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The consequences of the international financial crisis and the great recession in Argentina and Brazil

Author

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  • Andrés Ernesto Ferrari Haines
  • Fernando Ferrari-Filho
  • Hernan Neyra

Abstract

The 2007-2008 international financial crisis (IFC) and the ‘Great Recession’ (GR) had worldwide effects. In the case of Argentina and Brazil, the reduction and improvement in composition of public external debt, the previous policy of international reserves accumulation combined withleft-wing political affinity between governments, provided some space for countercyclical macroeconomic policies. Consequently, its governments were able to face the IFC and GR without following traditional tightened or pro-cyclicalmacroeconomic policies. This article examines the consequences of the IFC and the GR in Argentina and Braziland thecountercyclical macroeconomic policies that were implemented during the period 2009-2014. JEL Classification: F63; O23; O54

Suggested Citation

  • Andrés Ernesto Ferrari Haines & Fernando Ferrari-Filho & Hernan Neyra, 2020. "The consequences of the international financial crisis and the great recession in Argentina and Brazil," Brazilian Journal of Political Economy, Center of Political Economy, vol. 40(1), pages 68-85.
    • Handle: RePEc:ekm:repojs:v:40:y:2020:i:1:p:68-85:id:126
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    Cited by:

    1. Habiyaremye, Alexis & Jacobs, Peter & Molewa, Olebogeng & Lekomanyane, Pelontle, 2021. "Macroeconomic stimulus packages and income inequality in developing countries: Lessons from the 2007-9 Great Recession for the Covid-19 crisis in South Africa," MERIT Working Papers 2021-006, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

    More about this item

    Keywords

    International financial crisis; great recession; Argentina and Brazil; countercyclical macroeconomic policies;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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