Renewed access to international capital markets in the 1990s has expanded the supply of available resources for the development of the Latin American and Caribbean countries. The volatility of these sources of finance and the region's procyclical macroeconomic policies have, however, been reflected in unusually frequent financial crises and unstable economic growth, which have been very costly in terms of unemployment and poverty.
In order to turn this situation around, the Economic Commission for Latin America and the Caribbean (ECLAC) proposes a strategy for growth with stability which is founded upon action in three areas: strengthening the international financial system's ability to prevent and manage crises and the countries' capabilities for designing preventative macroeconomic policies to complement that system; speeding the pace of export development and improvements in the region's access to international financial markets; and increasing national saving and promoting the countries' financial development so that national resources can be channelled into investment and access to credit can be ensured for all sectors of society.
A UN Publication
Sales Number: E.02.II.G.20
List price: $25.00
Special Academic Price: $7.00
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