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The Center and the Periphery: The Transmission of the Crisis to Latin American Economies

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  • Sebastián Katz

    (BCRA, UBA, San Andrés)

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    Abstract

    Although the international crisis was initially seen as an event limited to a particular segment of the financial systems of central economies, it rapidly escalated and became global through different transmission channels, raising doubts over the hypothesis of the so-called decoupling. Latin American economies faced this new scenario under more robust conditions than in the past episodes of crisis. The good macroeconomic performance of the region during the five-year period prior to the onset of the crisis reduced the vulnerability of these economies and increased the degrees of freedom of economic policy authorities to implement counter-cyclical policies in the new international context. Despite the efforts made by these economies, a comprehensive policy response will require a commitment of resources and coordination by the main developed economies. In this sense, policy challenges are not limited to emerging economies: they imply a global coordination effort.

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    Bibliographic Info

    Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

    Volume (Year): 1 (2009)
    Issue (Month): 53-54 (January - June)
    Pages: 117-166

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    Handle: RePEc:bcr:ensayo:v:1:y:2009:i:53-54:p:117-166

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    Related research

    Keywords: center and periphery; counter-cyclical policies; emerging economies; international crisis; Latin America; transmission mechanisms;

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    1. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, January.
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