Structural adjustment and stabilization policies have been implemented in various Latin American countries besieged by debt crisis and high inflation. Recent development literature has suggested that the negative effects of such policies are borne disproportionately by the poor of these countries, and more specifically by poor women. Empirical studies are lacking, however, and the connection between the crises and women is not always clear. The present study attempts to contribute to the literature on the subject by analyzing the situation of women in Lima, Peru. Using data on the cost of living, poverty levels, unemployment and underemployment, job segregation and discrimination, and female wages relative to male wages, the study tries to analyze whether women have been more negatively affected by the Peruvian crisis and structural adjustment policies than men. The findings do indeed suggest that the economic crisis is severe for all, but that it is particularly harsh on Lima's women.