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Financial Fragility And Financial Crisis In Mexico

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Author Info

  • Julio López Gallardo
  • Juan Carlos Moreno-Brid
  • Martín Puchet Anyul

Abstract

The objective of this paper is to show how Mexico's strategy of financial deregulation and liberalization set the stage for the crisis that the country suffered in December 1994. The theoretical underpinning is Post-Keynesian, and more precisely, a Minsky-inspired analytical perspective extended to the open economy. In the first section the authors carry out a theoretical discussion dealing with some Post-Keynesian theories of the business cycle. A second section is devoted to examining and identifying the stylized facts in the evolution of the Mexican economy, with special emphasis on the interaction between the financial and real variables. In the last section the authors propose a simplified model which shows how and why a strategy of financial deregulation and liberalization may lead to financial fragility and to a crisis. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 57 (2006)
Issue (Month): 3 (07)
Pages: 365-388

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Handle: RePEc:bla:metroe:v:57:y:2006:i:3:p:365-388

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Cited by:
  1. Dutrénit, gabriela & Capdevielle, Mario & Corona, Juan Manuel & Puchet, Martin & Santiago, Fernando & Vera-Cruz, Alexandre, 2010. "El sistema nacional de innovación mexicano: estructuras, políticas, desempeño y desafíos
    [The Mexican national innovation system: structures, policies, performance and challenges]    ," MPRA Paper 31982, University Library of Munich, Germany.
  2. Robert Blecker, 2007. "External Shocks, Structural Change, and Economic Growth in Mexico, 1979-2006," Working Papers wp157, Political Economy Research Institute, University of Massachusetts at Amherst.
  3. John T. Harvey, 2010. "Neoliberalism, Neoclassicism and Economic Welfare," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 44(2), pages 359-368, June.
  4. Robert A. Blecker, 2006. "Macroeconomic and Structural Constraints on Export-Led Growth in Mexico," Working Papers 2006-05, American University, Department of Economics.

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