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Abstract

Held in Mangaratiba, Rio de Janeiro, under the sponsorship of the International Monetary Fund, the Central Bank of Brazil, and the Catholic University of Rio de Janeiro, this seminar brought together a large number of economists from different countries and institutions. The purpose was to discuss policies for sustained growth based on recent Latin American experiences. Although, at the time of the seminar, some economies—particularly that of Brazil—could not yet be deemed successful in their efforts to achieve price stability, the discussions centered on themes considered pertinent to the consolidation of stability and the recovery of growth.

Said El-Nagger

Abstract

On April 15, 1994 at Marrakesh, Morocco, more than one hundred countries signed the Final Act of the Uruguay Round. This marked the conclusion of a complex and protracted process of negotiations that began in September 1986 with the Punta del Este Declaration. The Uruguay Round was the eighth round of multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trade (GATT). Since its establishment in 1947, the GATT endeavored to achieve three principal objectives:

Jesus Seade

Abstract

This chapter describes the principal results of the GATT’s eighth round of negotiations, launched in Punta del Este, Uruguay, in September 1986, and concluded in Marrakesh, Morocco, in April 1994- The World Trade Organization (WTO), the principal result of the Uruguay Round, enters into force on January 1, 1995 and replaces the GATT as the basis for trade relations among its members. After an overview of the GATT system and a brief summary of changes in the framework for trade relations contained in the Uruguay Round agreements, the chapter concludes with a description of the steps a country must take to become a WTO member.

Ricardo López Murphy

Abstract

This paper discusses stabilization programs in Latin America, with an analysis of the general conceptual framework and of a few practical experiences that demonstrate the main points. The viewpoint will be that of a policymaker, with an emphasis on those issues that experience has generally shown to be the most controversial.

Abstract

Orthodox stabilization plans in the member countries of the Organization for Economic Cooperation and Development (OECD)—such as the Reagan and Thatcher plans in the early 1980s—have had significant negative distributive and welfare effects. Unemployment and real wage reductions caused by the Phillips curve trade-off between inflation and the level of activity result from stabilization attempts that were based on contractionary monetary policies. The long stabilization in Chile, for example, although mixed with some incomes policy ingredients, had a strong orthodox flavor and was also associated with significant distributive and welfare consequences.

Paul Chabrier, Mohamed A. El-Erian, and Rakia Moalla-Fetini

Abstract

The Uruguay Round has been heralded by many as constituting a major advance in the process of multilateral liberalization of trade in goods and services and in strengthening the supporting institutional base. By seeking to bring in the old but contentious issues of trade in agriculture and in textiles under comprehensive GATT discipline, as well as to expand GATT discipline to some new areas, the Uruguay Round has been regarded by many as the most ambitious of all GATT negotiating rounds. If fully implemented, the Uruguay Round agreements are expected to enhance welfare-increasing trade and to contribute to world economic growth.