Center and Periphery: the Propagation of the Global Crisis to Latin America
AbstractAlthough the international crisis was initially seen as an event limited to a particular segment of the financial systems of central economies, it rapidly escalated and became global through different transmission channels, raising doubts over the hypothesis of the so-called decoupling. Latin American economies faced this new scenario under more robust conditions than in the past episodes of crisis. The good macroeconomic performance of the region during the five-year period prior to the onset of the crisis reduced the vulnerability of these economies and increased the degrees of freedom of economic policy authorities to implement counter-cyclical policies in the new international context. Despite the efforts made by these economies, a comprehensive policy response will require a commitment of resources and coordination by the main developed economies. In this sense, policy challenges are not limited to emerging economies: they imply a global coordination effort.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Central Bank of Argentina, Economic Research Department in its series BCRA Working Paper Series with number 201048.
Length: 42 pages
Date of creation: 2010
Date of revision:
center and periphery; counter-cyclical policies; emerging economies; international crisis; Latin America; transmission mechanisms;
Find related papers by JEL classification:
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
- G01 - Financial Economics - - General - - - Financial Crises
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Federico Grillo).
If references are entirely missing, you can add them using this form.