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Sudden Stops and COVID-19: Lessons from Mexico’s History

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Abstract

The COVID-19 pandemic produced a sharp contraction in capital flows in emerging markets during the spring of 2020. Such contractions are known as “sudden stops” and historically have been associated with significant downturns in a country’s economic activity. Evidence from Mexico’s financial crisis history suggests that sudden stops tend to exhibit a common pattern: the crisis lasts one to two years before a rapid but partial recovery, followed by years of protracted stagnation.

Suggested Citation

  • Gianluca Benigno & Andrew Foerster & Christopher Otrok & Alessandro Rebucci, 2020. "Sudden Stops and COVID-19: Lessons from Mexico’s History," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(33), pages 01-05, November.
    • Handle: RePEc:fip:fedfel:89013
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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Emerging markets

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    Keywords

    covid-19; Financial crises - Mexico;

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