The Limits of Stabilization: Infrastructure, Public Deficits and Growth in Latin America (Latin American Development Forum) - Softcover

Press, Stanford University

Softcover

ISBN 10: 0821354892 ISBN 13: 9780821354896

Publisher: World Bank Publications, 2003

Synopsis

Over the 1980s and 1990s, most Latin American countries witnessed a retrenchment of the public sector away from infrastructure provision and an opening up of infrastructure activities to the private sector. This book analyzes the consequences of these policy changes from two perspectives. First, it reviews in a comparative framework the major trends in infrastructure provision in Latin America over the last two decades. Second, it evaluates the implication of these trends for economic growth and public deficits in the region. The book shows that in most countries private participation did not fully offset the public sector retreat. The result was a slowdown in infrastructure accumulation, which entailed a significant growth cost and weakened the intended impact of the infrastructure spending cuts on public sector insolvency.

About this title

From the Inside Flap

Latin America’s macroeconomic crises of the 1980s and ‘90s forced a severe fiscal adjustment across the region. More often than not, fiscal stability was achieved at the cost of a drastic compression of public infrastructure spending, accompanied by the hope that the private sector would take the leading role in infrastructure provision.
This book documents the major trends in infrastructure provision in Latin America over the past two decades n order to assess the consequences of this changed public-private partnership from the perspective of economic growth, public finances, and the quantity and quality of infrastructure services. It will be of particular interest to those in the fields of infrastructure, fiscal policy, and economic growth, and anyone concerned with Latin America’s development.
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From the Back Cover

“This fascinating book highlights a neglected cost of two decades of fiscal austerity in Latin America. The authors’ careful analysis reveals that the decline in public investment in infrastructure may have been expensive not only for growth but for long-term fiscal solvency as well. Deserves to be read by every IMF economist (and many others besides).” —Dani Rodrik,John F. Kennedy School of Government, Harvard University
“The lessons from this research are likely to be valuable not only for developing countries but also for the European countries that are part of the Euro zone.” —Sergio Rebelo,Kellogg School of Management, Northwestern University

Edition details

• Publisher: World Bank Publications
• Publication date: 2003
• Language: English
• ISBN 10: 0821354892
• ISBN 13: 9780821354896
• Binding: Paperback
• Number of pages: 226
• Editor: Easterly William, Serven Luis