The Transformation of Latin America analyses contemporary economic policy in the region and offers a concise overview of the problems and prospects for future economic development. The contributors examine the current status of policy reform in key areas - stabilization, trade and capital markets.The book is divided into three parts. The first part considers competing approaches to stabilization policy and discusses institutional and policy reform of central banks as well as the causes and consequences of Mexico's 1994 balance of payments crisis. The second part deals with regional integration and the world economy, assessing issues such as the impact of the Uruguay Round of GATT on the future international specialization of Latin American countries and the economic potential of sub-regional integration initiatives, in particular of Mercosur. Foreign investment and capital markets are addressed in the final part of the volume. Here the authors present an account of the recent trends in the region's emerging financial markets and short-run capital inflows and take a closer look at the origins, patterns and destinations of long-term capital inflows.

The Transformation of Latin America will be welcomed by academics and postgraduate students interested in development economics, international economics and policy studies. Government officials, policymakers and officials of non-governmental organizations, bankers and corporate executives will also find this book to be a valuable resource.