The topic I have been given is a complex one. It becomes even more complex when considered in light of the wide variety of countries represented at this seminar: Latin American, Asian, and African, as well as countries in transition to market economies. It is only fair for me to interpret my mandate in a way that has some relevance for all of you. Thus, I am going to present a general framework for discussing this issue, defining several initial conditions that apply to different types of countries and identifying the corresponding policy dilemmas.

Proceedings of the Seminar Coordination of Structural Reform and Macroeconomic Stabilization, Washington, D.C., June 17-26, 1993