Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to...

This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes,...

After a review of the macroeconomic disequilibrium in Chile before the reform initiative, the author interprets the adjustments covering two distinct periods: 1973-76, when policy was based on a closed-economy view, and 1977-82, when measures were increasingly guided by an open-economy model. It...