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How Well Has Latin America Fared During the Global Financial Crisis?

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  • José Antonio Ocampo

    ()
    (Columbia University)

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    Abstract

    Has Latin America broken new ground with its performance during the recent global financial crisis and, furthermore, during the recent business cycle? Some level of macroeconomic prudence was certainly present during the recent boom, and the region responded to the recent crisis without the dramatic balance of payment adjustments and banking collapses that were typical in the past. But there seems to be a significant level of complacency among regional governments, international organizations, and some analysts about recent macroeconomic performance. This paper looks at the effects of external events and domestic policies on Latin America during the recent global financial crisis and its policy implications, and argues that, while there is indeed good news, there is certainly no ground for euphoria. Latin America’s recent performance has not been so outstanding or widespread, nor is this performance associated only with the region’s own efforts.

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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/61_62_Ocampo.pdf
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    Bibliographic Info

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

    Volume (Year): 1 (2011)
    Issue (Month): 61-62 (January - June)
    Pages: 7-33

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    Handle: RePEc:bcr:ensayo:v:1:y:2011:i:61-62:p:7-33

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    Related research

    Keywords: business cycle; economic policy; global financial crisis; Latin America;

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    1. Ricardo Ffrench-Davis, 2008. "From Financieristic To Real Macroeconomics: Seeking Development Convergence In Ees," Working Papers wp272, University of Chile, Department of Economics.
    2. Alejandro Izquierdo & Randall Romero & Ernesto Talvi, 2008. "Booms and Busts in Latin America: The Role of External Factors," IDB Publications 6736, Inter-American Development Bank.
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