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Access to finance is critical in setting the course for development in emerging market economies. In this innovative study, which provides the first book-length analysis of the Latin American financial sector, Barbara Stallings and Rogerio Studart examine the dramatic changes resulting from financial liberalization in the region. The authors begin by discussing the critical transformations taking place in Latin America since 1990a period marked by acceleration toward a new open, market-oriented development model, and away from a semi-closed model relying heavily on the state. Stallings and...

This book offers a new approach to studying foreign aid in the 21^st century. While most analysts focus on the differences between traditional and emerging donors, Stallings and Kim here argue that a more important distinction is between East Asian donors and their western counterparts. Asian donors - Japan, South Korea, and China - cross the traditional and emerging divide and demonstrate a particular approach to development that draws on their own dramatic success. As East Asia continues its upward trajectory of economic development, the politics of aid can reveal surprising...

In the last ten to fifteen years, the Latin American and Caribbean region has undergone the most significant transformation of economic policy since World War II. Through a series of structural reforms, an increasing number of countries have moved from closed, state-dominated economies to ones that are more market oriented and open to the rest of the world. Policymakers expected that these changes, in conjunction with lower rates of inflation and increased spending in the social area, would speed up economic growth, increase productivity, and lead to the creation of more jobs and greater...