980s Eliana Cardoso, Ricardo Paes de Barros, Andre Urani. 6: Israel's Stabilization: Some Important Policy Lessons Gil Bufman, Leonardo Leiderman. 7: Progress Report on Argentina Rudiger Dornbusch 8: Bolivia: From Stabilization to What? Federico A. Sturzenegger 9: Tax Lore for Budding Reformers Arnold C. Harberger 10: Deregulation as a Source of Growth in Mexico Arturo M. Fernandez 11: Partial Adjustment and Growth in the 1980s in Turkey Anne O. Krueger 12: Stopping Three Big Inflations: Argentina, Brazil, and Peru Miguel A. Kiguel, Nissan Liviatan. Contributors Author Index Subject Index