During recent years, many Latin American countries have undergone significant reforms. The economic systems that emerged in the 1930s, stifled by heavy government intervention and protectionism, have given way to new ones based on market orientation, openness, and competition. This study provides a thorough analytical review of the events that led to the transformation of these economies during the past decade. The author analyzes economic developments from the debt crisis of 1982 to the stabilization programs of the late 1980s. The evolution of social conditions in the region, including poverty and inequality, is examined in detail. Key topics addressed include the sequencing of reform, the speed of trade liberalization, alternative modes of privatizing state-owned enterprises, the effectiveness of exchange rates as nominal anchors, and the use of emergency social funds as a way of providing a social safety net during the transition. The author concludes with a look at the implications of the recent Mexican currency crisis for the region and an evaluation of Latin America's challenges for the future.

Crisis and Reform in Latin America: From Despair to Hope (A World Bank Publication)

Business & Money

Edwards, Sebastián

USA, Oxford University Press

Economics

World Bank Publications

'Some people may believe that crises are an inevitable feature of the capitalist system. Others hold that exchange-rate crises will vanish as more and more countries adopt floating exchange rates... But, some of us believe that crises can be avoided or at least limited by good economic management, and that having a reasonable idea of where the equilibrium exchange rate lies is an essential requirement for good macro management...' - John Williamson, Chief Economist, South Asia Region, World Bank 'Exchange Rate Misalignment' provides a comprehensive treatment of the conceptual and empirical issues concerning measuring exchange rate misalignment in developing countries. The report hopes to provide policymakers and their advisors with a compendium of practical techniques for estimating equilibrium real exchange rates. The book analyzes, in detail, four methodologies for the empirical estimation of the long-run equilibrium real exchange rate. The findings of the report include: -- An assessment of alternative empirical measures of the internal and external real exchange rates. -- An up-to-date survey of the literature on estimating equilibrium exchange rates in both industrial and developing countries. -- A detailed presentation of currently available methodologies for empirically estimating the equilibrium exchange rate in developing countries. The analytical depth and practical techniques provided in 'Exchange Rate Misalignment' make this book an invaluable resource for policymakers and foreign exchange specialists in the public and private sector. Published by Oxford University Press for the World Bank.

Exchange Rate Misalignment: Concepts and Measurement for Developing Countries

Montiel, Peter J.

Hinkle, Lawrence E.

World Development Report 2000/2001: Attacking Poverty (World Bank Development Report)

At the start of a new century, poverty remains a global problem of huge proportions. Of the world's 6 billion people, 2.8 billion live on less than $2 a day and 1.2 billion on less than $1 a day. Eight out of 100 infants do not live to see their 5th birthday. Nine of 100 boys and 14 of 100 girls who reach school age do not attend school. Poverty is also evident in poor people's lack of political power and voice and in their vulnerability to ill health, economic dislocation, personal violence and natural disasters. The scourge of HIV/AIDS, the frequency and brutality of civil conflicts, and rising disparities between rich countries and the developing world have increased the sense of deprivation and injustice for many. 'World Development Report 2000/2001: Attacking Poverty' (which follows 2 other 'World Development Reports' on poverty, in 1980 and 1990) argues that major reductions in all these dimensions of poverty are indeed possible―that the interaction of markets, state institutions, and civil societies can harness the forces of economic integration and technological change to serve the interests of poor people and increase their share of society's prosperity. Actions are needed in 3 complementary areas: promoting economic opportunities for poor people through equitable growth, better access to markets, and expanded assets; facilitating empowerment by making state institutions more responsive to poor people and removing social barriers that exclude women, ethnic and racial groups, and the socially disadvantaged; and enhancing security by preventing and managing economywide shocks and providing mechanisms to reduce the sources of vulnerability that poor people face. But actions by countries and communities will not be enough. Global actions need to complement national and local initiatives to achieve maximum benefit for poor people throughout the world. A copublication of the World Bank and Oxford University Press.

World Development Report 2000/2001: Attacking Poverty

World Bank

Governments often expect more from their vocation education and training (VET) systems than the systems have been able to provide. These high expectations have resulted in heavy government involvement in VET. However, the exaggerated expectations and overly involved governments appear to be responsible for the disappointments that have plagued VET in many countries. Some countries are now realizing that demands from the VET systems may have been unrealistic and that the government's heavy involvement may be unnecessary. Based on the experiences of countries worldwide, 'Vocational Education and Training Reform' examines the constraints they face in implementing VET and related policies; analyzes how some countries have successfully implemented reforms; and evaluates VET reforms in central and eastern Europe, the former Soviet Union, and other countries in transition to a market economy, such as China. This book is a joint production of the World Bank and the International Labour Office.

Vocational Education and Training Reform: Matching Skills to Markets and Budgets

Job Hunting & Careers

With contributions from 35 leading economists, this forward-looking book explores the future of development economics against the background of the past half-century of development thought and practice. Outstanding representatives of the past two generations of development economists assess development thinking at the turn of the century and look to the unsettled questions confronting the next generation. The volume offers a thorough analysis of the broad range of issues involved in development economics, and it is especially timely in its critique of what is needed in development theory and policy to reduce poverty. An overriding issue is whether in the future 'development economics' is to be regarded simply as applied economics or whether the nature and scope of development economics will constitute a need for a special development theory to supplement general economic theory. 'Frontiers of Development Economics' is an ideal reference for all those working in the international development community.

Frontiers of Development Economics: The Future in Perspective

The last decade of the 20th century witnessed striking progress in the developing world and at the same time, it also saw stagnation and setbacks. Economic growth is key to development both in its pace and also in its quality. 'The Quality of Growth' is a collection of essays in an ongoing research project. The book looks at the 'World Development Report 1991: The Challenge of Development' and examines how far we have progressed at the turn of the millennium. According to the report, there are four factors especially relevant for poverty outcomes: • distribution, • sustainability, • variability, and • governance surrounding the growth process. 'The Quality of Growth' advocates broadening the policy framework from a quantitative agenda for short-term economic growth to a qualitative agenda involving human, social, and environmentally sustainable development. It is an important resource for policymakers, academicians, and all those working in the area of international development. A copublication of the World Bank and Oxford University Press.

The Quality of Growth

Thomas, Vinod

Wang, Yan

Kaufmann, Daniel

Dailami, Mansoor

Dhareshwar, Ashok

Lopez, Ramon E.

Kishor, Nalin

First in a group of three volumes resulting from a global consultation and research effort. multi-country research initiative to understand poverty from the eyes of the poor, the 'Voices of the Poor' project was undertaken to inform the World Bank's activities and the 'World Development Report 2000/2001'. 'Voices of the Poor' marks the first time such an exercise has been undertaken in so many developing countries and transition economies around the world. ― Volume 1, 'Can Anyone Hear Us?' gathers the voices of over 40,000 poor women and men in 50 countries from the World Bank's participatory poverty assessments (Deepa Narayan, Raj Patel, Kai Schafft, Anne Rademacher, and Sarah Koch-Schulte, authors). ― Volume 2, 'Crying Out for Change' pulls together new field work conducted in 1999 in 23 countries (Deepa Narayan, Robert Chambers, Meera Shah, and Patti Petesch, authors). ― Volume 3, 'From Many Lands' offers regional patterns and country case-studies (Deepa Narayan and Patti Petesch, editors). 'Voices of the Poor' provides a unique and detailed picture of the life of the poor and explains the constraints poor people face to escape from poverty in a way that more traditional survey techniques do not capture well. Each of the three volumes demonstrates the importance of voice and power in poor people's definition of poverty. 'Voices of the Poor' concludes that we need to expand our conventional views of poverty which focus on income expenditure, education, and health to include measures of voice and empowerment. A copublication of the World Bank and Oxford University Press.

Can Anyone Hear Us?: Voices of the Poor

Patel, Raj

Narayan, Deepa

Rademacher, Anne

Koch-Schulte, Sara

Schafft, Kai

'Institutions fix the confines of and impose form upon the activities of human beings.' ―Walton Hamilton, 'Institutions', 1932. The 'World Development Report 2002: Building Institutions for Markets' undertakes the complex issue of the basic institutions needed for markets to function properly. This year's 'World Development Report' goes beyond a simple examination of institutional structure and explores the functions of institutions. Recognizing that one size does not fit all, the report asks what do all institutions which support markets do? The answer is simple: Institutions channel information, define and enforce property rights, and increase or prevent competition. Understanding the functions that current institutions and their proposed replacements would provide is the first step. The report contends that once you have identified the institutional functions that are missing, you can then build effective institutions by following some basic principles: • Complement what exists already - in terms of other supporting institutions, human capacities, and technology. • Innovate to suit local norms and conditions. Experimenting with new structures can provide a country with creative solutions that work. • Connect communities of market players through open information flows and open trade. Open trade and information flows create demand for new institutions and improve the functioning of existing structures. • Compete among jurisdictions, firms, and individuals. Increased competition creates demand for new institutions as old ones lose their effectiveness. It also affects how people behave - improving institutional quality. These broad lessons and careful analyses, which links theory with pertinent evidence, are provided in the report. 'World Development Report 2002: Building Institutions for Markets' contains selected 'World Development Indicators'.

World Development Report 2002: Building Institutions for Markets

Health Care in Jamaica: Quality, Outcomes, and Labor Supply

World Bank Group

Victor Lavy

The Greening of Economic Policy Reform

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