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Structural Volatility in Mexico: A Policy Report

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  • Ricardo J. Caballero

Abstract

This paper surveys Mexico`s economic weaknesses and provides related policy recommendations. Current problems include weak international financial links and external conditions, a recurrent credit crunch and financial underdevelopment problem, with particularly fragile banks, a weak fiscal situation, due to extreme vulnerability to internal and external shocks, and a latent monetary policy credibility problem. The paper`s policy recommendations include improving external financial links, reducing direct exposure to external shocks, accelerating domestic financial deepening and strengthening existing arrangements, reducing public accounts exposure to internal and external shocks, and stabilizing very high and very low frequency movements in the nominal exchange rate.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4209.

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Date of creation: Aug 2000
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Handle: RePEc:idb:wpaper:4209

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References

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  1. Carmen Reinhart & Guillermo Calvo & Leonardo Leiderman, 1992. "Capital Inflows to Latin America," IMF Working Papers 92/85, International Monetary Fund.
  2. Peter M. Garber, 1998. "Derivatives in International Capital Flows," NBER Working Papers 6623, National Bureau of Economic Research, Inc.
  3. Ricardo J. Caballero, 2000. "Structural Volatility in Argentina: A Policy Report," Research Department Publications 4213, Inter-American Development Bank, Research Department.
  4. Ricardo J. Caballero & Arvind Krishnamurthy, 1998. "Emerging Market Crises: An Asset Markets Perspective," NBER Working Papers 6843, National Bureau of Economic Research, Inc.
  5. Michael Gavin & Ricardo Hausmann, 1996. "The Roots of Banking Crises: The Macroeconomic Context," Research Department Publications 4026, Inter-American Development Bank, Research Department.
  6. repec:fth:inadeb:318 is not listed on IDEAS
  7. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  8. Gelos, R. Gaston & Werner, Alejandro M., 2002. "Financial liberalization, credit constraints, and collateral: investment in the Mexican manufacturing sector," Journal of Development Economics, Elsevier, vol. 67(1), pages 1-27, February.
  9. Hans J. Blommestein, 1997. "Institutional Investors, Pension Reform and Emerging Securities Markets," IDB Publications 6807, Inter-American Development Bank.
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Cited by:
  1. Ricardo J. Caballero, 2000. "Macroeconomic Volatility in Latin America: A View and Three Case Studies," NBER Working Papers 7782, National Bureau of Economic Research, Inc.
  2. Ricardo J. Caballero, 2000. "Structural Volatility in Chile: A Policy Report," Research Department Publications 4211, Inter-American Development Bank, Research Department.
  3. Ricardo J. Caballero, 2000. "Inestabilidad estructural en Chile: informe de polĂ­ticas," Research Department Publications 4212, Inter-American Development Bank, Research Department.

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