1. Introduction: the lauching of the reforms The reforms: A brif overview Part I. the debt crisis and early adjustment 2. Muddling through: adjustment from 1982 to 1987 Was the debt crisis antecipated? External and domestic origins of the crisis The adjustment Heterodox stabilization attempts in the mid-1980s Fiscal control and incomes policies: the mexican pacto 3. The emergence of a new latin american consensus The crisis of traditional economic thinking in Latin America: an overview Factors behind the emerging consensus how broad in the emerging consensus ? Part II. An era of adjustment and reform 4. Macroeconomic adjustment and reform 4. Macroeconomic adjustment as a priority Debt restructuring, debt relief, and macroeconomic: adjustment Fiscal policy and macroeconomic equilibrium Exchange rates, inflation, and disinflation Summary and conclusions Appendix 4-1: debt and debt service reduction agreements Appendix 4.2: Inflationary inertia and nominal exchange rate anchors 5. The opening of Latin America From protectionism to liberalization: some analytical aspects Recent trade liberalization reforms in Latin America and the Caribbean Effects of trade liberalization Real exchange rate behavior, capital inflows, and the future of trade reforms in Latin America Regional trading blocs in Latin America 6. Privatization and deregulation Privatization and deregulation: analytical issues and policy options Privatization programs in Chile, Mexico and Argentina 7. Capital market deregulation, savings, and investment Financial repression in Latin America: historical background Financial deregulation in Latin America: regional trends and selected experiences Savings and investment 8. Poverty, income distribution, and human resources Poverty and income distribution Education, human capital formation, and social conditions Labor market regulations in Latin America Addressing the social agenda: policy options and priorities Part III. Looking toward the future 9. The mexican crisis of 1994 and the future of the latin american reforms The mexican peso crisis of 1994 and its lessons Latin American after Mexico Conclusions Notes References