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Comments on “The Latin American Debt Crisis in Historical Perspective” by José Antonio Ocampo

In: Life After Debt

Author

Listed:
  • Pablo Sanguinetti

Abstract

This is a very interesting paper that revisits the debt crisis in Latin America in the 1980s, analysing its precedents, dynamics and results. It draws one important conclusion from the comparison that it is made with the financial crisis of the 1930s. Though the initial shock in terms of export fall and capital outflows was more significant during the Great Depression, the region performed much better in those years than in the 1980s. The paper argues that one key reason for this difference was the fact that during the 1930s debt default helped Latin American countries to avoid a strong fiscal adjustment and allowed them to introduce expansionary monetary policies that helped the economies to recover more rapidly.

Suggested Citation

  • Pablo Sanguinetti, 2014. "Comments on “The Latin American Debt Crisis in Historical Perspective” by José Antonio Ocampo," International Economic Association Series, in: Joseph E. Stiglitz & Daniel Heymann (ed.), Life After Debt, chapter 2, pages 116-121, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-41148-8_5
    DOI: 10.1057/9781137411488_5
    as

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