CENTRAL BANKING AFTER THE LATIN-AMERICAN DEBT CRISIS

Stabilization and structural reform that has characterized Latin Ameri ca as of late is based upon an increasing adherence to sound fiscal an d monetary policies. The economic deprivation brought on by the debt c risis has served as a powerful impetus behind these developments. The macroeconomic policies leading up to the crisis have been put aside in favor of a legal framework of transparent budgetary practices and an independent central bank. Fraga's article analyzes the recent evolutio n of the central banks in Argentina, Brazil, Chile, Colombia, Mexico a nd Venezuela.