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Some Lessons for Africa from the Recent Reforms in Latin America

Some Lessons for Africa from the Recent Reforms in Latin America This paper reviews the recent Latin American experience with policy reforms and then goes on to draw lessons for Africa. The lessons apply to both macroeconomic and micro-institutional reforms. On the macroeconomic side it concludes that it is important to achieve and maintain macroeconomic stability through appropriate fiscal and monetary policies. On the micro-institutional front, an area where returns should be very high in Africa, the paper emphasises the importance of creating and strengthening the type of institutions required to promote a competitive market economy. But this is not all; in the African environment a special effort should be made to improve the integration to the world economy, to rehabilitate physical and social infrastructure, to improve the provision of social services; and to remove impediments to the expansion of private investment. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of African Economies Oxford University Press

Some Lessons for Africa from the Recent Reforms in Latin America

Journal of African Economies , Volume 7 (suppl_2) – Dec 1, 1998

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Publisher
Oxford University Press
Copyright
© Published by Oxford University Press.
Subject
Articles
ISSN
0963-8024
eISSN
1464-3723
DOI
10.1093/jafeco/7.suppl_2.169
Publisher site
See Article on Publisher Site

Abstract

This paper reviews the recent Latin American experience with policy reforms and then goes on to draw lessons for Africa. The lessons apply to both macroeconomic and micro-institutional reforms. On the macroeconomic side it concludes that it is important to achieve and maintain macroeconomic stability through appropriate fiscal and monetary policies. On the micro-institutional front, an area where returns should be very high in Africa, the paper emphasises the importance of creating and strengthening the type of institutions required to promote a competitive market economy. But this is not all; in the African environment a special effort should be made to improve the integration to the world economy, to rehabilitate physical and social infrastructure, to improve the provision of social services; and to remove impediments to the expansion of private investment.

Journal

Journal of African EconomiesOxford University Press

Published: Dec 1, 1998

There are no references for this article.