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The COVID-19 crisis in Latin America in historical perspective

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  • Ocampo, José Antonio

Abstract

This essay compares the COVID-19 crisis in Latin America with two long-lasting crises (the Great Depression and the debt crisis) and two more recent and shorter ones (the 1997 Asian crisis and the 2008–2009 North Atlantic crisis). The analysis indicates that almost all external shocks, whether associated with external financing, the terms of trade, trade volumes or remittances, have been weaker during the current crisis. What has mainly been lacking is international financial cooperation. The severity of the crisis has therefore been due more to domestic factors: the fact that the region was the global epicentre of the pandemic for several months and that the crisis has come on top of five years of poor economic performance and three decades of slow growth. For this reason, the region needs to change its development patterns on top of implementing policies to overcome the crisis.

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  • Ocampo, José Antonio, 2020. "The COVID-19 crisis in Latin America in historical perspective," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:46927
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    1. Erten, Bilge & Ocampo, José Antonio, 2013. "Super Cycles of Commodity Prices Since the Mid-Nineteenth Century," World Development, Elsevier, vol. 44(C), pages 14-30.
    2. Genoni, María Eugenia & Sánchez, Margarita & Saavedra-Chanduví, Jaime & Duryea, Suzanne & Parker, Richard & Aggleton, Peter & Buvinic, Mayra & Massiah, Ernest & Arias, Omar & Ñopo, Hugo R. & Mazza, Ja, 2004. "Social Inclusion and Economic Development in Latin America," IDB Publications (Books), Inter-American Development Bank, number 439, May.
    3. Grilli, Enzo R & Yang, Maw Cheng, 1988. "Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows," The World Bank Economic Review, World Bank, vol. 2(1), pages 1-47, January.
    4. Bertola, Luis & Ocampo, Jose Antonio, 2012. "The Economic Development of Latin America since Independence," OUP Catalogue, Oxford University Press, number 9780199662142.
    5. repec:idb:brikps:439 is not listed on IDEAS
    6. Jos� Antonio Ocampo & Juliana Vallejo, 2012. "Economic Growth, Equity and Human Development in Latin America," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 13(1), pages 107-133, February.
    7. -, 2020. "CEPAL Review no. 132. Special Issue. COVID-19 and the socioeconomic crisis in Latin America and the Caribbean," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    8. Altimir, Oscar & Devlin, Robert, 1994. "Una reseña de la moratoria de la deuda en América Latina," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 33875, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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