Latin America: the missing financial crisis
- Author(s):
- Porzecanski, Arturo C.
- Date Issued:
- 2009-10
- Serie:
- Studies and Perspectives Series (Washington, DC)
- No.
- 6
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This may well be the first time since Latin America gained its independence in the early 1800s that a major economic contraction and financial calamity in the industrialized world has not caused a wave of currency, sovereign debt or banking crises in the region. What explains Latin America's unprecedented resilience in contrast with, for example, Eastern Europe's now-evident financial vulnerability? Here we review the enormous progress made by many governments in Latin America in the past decade to reduce currency mismatches, allow for more flexible exchange-rate regimes, enhance the capitalization, funding and supervision of their banking systems, encourage the development of local capital markets, and implement sounder and more credible monetary and fiscal policies. Evidently, it is not necessary to wait for an improved international financial architecture in order for reform-minded, well-managed countries to reap the most benefits from, and minimize the deleterious impact of market cycles typical of, financial globalization.
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Declaración de la Comisión Económica para América Latina y el Caribe (CEPAL) sobre la crisis financiera internacional, 15 de septiembre de 1998 = Communiqué of the Economic Commission for Latin America and the Caribbean (ECLAC) on the international financial crisis, 15 September 1998
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- UN symbol:
Global antidumping activity peaked in 2001, with 366 petitions initiated world-wide, and rapidly diminished to just 163 cases in 2007. With the onset of the current major world-wide recession some observers feared that antidumping usage would climb dramatically; however while antidumping activity w...
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- UN symbol:
In Latin America (LA), as well as in other parts of the world, decentralization has increased in recent decades, reflecting primarily political pressures, partly linked to the democratization process. As a result, sub-national governments (SNGs) now account for substantial shares of public expendit...