Abstract

The aim of this study has been to take stock of the achievements and disappointments in Latin America since the start of market-based reforms in the early 1990s, a period that also witnessed growing democratization in the region. This concluding section draws lessons from this period and, based on this experience, discusses policy priorities and the future roles of the major players involved—the policymakers in Latin America; the international institutions, and especially the IMF; and industrial country governments—in order to make a decisive break from the region’s long history of recurrent crisis and to entrench growing prosperity.