The Financial Hurricane Hits Latin America
Recent events have disproved the notion that emerging nations had “decoupled” themselves from fluctuations in the advanced economies, and have shown that most emerging economies are still fragile and affected by what happens in the important financial centers. Indeed, the effects of the coming global recession will be particularly severe in Latin America.
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LOS ANGELES – A few weeks ago, the world was on the edge of disaster. Fortunately, the decisive actions taken by the advanced countries’ monetary authorities – including provision of unprecedented amounts of liquidity – prevented a complete financial meltdown. The world has avoided the “Argentinization” of the international financial system.