Latin America and the world recession.

Abstract

The first part deals with the topics from a global perspective, examining the Latin American development pattern and the trends in the international economy to explain how the financial crisis came about. The macroeconomic studies of several Latin American countries are compared. To give an extra-regional perspective, another type of comparison is carried out: between the newly-industrializing countries of Latin Americas and their East Asian counterparts. The second part is a country by country analysis to elucidate how various Latin American economies have fared during the current crisis in the face of their political and economic constraints and decisions. In conclusion, some of the papers examining the link between economics and politics of the Latin American debt crisis are reviewed, revealing the latter to be prompted as much by internal as by external factors; the solutions must also lie on both fronts, by less restrictive international trade and investment policies; by one off concessions on debt payment; and by changes in the development strategies of the Latin American economies.-P.Creese (CDS)