Some Lessons for Africa from the Recent Reforms in Latin America

Vittorio Corbo

Journal of African Economies, 1998, vol. 7, issue 0, 169-207

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. Copyright 1998 by Oxford University Press.

Date: 1998
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