Foreword  xiii

Preface  xv

Acknowledgments  xvii

I. Historical Trends and Sources of Growth  1

Introduction  3

1. An Overview of the Mexican Economy  5

2. Mechanisms of Mexican Economic Growth  28

3. External Sources of Instability  38

II. Economic Policymaking, 197182  53

4. Policymaking during the Echeverr�Administration, 197176  57

5. Policymaking in the Early L�pez Portillo Years: Devaluation and Stabilization  69

6. Industrial Policy under L�pez Portillo  84

7. Fiscal Policy under L�pez Portillo: Prelude to the 1982 Crisis  95

8. Policymaking in L�pez Portillo's Final Year: The 1982 Devaluations and Aftermath  111

III. Empirical Examinations of Policy Impact  123

Introduction  125

9. Scope for Anti-Inflationary Policy  127

10. Dynamics of the Fiscal System  150

11. Macroeconomic Controversies: The Monetarist-Cambridge Interpretations of the Policy Environment  164

12. Impact of Fiscal Policy: A Critique of the Fitzgerald Thesis  179

IV. Scope for Optimal Policymaking  203

Introduction  205

13. Optimal Stabilization Programs, 197581  207

14. Scope for Optimal Policy in an Oil-Based Economy, 198287  235

15. Optimal IMF-Type Stabilization Programs during the de la Madrid Presidency, 198387  260

16. The Policymaking Dilemma  276

Notes  283

Bibliography  297

Index  307

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