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Latin America and the global financial crisis

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  • José Antonio Ocampo
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    Abstract

    The current world economic crisis has hit Latin America very hard. Although financial conditions have deteriorated, particularly since September 2008, the financial shock has been less severe than during the two previous crises. Thanks to improvements in external balance sheets, there has been room for counter-cyclical credit and monetary policies. The decision to absorb large capital inflows during the boom as foreign exchange reserves is one of the major sources of the increased room to manoeuvre. However, these strengths have been insufficient in the face of a strong trade shock. The region's economies should therefore seriously think again in the domestic market, with regional integration and active production sector policies as engines of growth. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/cje/bep030
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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 33 (2009)
    Issue (Month): 4 (July)
    Pages: 703-724

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    Handle: RePEc:oup:cambje:v:33:y:2009:i:4:p:703-724

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    Cited by:
    1. Seyed Komail Tayebi & Mehdi Yazdani, 2011. "Relationship between Financial Crisis and Oil Shock and its Effect on East-West Asia Trade Flows," Iranian Economic Review, Economics faculty of Tehran university, vol. 16(3), pages 119-138, fall.
    2. Stijn Claessens & M. Ayhan Kose & International Monetary Fund & Marco E. Terrones & International Monetary Fund, 2011. "Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.), Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 4, pages 059-104 Central Bank of Chile.
    3. Basu, Kaushik, 2009. "A Simple Model of the Financial Crisis of 2007-9 with Implications for the Design of a Stimulus Package," Working Papers 09-11, Cornell University, Center for Analytic Economics.
    4. Giovanni Andrea Cornia & Bruno Martorano, 2013. "Development policies and income inequality in selected developing regions, 1980-2010," Working Papers - Economics wp2013_13.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    5. Roberto Frankel & Martín Rapetti, 2010. "A Concise History of Exchange Rate Regimes in Latin America," CEPR Reports and Issue Briefs 2010-11, Center for Economic and Policy Research (CEPR).
    6. Deraniyagala, Sonali & Kaluwa, Ben, 2011. "Macroeconomic policy for employment creation: The case of Malawi," MPRA Paper 52715, University Library of Munich, Germany.
    7. Sandra M. Leitner & Robert Stehrer, 2013. "Access to finance and funding composition during the crisis: A firm-level analysis of Latin American countries," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 50(1), pages 1-47, May.
    8. Edgardo Cayon & Susan Thorp, 2013. "Financial Autarchy as Contagion Prevention: The Case of Colombian Pension Funds," Research Paper Series 323, Quantitative Finance Research Centre, University of Technology, Sydney.
    9. Adil Naamane, 2012. "Peut-on prévenir les crises financières ?," Working Papers 2011-2012_7, CATT - UPPA - Université de Pau et des Pays de l'Adour, revised May 2012.
    10. Edmund Amann, 2011. "A New Brazilian Economic Miracle?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 12(1), pages 32-36, 03.
    11. Sandra Leitner & Robert Stehrer, 2012. "Access to Finance and Composition of Funding during the Crisis: A firm-level analysis for Latin American countries," wiiw Working Papers 78, The Vienna Institute for International Economic Studies, wiiw.

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