PHILIP L. BROCK is Assistant Professor of Economics at Duke University.MICHAEL B. CONNOLLY is Professor of Economics at the University of Miami.CLAUDIO GONZALEZ-VEGA is Professor of Agricultural Economics at Ohio State University.

• Preface Introduction: Latin American Debt and the Transfer Problem The Transmission of External Shocks to Latin America Debt, Depression and Real Rates of Interest in Latin America Lessons of the Past: The Role of External Shocks in Chilean Recessions, 1926-1982 The Transmission of Terms-of-Trade Shocks Fiscal Constraints and the Adjustment Process Fiscal Lags and the Problem of Stabilization: Argentina's Austral Plan Adjustment to Interest Rate Shocks in Latin America and the Caribbean Financial Market Instability and External Shocks Macroeconomic Instability and Moral Hazard in Banking in a Liberalizing Economy The Chilean Financial Collapse Labor Market Disequilibrium and Adjustment Labor Market Adjustment with Wage Indexation: The Case of Chile Between 1974-1980 Monetary and Exchange Rate Policies Debt and Adjustment in the Dominican Republic: The Second Time Around Exchange Controls and the Breakdown of Central American Trade in the 1980s The Equilibrium Exchange Rate of the Mexican Peso: A Monetary Approach The Political Economy of Stabilization Programs Debt, Stabilization, and Liberalization in Costa Rica: Political Economy Responses to a Fiscal Crisis Recession and Adjustment in the Dominican Republic: 1983-1985 Long-Run Trade Strategies for Latin America International Commodity Trade and Latin American Exports: An Empirical Investigation Bibliography Index

PHILIP L. BROCK is Assistant Professor of Economics at Duke University.MICHAEL B. CONNOLLY is Professor of Economics at the University of Miami.CLAUDIO GONZALEZ-VEGA is Professor of Agricultural Economics at Ohio State University.

• Preface Introduction: Latin American Debt and the Transfer Problem The Transmission of External Shocks to Latin America Debt, Depression and Real Rates of Interest in Latin America Lessons of the Past: The Role of External Shocks in Chilean Recessions, 1926-1982 The Transmission of Terms-of-Trade Shocks Fiscal Constraints and the Adjustment Process Fiscal Lags and the Problem of Stabilization: Argentina's Austral Plan Adjustment to Interest Rate Shocks in Latin America and the Caribbean Financial Market Instability and External Shocks Macroeconomic Instability and Moral Hazard in Banking in a Liberalizing Economy The Chilean Financial Collapse Labor Market Disequilibrium and Adjustment Labor Market Adjustment with Wage Indexation: The Case of Chile Between 1974-1980 Monetary and Exchange Rate Policies Debt and Adjustment in the Dominican Republic: The Second Time Around Exchange Controls and the Breakdown of Central American Trade in the 1980s The Equilibrium Exchange Rate of the Mexican Peso: A Monetary Approach The Political Economy of Stabilization Programs Debt, Stabilization, and Liberalization in Costa Rica: Political Economy Responses to a Fiscal Crisis Recession and Adjustment in the Dominican Republic: 1983-1985 Long-Run Trade Strategies for Latin America International Commodity Trade and Latin American Exports: An Empirical Investigation Bibliography Index

PHILIP L. BROCK is Assistant Professor of Economics at Duke University.MICHAEL B. CONNOLLY is Professor of Economics at the University of Miami.CLAUDIO GONZALEZ-VEGA is Professor of Agricultural Economics at Ohio State University.

• Preface Introduction: Latin American Debt and the Transfer Problem The Transmission of External Shocks to Latin America Debt, Depression and Real Rates of Interest in Latin America Lessons of the Past: The Role of External Shocks in Chilean Recessions, 1926-1982 The Transmission of Terms-of-Trade Shocks Fiscal Constraints and the Adjustment Process Fiscal Lags and the Problem of Stabilization: Argentina's Austral Plan Adjustment to Interest Rate Shocks in Latin America and the Caribbean Financial Market Instability and External Shocks Macroeconomic Instability and Moral Hazard in Banking in a Liberalizing Economy The Chilean Financial Collapse Labor Market Disequilibrium and Adjustment Labor Market Adjustment with Wage Indexation: The Case of Chile Between 1974-1980 Monetary and Exchange Rate Policies Debt and Adjustment in the Dominican Republic: The Second Time Around Exchange Controls and the Breakdown of Central American Trade in the 1980s The Equilibrium Exchange Rate of the Mexican Peso: A Monetary Approach The Political Economy of Stabilization Programs Debt, Stabilization, and Liberalization in Costa Rica: Political Economy Responses to a Fiscal Crisis Recession and Adjustment in the Dominican Republic: 1983-1985 Long-Run Trade Strategies for Latin America International Commodity Trade and Latin American Exports: An Empirical Investigation Bibliography Index