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Essay / Research Paper Abstract
A 60 page comprehensive paper about the economic crises in Mexico. Historically, Mexico has experienced an economy that is either boom or bust. In the last three decades, for instance, there have been periods of significant growth only to be interrupted by five different economic collapses. The last collapse of the macroeconomy was 1994-1995. This crisis resulted in a $50 billion assistance program put together by the International Monetary Fund, and including a $20 billion loan from the United States. This paper traces the history of the Mexican macroeconomy since 1976. It provides a significant amount of data regarding balance of payments and gross domestic product. The writer explains the events leading up to the crash, the subsequent bailout program and the policy reforms adopted by the government. The peso is now so strong that one company is having goods manufactured in Texas, which are then exported from Mexico. Many statistics and 3 tables are included. Bibliography lists 14 sources.
Page Count:
60 pages (~225 words per page)
File: MM12_PGmexec.rtf
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1996). These were not pie-in-the-sky predictions made by optimistic novices; the estimates came from numerous private economics, from the Organization for Economic Cooperation and Development (OECD) and from Blue Chip
forecasts (Gould, 1996). For the first time in many years, Mexico seemed to be on a fast track for macroeconomic growth and stability (Gould, 1996). For one thing, the inflation
rate had dropped below the double-digit level, for another, the governments budget for the public sector was close to the balance point, and for yet another thing, the nation was
enjoying a growth of 22 percent per year in exports (Gould, 1996). Adding to these positive factors was the fact that Mexico had joined NAFTA and finally, the country had
recently had the first uneventful presidential election in years (Gould, 1996). All of these factors suggested that economic reforms initiated in the 1980s and early 1990s had indeed resulted in
more stability in the macroeconomy (Gould, 1996). But, in that same month, December 1994, on the 20th, the Mexican peso was seriously devalued, losing 35 percent in a
two week period of time (Gould, 1996). Still, the international fiscal community was not unduly concerned; it was perceived as a minor correction to the exchange rate of the Mexican
peso but the confidence was soon shattered as the crunch began to be felt in financial quarters outside the country (Gould, 1996). Three months later, in March 1995, the peso
had definitely collapsed losing more than half its value (Gould, 1996). What made the further collapse of the Mexican peso even more dramatic was that at the end of January
1995, the international community had arranged a bailout assistance package of about $50 billion (Gould, 1996). The assistance was intended to "shore up the liquidity problems in Mexican dollar-denominated debt,
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