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Cambridge Journal of Economics 2009 33(4):703-724; doi:10.1093/cje/bep030
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

This article appears in the following Cambridge Journal of Economics issue: Special Issue: The Global Financial Crisis [View the issue table of contents]

Latin America and the global financial crisis

José Antonio Ocampo*

* Columbia University, New York. Former Under-Secretary General of the United Nations for Economic and Social Affairs, Executive Secretary of the Economic Commission for Latin America and the Caribbean, and Minister of Finance of Colombia

Address for correspondence: School of International and Public Affairs, Columbia University, 420 West 118th Street, New York, NY 10027, USA; email: jao2128{at}columbia.edu

The current world economic crisis has hit Latin America very hard. Although financial conditions have deteriorated, particularly since September 2008, the financial shock has been less severe than during the two previous crises. Thanks to improvements in external balance sheets, there has been room for counter-cyclical credit and monetary policies. The decision to absorb large capital inflows during the boom as foreign exchange reserves is one of the major sources of the increased room to manoeuvre. However, these strengths have been insufficient in the face of a strong trade shock. The region's economies should therefore seriously think again in the domestic market, with regional integration and active production sector policies as engines of growth.

Key Words: Economic growth • Financial Crises • Financial shocks • Net external debt • Foreign exchange reserves • Trade shocks • Commodity prices • Counter-cyclical macroeconomic policies • Latin America

JEL classifications: O33, O24, O54, F43

Manuscript received March 13, 2009; final version received May 10, 2009.


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