With Latin America's economic adjustment process in full stride, national financial systems in the region face the challenge of promoting and balancing savings and investment. Strengthening the Financial Sector in the Adjustment Process assesses the gains and setbacks of financial systems in Argentina, Brazil, Colombia and Uruguay. The studies look first at the structure, costs, regulations and efficiency of the financial systems, taking into account national macroeconomic conditions and other characteristics specific to each country. In Argentina, a successful stabilization program serves as the starting point for analysis of the financial sector. The persistence of high inflation directs the Brazilian study to the relationship between the financial system and the inflationary process. The Colombian financial system is depicted as segmented and somewhat less developed, although reform policies in place since 1990 have helped unify the system. Finally, the Uruguayan study points to two peculiarities of the country's financial system: it is highly dollarized and the only banks are public or foreign.