537:
366:
1078:
383:
56:
1192:
607:
324:
677:, which, in turn, caused the peso to appreciate. The bank's purpose in mitigating the peso's depreciation was to protect against inflationary risks of having a markedly weaker domestic currency, but with the peso stronger than it ought to have been, domestic businesses and consumers began purchasing increasingly more imports, and Mexico began running a large
729:
on domestic assets. This increase in risk premia placed additional upward market pressure on
Mexican interest rates as well as downward market pressure on the Mexican peso. Foreign investors anticipating further currency devaluations began rapidly withdrawing capital from Mexican investments and selling off shares of stock as the
1094:
decreased by 13.5% throughout 1995. Overall household incomes plummeted by 30% in the same year. Mexico's extreme poverty grew to 37% in 1996 from 21% in 1994, undoing the previous ten years of successful poverty reduction initiatives. The nation's poverty levels would not begin returning to normal until 2001.
1093:
nearly doubled. Prices increased by 35% in 1995. Nominal wages were sustained, but real wages fell by 25-35% over the same year. Unemployment climbed to 7.4% in 1995 from its pre-crisis level of 3.9% in 1994. In the formal sector alone, over one million people lost their jobs and average real wages
728:
announced the
Mexican central bank's devaluation of the peso between 13% and 15%. Devaluing the peso after previous promises not to do so led investors to be skeptical of policymakers and fearful of additional devaluations. Investors flocked to foreign investments and placed even higher risk premia
715:
autonomy, the central bank's interventions to revalue the peso caused Mexico's money supply to contract (without an exchange rate peg, the currency would have been allowed to depreciate). The central bank's foreign exchange reserves began to dwindle and it completely ran out of U.S. dollars in
1061:
as a result of the peso's devaluation and the flight to safer investments. The country's GDP declined by 6.2% over the course of 1995. Mexico's financial sector bore the brunt of the crisis as banks collapsed, revealing low-quality assets and fraudulent lending practices. Thousands of
672:
in the open markets and buy or sell pesos to maintain the peg. The central bank's intervention strategy partly involved issuing new short-term public debt instruments denominated in U.S. dollars. They then used the borrowed dollar capital to purchase pesos in the
744:
debt obligations, few investors were interested in purchasing new debt. To repay tesobonos, the central bank had little choice but to purchase dollars with its severely weakened pesos, which proved extremely expensive. The
Mexican government faced an imminent
480:
and avert rising interest rates, drawing down the bank's dollar reserves. Supporting the money supply by buying more dollar-denominated debt while simultaneously honoring such debt depleted the bank's reserves by the end of 1994.
475:
recognized an overvalued peso and capital began flowing out of Mexico to the United States, increasing downward market pressure on the peso. Under election pressures, Mexico purchased its own treasury securities to maintain its
618:(NAFTA) was signed. Upon NAFTA's entry into force on January 1, 1994, Mexican businesses as well as the Mexican government enjoyed access to new foreign capital thanks to foreign investors eager to lend more money. That year
856:.” ... There was a certain pall over the room, and one of his other political advisers said, “Mr. President, if you send that money to Mexico and it doesn’t come back before 1996, you won’t be coming back after 1996.”
1179:
approach to development. Notably, the crisis revealed the problems of a privatized banking sector within a liberalized yet internationally subordinate economy that is dependent on foreign flows of finance capital.
2539:
841:
Secretary Rubin set the stage for it briefly. Then, as was his way, he turned to someone else, namely me, to explain the situation in more detail and our proposal. And I said that I felt that
512:
assets in general. The effects spread to economies in Asia and the rest of Latin
America. The United States organized a $ 50 billion bailout for Mexico in January 1995, administered by the
699:
to contract and its interest rates to rise, the central bank purchased treasury bills to prop up its monetary base and prevent rising interest rates—especially given that 1994 was an
733:
plummeted. To discourage such capital flight, particularly from debt instruments, the
Mexican central bank raised interest rates, but higher borrowing costs ultimately hindered
1767:
768:, which had invested in over $ 45 billion worth of Mexican assets in the several years leading up to the crisis, began liquidating their positions in Mexico and other
1730:
467:
to the U.S. dollar by issuing dollar-denominated public debt to buy pesos. The peso's strength caused demand for imports to increase in Mexico, resulting in a
2774:
1035:
703:. Additionally, servicing the tesobonos with U.S. dollar repayments further drew down the central bank's foreign exchange reserves. Consistent with the
3309:
1414:
3294:
584:
426:
1768:
The Case of Mexico's 1995 Peso Crisis and
Argentina's 2002 Convertibility Crisis: Including Children in Policy Responses to Previous Economic Crises
524:. In the aftermath of the crisis, several of Mexico's banks collapsed amidst widespread mortgage defaults. The Mexican economy experienced a severe
3271:
436:
instruments denominated in domestic currency with a guaranteed repayment in U.S. dollars, attracting foreign investors. Mexico enjoyed investor
1306:
860:
Clinton decided nevertheless to seek
Congressional approval for a bailout and began working with Summers to secure commitments from Congress.
3374:
3256:
3195:
3158:
2992:
3316:
2855:
1893:
1889:
1149:
declined by 15% from 1995 to 1996 with a shift in composition toward essential goods. Households saved less and spent less on healthcare.
492:
merely hurt economic growth. Unable to sell new issues of public debt or efficiently purchase dollars with devalued pesos, Mexico faced a
1554:
977:
in the event Mexico would have to reduce its imports of U.S. goods (at the time, Mexico was the third-largest consumer of U.S. exports);
352:
3240:
3100:
2999:
1920:
3107:
2950:
2583:
1027:
as loan guarantees for Mexico. These loans returned a handsome profit of $ 600 million and were even repaid ahead of maturity. Then-
3264:
3181:
3151:
3034:
3027:
2971:
2964:
2832:
2521:
1607:
1020:
982:
864:
3401:
3338:
2957:
2210:
2131:
1677:
1028:
760:/USD to 7.2, recovering only to 5.8 MXN/USD four months later. Prices in Mexico rose by 24% over the same four months, and total
993:, that Mexico should just negotiate with creditors without involving the United States, especially in the interest of deterring
276:
3144:
3048:
3013:
2870:
2708:
2203:
665:
2825:
2738:
2487:
2479:
1873:
1774:
1660:
1470:
1394:
1354:
1314:
1268:
986:
627:
575:. In accordance with party tradition during election years, Salinas de Gortari began an unrecorded spending spree. Mexico's
216:
161:
79:
887:
for
Mexican public debt aimed at alleviating its growing risk premia and boosting investor confidence in its economy. The
3406:
3173:
2442:
927:
813:
615:
441:
1034:'s appropriation of funds from the Exchange Stabilization Fund in support of the Mexican bailout was scrutinized by the
3202:
1852:
1738:
880:
591:, to issue short-term peso-denominated treasury bills with a guaranteed repayment denominated in U.S. dollars, called "
521:
664:, the central bank, maintained the peso's value through an exchange rate peg to the U.S. dollar, allowing the peso to
3396:
3331:
3137:
2789:
2656:
2406:
1807:
974:
568:
142:
1175:
Critical scholars contend that the 1994 Mexican peso crisis exposed the problems of Mexico’s neoliberal turn to the
695:
deviated from standard central banking policy when it fixed the peso to the dollar in 1988. Instead of allowing its
2576:
2188:
1488:
1220:
291:
2978:
2752:
2239:
1618:
970:
345:
463:
In response, the
Mexican central bank intervened in the foreign exchange markets to maintain the Mexican peso's
3166:
3130:
3041:
2943:
1913:
756:, after which the peso depreciated another 15%. The value of the Mexican peso depreciated roughly 50% from 3.4
654:
on
Mexican financial assets. Higher premiums initially had no effect on the peso's value because Mexico had a
638:. Investors further questioned Mexico's political uncertainties and stability when PRI presidential candidate
3367:
3302:
3006:
2877:
2818:
2671:
1210:
700:
572:
422:
114:
1085:
In addition to declining GDP growth, Mexico experienced severe inflation and extreme poverty skyrocketed as
965:'s efforts to organize a bailout for Mexico were met with difficulty. It drew criticism from members of the
3069:
2913:
2906:
2863:
2811:
2745:
2343:
998:
484:
The central bank devalued the peso on December 20, 1994, and foreign investors' fear led to an even higher
985:
from Mexico. Some congressional representatives agreed with American economist and former chairman of the
788:. US investors in Mexican securities risked losses of $ 8 to 10 billion. The impact of Mexico's crisis in
3225:
3217:
2891:
2884:
2804:
2731:
2723:
2715:
2693:
2092:
1172:
increased until 1997, most dramatically in regions where women had to work as a result of economic need.
1024:
643:
513:
313:
301:
89:
17:
622:
alone held an estimated $ 1.5 billion in Mexican securities. International perceptions of the country's
3209:
3114:
2920:
2598:
2361:
1346:
1205:
962:
655:
464:
338:
184:
35:
3411:
3324:
3248:
3020:
2503:
1906:
1836:
560:
249:
2495:
1592:
895:
and the peso's value deteriorated substantially despite the bailout's success in preventing a worse
2985:
2648:
2620:
2457:
1486:
Victoria Miller (2000). "Central bank reactions to banking crises in fixed exchange rate regimes".
669:
264:
129:
3360:
3278:
2782:
2685:
2286:
1230:
1146:
1122:
823:
674:
576:
3353:
3055:
2450:
2301:
2294:
2246:
2232:
1948:
1844:
1539:
1225:
1070:
as Mexican citizens struggled to keep pace with rising interest rates, resulting in widespread
1016:
966:
819:
753:
730:
668:
against the dollar within a narrow band. To accomplish this, the central bank would frequently
497:
107:
55:
1561:
3285:
2678:
2532:
2195:
2177:
2104:
2083:
1650:
1579:
978:
179:
1828:
536:
3232:
3062:
2606:
2218:
2123:
2115:
2027:
1176:
1114:
1039:
930:. The loan guarantees allowed Mexico to restructure its short-term public debt and improve
868:
639:
619:
564:
453:
425:, the incumbent administration embarked on an expansionary fiscal and monetary policy. The
407:
369:
94:
64:
1121:
during the crisis proved challenging for urban workers, while rural households shifted to
1109:
volatility and macroeconomic conditions. Urban citizens relied on a healthy labor market,
270:
8:
3188:
2898:
2701:
2561:
2413:
2331:
2165:
1990:
1157:
to Mexico, evidenced by average net unilateral transfers doubling between 1994 and 1996.
915:
777:
557:
545:
488:. To discourage the resulting capital flight, the bank raised interest rates, but higher
437:
1622:
1515:
2071:
1682:
1459:
1339:
1330:
1161:
1134:
990:
769:
741:
704:
430:
194:
1501:
871:
in Mexico to other developing countries, the United States coordinated a $ 50 billion
2157:
2140:
2041:
1869:
1848:
1829:
1803:
1656:
1466:
1422:
1390:
1350:
1334:
1310:
1299:
1264:
1126:
1110:
1067:
1054:
1005:
896:
888:
746:
708:
493:
365:
259:
206:
44:
837:
to discuss an American response. According to Summers' recollection of the meeting:
3122:
2637:
2632:
2048:
2020:
1997:
1929:
1497:
1169:
1106:
1077:
931:
845:
was required, and one of the President’s political advisers said, “Larry, you mean
797:
773:
685:
began recognizing that the peso was artificially overvalued and led to speculative
678:
631:
603:", but their dollar-denominated returns were more attractive to foreign investors.
553:
489:
445:
411:
296:
281:
119:
3082:
2932:
2767:
2613:
2569:
2468:
1969:
1863:
1215:
1165:
1019:
reluctantly approved an initially dismissed proposal to designate funds from the
955:
923:
907:
734:
725:
712:
692:
596:
509:
433:
395:
254:
200:
973:. The administration's position centered on three principal concerns: potential
2847:
2759:
2664:
2034:
2013:
1646:
1001:
903:
884:
830:
686:
661:
623:
415:
211:
3390:
2510:
2435:
2428:
2421:
2399:
2383:
2375:
2368:
2354:
2324:
2317:
2310:
2268:
2261:
2254:
2225:
2064:
2057:
1983:
1955:
1708:
1426:
1118:
1063:
1043:
1012:
919:
911:
875:
package in January 1995, to be administered by the IMF with support from the
834:
696:
468:
456:, resulted in political instability, causing investors to place an increased
376:
328:
1008:
would be so devastating that it would far exceed the risks of moral hazard.
606:
2839:
2590:
2391:
1962:
1519:
1197:
1138:
1090:
1071:
1042:
because Rubin had formerly served as co-chair of the board of directors of
1031:
994:
826:
785:
757:
651:
485:
477:
457:
403:
373:
221:
1800:
States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey
1081:
Construction workers working on a residential building in Tijuana, Mexico.
1046:, which had a substantial share in distributing Mexican stocks and bonds.
500:, after which it continued to depreciate. The Mexican economy experienced
3093:
2550:
2149:
2006:
1976:
1130:
765:
682:
541:
505:
472:
399:
382:
1703:
1154:
1150:
1102:
1098:
189:
156:
150:
124:
1086:
1058:
892:
761:
525:
501:
440:
and new access to international capital following its signing of the
84:
1540:"Larry Summers on his Work in the Clinton and Obama Administrations"
1941:
1898:
1840:
1734:
1329:
1296:
1142:
599:
than Mexico's traditional peso-denominated treasury bills, called "
588:
239:
1415:"What Thatcherite union buster Sajid Javid learned on Wall Street"
610:
Zapatista Army of National Liberation (EZLN) insurgents in Mexico.
872:
647:
635:
449:
981:
and violence in a neighboring country; and a potential surge in
906:
of the bailout required the Mexican government to institute new
793:
707:
in which a country with a fixed exchange rate and free flow of
1258:
689:
that further reinforced downward market pressure on the peso.
410:
in December 1994, which became one of the first international
789:
452:, as well as the assassination of the presidential candidate
1292:
1290:
1288:
1286:
1284:
1282:
1280:
997:. On the other hand, supporters of U.S. involvement such as
1555:"The Mexican Peso Crisis: The Foreseeable and the Surprise"
1465:(Abridged 8th ed.). Mason, OH: Thomson South-Western.
781:
752:
On December 22, the Mexican government allowed the peso to
1341:
This Time is Different: Eight Centuries of Financial Folly
1323:
1277:
580:
1254:
1252:
1250:
1248:
1246:
1105:, in part due to the urban population's sensitivity to
876:
552:
With 1994 being the final year of his administration's
517:
1168:
among infants and children in 1996 (from 5% in 1995).
1015:'s failure to pass the Mexican Stabilization Act, the
2247:
Post-Napoleonic Irish grain price and land use shocks
1243:
1187:
556:(the country's six-year executive term limit), then-
1605:
1036:
United States House Committee on Financial Services
630:declared war on the Mexican government and began a
583:that same year, and Salinas de Gortari allowed the
1761:
1759:
1757:
1755:
1696:
1458:
1408:
1406:
1384:
1338:
1298:
724:On December 20, 1994, newly inaugurated President
1894:Dean Peter Krogh Foreign Affairs Digital Archives
1765:
867:and to mitigate the spread of investors' lack of
3388:
1704:"The peso crisis, ten years on: Tequila slammer"
1652:The Age of Turbulence: Adventures in a New World
1508:
1752:
1678:"House Votes to Request Clinton Data on Mexico"
1485:
1403:
1261:International Financial Management, 6th Edition
954:by a consortium of Latin American nations, and
740:When the time came for Mexico to roll over its
496:. Two days later, the bank allowed the peso to
1675:
1645:
1639:
1307:Peterson Institute for International Economics
1297:Hufbauer, Gary C.; Schott, Jeffrey J. (2005).
914:controls, although the country refrained from
899:. Growth did not resume until the late 1990s.
3375:List of stock market crashes and bear markets
1914:
1669:
1560:. Brookings Institution: 1–27. Archived from
1452:
1450:
1448:
1446:
1444:
1442:
1380:
1378:
1376:
1374:
1372:
1370:
1368:
1366:
772:. Foreign investors not only fled Mexico but
571:'s (PRI) presidential candidate for Mexico's
346:
1552:
1301:NAFTA Revisited: Achievements and Challenges
1038:, which expressed concern about a potential
508:began liquidating Mexican assets as well as
1865:Devaluación: por qué, qué viene, qué hacer?
1546:
1456:
398:sparked by the Mexican government's sudden
1921:
1907:
1861:
1723:
1599:
1479:
1439:
1363:
833:and then-Under Secretary for the Treasury
353:
339:
3196:2015–2016 Chinese stock market turbulence
1259:Eun, Cheol S.; Resnick, Bruce G. (2011).
926:to avoid violating its commitments under
1412:
1076:
863:Motivated to deter a potential surge in
650:in March 1994, and began setting higher
605:
585:Secretariat of Finance and Public Credit
535:
528:and poverty and unemployment increased.
381:
364:
1004:argued that the fallout from a Mexican
14:
3389:
3101:Venezuelan banking crisis of 2009–2010
2871:South American economic crisis of 2002
2768:Black Wednesday (1992 Sterling crisis)
1797:
942:was contributed by the United States,
796:became known as the "Tequila effect" (
780:throughout other financial markets in
3152:2013 Chinese banking liquidity crisis
3108:2010–2014 Portuguese financial crisis
2584:Secondary banking crisis of 1973–1975
1902:
1826:
987:Federal Deposit Insurance Corporation
628:Zapatista Army of National Liberation
3182:Russian financial crisis (2014–2016)
3035:2008–2011 Icelandic financial crisis
3028:2008–2009 Ukrainian financial crisis
2993:2000s U.S. housing market correction
2833:1998–2002 Argentine great depression
1928:
822:held a meeting with newly confirmed
540:Monument to Luis Donaldo Colosio in
3339:2023–2024 Egyptian financial crisis
3174:Puerto Rican government-debt crisis
3167:2014–2016 Brazilian economic crisis
2540:1963–1965 Indonesian hyperinflation
2443:Shanghai rubber stock market crisis
2132:Dutch Republic stock market crashes
1263:. New York, NY: McGraw-Hill/Irwin.
1049:
814:Mexican Debt Disclosure Act of 1995
616:North American Free Trade Agreement
614:Investor confidence rose after the
442:North American Free Trade Agreement
24:
3145:2012–2013 Cypriot financial crisis
3049:2008–2014 Spanish financial crisis
3021:2008–2009 Russian financial crisis
3014:2008–2009 Belgian financial crisis
2709:1988–1992 Norwegian banking crisis
2204:British credit crisis of 1772–1773
1820:
1461:International Financial Management
1389:. New York, NY: Worth Publishers.
1097:Mexico's growing poverty affected
881:Bank for International Settlements
776:in general, and the crisis led to
626:began to shift, however, when the
522:Bank for International Settlements
25:
3423:
3332:2023 United States banking crisis
3138:2011 Bangladesh share market scam
2826:1998–1999 Ecuador economic crisis
2790:Venezuelan banking crisis of 1994
2716:Japanese asset price bubble crash
2657:Souk Al-Manakh stock market crash
2407:Australian banking crisis of 1893
2211:Dutch Republic financial collapse
1883:
975:unemployment in the United States
569:Institutional Revolutionary Party
2189:Amsterdam banking crisis of 1763
1773:(Report). UNICEF. Archived from
1676:Keith Bradsher (March 2, 1995).
1489:Journal of Development Economics
1221:Index of Mexico-related articles
1190:
829:, U.S. Federal Reserve Chairman
322:
54:
2914:2007 Chinese stock bubble crash
2240:Danish state bankruptcy of 1813
1791:
1619:Federal Reserve Bank of Atlanta
883:(BIS). The package established
595:". These bills offered a lower
386:Mexico inflation rate 1970-2022
3402:December 1994 events in Mexico
3295:Chinese property sector crisis
3203:2015–2016 stock market selloff
3131:August 2011 stock markets fall
3042:2008–2011 Irish banking crisis
2739:1990s Swedish financial crisis
2488:Weimar Republic hyperinflation
1532:
1413:Herrmann, Joshi (2015-07-15).
1145:industries. Average household
516:(IMF) with the support of the
13:
1:
3368:List of sovereign debt crises
3310:2022 Russian financial crisis
3007:2008 Latvian financial crisis
3000:U.S. bear market of 2007–2009
2878:Stock market downturn of 2002
2819:1998 Russian financial crisis
2672:1983 Israel bank stock crisis
1862:Luis Pazos (1 January 1995).
1655:. London, UK: Penguin Books.
1502:10.1016/s0304-3878(00)00110-3
1236:
1211:1998 Russian financial crisis
1160:Households' lower demand for
1133:, contrasted with 48% in the
969:as well as scrutiny from the
531:
3070:Greek government-debt crisis
2907:2004 Argentine energy crisis
2864:2001 Turkish economic crisis
2753:1990s Armenian energy crisis
2746:1990s Finnish banking crisis
2607:1976 British currency crisis
2577:1973–1974 stock market crash
1802:. Cheltenham: Edward Elgar.
1737:. 2013-09-19. Archived from
1731:"The Tequila crisis in 1994"
1606:Joseph A. Whitt Jr. (1996).
7:
3226:2017 Sri Lankan fuel crisis
2892:2003 Myanmar banking crisis
2885:2002 Uruguay banking crisis
2805:1997 Asian financial crisis
2732:1991 Indian economic crisis
2724:Rhode Island banking crisis
2694:Cameroonian economic crisis
2480:Early Soviet hyperinflation
2093:Crisis of the Third Century
1387:Macroeconomics, 8th Edition
1385:Mankiw, N. Gregory (2013).
1183:
1025:Exchange Stabilization Fund
849:.” And I said, “No, I mean
514:International Monetary Fund
10:
3428:
3407:Economic history of Mexico
3257:Sri Lankan economic crisis
3115:Energy crisis in Venezuela
3094:2009 Dubai debt standstill
2944:2007–2008 financial crisis
2599:Latin American debt crisis
2362:Paris Bourse crash of 1882
1766:Pereznieto, Paola (2010).
1347:Princeton University Press
1206:Economic history of Mexico
938:assembled in the bailout,
811:
807:
423:1994 presidential election
3348:
3325:2022 stock market decline
3317:Pakistani economic crisis
3303:2021–2023 inflation surge
3249:Lebanese liquidity crisis
3218:Venezuelan hyperinflation
3210:Brexit stock market crash
3159:Venezuela economic crisis
3081:
2931:
2921:Zimbabwean hyperinflation
2631:
2549:
2520:
2504:Wall Street Crash of 1929
2467:
2344:2nd Industrial Revolution
2342:
2278:
2178:1st Industrial Revolution
2176:
2103:
2081:
1936:
1890:Economic Unrest in Mexico
1831:The Encyclopedia of Money
1608:"The Mexican Peso Crisis"
1129:decreased by only 17% in
719:
561:Carlos Salinas de Gortari
250:Petroleum nationalization
27:Economic crisis in Mexico
3397:1994 in economic history
2986:Subprime mortgage crisis
2649:Brazilian hyperinflation
2621:Brazilian hyperinflation
2458:Financial crisis of 1914
2166:Mississippi bubble crash
1153:living abroad increased
1119:tightening credit market
1115:Consumer price inflation
666:appreciate or depreciate
265:Mexican Movement of 1968
85:Viceroyalty of New Spain
3361:List of economic crises
3279:2020 stock market crash
3272:Financial market impact
3241:Turkish economic crisis
2856:9/11 stock market crash
2812:October 1997 mini-crash
2783:1994 bond market crisis
2775:Yugoslav hyperinflation
2686:Savings and loan crisis
2287:European potato failure
1798:Marois, Thomas (2012).
1231:Sudden stop (economics)
1123:subsistence agriculture
1029:U.S. Treasury Secretary
991:L. William Seidman
958:$ 1 billion by Canada.
934:. Of the approximately
824:U.S. Treasury Secretary
675:foreign exchange market
577:current account deficit
143:Second Federal Republic
3354:List of banking crises
3123:Syrian economic crisis
3056:Blue Monday Crash 2009
2665:Chilean crisis of 1982
2496:ShĹŤwa financial crisis
2302:Highland Potato Famine
2158:South Sea bubble crash
1949:Commodity price shocks
1621:: 1–20. Archived from
1587:Cite journal requires
1226:Latin American economy
1113:, and consumer goods.
1082:
1017:Clinton administration
963:Clinton administration
918:reforms such as trade
858:
820:President Bill Clinton
818:In January 1995, U.S.
801:
731:Mexican Stock Exchange
705:macroeconomic trilemma
611:
579:grew to roughly 7% of
549:
387:
379:
217:Occupation of Veracruz
2679:Black Saturday (1983)
2533:Kennedy Slide of 1962
2105:Commercial revolution
1827:Allen, Larry (2009).
1553:Lustig, Nora (1995).
1080:
1057:experienced a severe
979:political instability
891:experienced a severe
839:
693:Mexico's central bank
646:while campaigning in
609:
573:1994 general election
539:
385:
368:
180:Second Mexican Empire
3233:Ghana banking crisis
3063:European debt crisis
2848:Dot-com bubble crash
2760:Cuban Special Period
2219:Copper Panic of 1789
2124:The Great Debasement
2116:Great Bullion Famine
1457:Jeff Madura (2007).
1305:. Washington, D.C.:
1177:Washington consensus
1164:led to a 7% hike in
1101:more intensely than
1040:conflict of interest
770:developing countries
640:Luis Donaldo Colosio
632:violent insurrection
620:Chase Manhattan Bank
565:Luis Donaldo Colosio
454:Luis Donaldo Colosio
444:(NAFTA). However, a
302:Coronavirus pandemic
277:1982 economic crisis
130:Mexican–American War
3189:2015 Nepal blockade
2899:2000s energy crisis
2797:Mexican peso crisis
2702:Black Monday (1987)
2562:1970s energy crisis
2522:Post–WWII expansion
2196:Bengal bubble crash
1991:Financial contagion
1868:. Editorial Diana.
983:illegal immigration
944:$ 17.8 billion
916:balance of payments
865:illegal immigration
778:financial contagion
656:fixed exchange rate
546:Paseo de la Reforma
460:on Mexican assets.
392:Mexican peso crisis
287:Mexican peso crisis
162:French intervention
115:Centralist Republic
90:War of Independence
2451:Panic of 1910–1911
2295:Great Irish Famine
2233:Panic of 1796–1797
2072:Stock market crash
1683:The New York Times
1331:Carmen M. Reinhart
1162:primary healthcare
1083:
612:
550:
504:of around 52% and
490:costs of borrowing
388:
380:
3384:
3383:
3265:COVID-19 pandemic
2150:Tulip mania crash
2141:Kipper und Wipper
2118:(c. 1400–c. 1500)
1875:978-968-13-2777-4
1837:Santa Barbara, CA
1662:978-1-59420-131-8
1472:978-0-324-36563-4
1396:978-1-42-924002-4
1356:978-0-691-14216-6
1345:. Princeton, NJ:
1335:Kenneth S. Rogoff
1316:978-0-88132-334-4
1270:978-0-07-803465-7
1127:income per capita
1125:. Mexico's gross
1006:sovereign default
948:$ 10 billion
940:$ 20 billion
936:$ 50 billion
847:$ 25 million
843:$ 25 billion
764:in 1995 was 52%.
747:sovereign default
709:financial capital
363:
362:
329:Mexico portal
271:La DĂ©cada Perdida
260:Mexican Dirty War
244:(1928–1934)
207:Plan of Guadalupe
201:La decena trágica
185:Restored Republic
80:Spanish-Aztec War
16:(Redirected from
3419:
3412:Financial crises
3377:
3370:
3363:
3356:
3341:
3334:
3327:
3320:
3312:
3305:
3298:
3288:
3281:
3274:
3267:
3260:
3252:
3244:
3236:
3228:
3221:
3213:
3205:
3198:
3191:
3184:
3177:
3169:
3162:
3154:
3147:
3140:
3133:
3126:
3118:
3110:
3103:
3096:
3072:
3065:
3058:
3051:
3044:
3037:
3030:
3023:
3016:
3009:
3002:
2995:
2988:
2981:
2974:
2967:
2960:
2953:
2946:
2924:
2916:
2909:
2902:
2894:
2887:
2880:
2873:
2866:
2859:
2851:
2843:
2835:
2828:
2821:
2814:
2807:
2800:
2792:
2785:
2778:
2770:
2763:
2755:
2748:
2741:
2734:
2727:
2719:
2711:
2704:
2697:
2689:
2681:
2674:
2667:
2660:
2652:
2638:Great Regression
2633:Great Moderation
2624:
2616:
2609:
2602:
2594:
2586:
2579:
2572:
2565:
2542:
2535:
2513:
2506:
2499:
2491:
2483:
2460:
2453:
2446:
2438:
2431:
2424:
2417:
2409:
2402:
2395:
2387:
2379:
2371:
2364:
2357:
2335:
2327:
2320:
2313:
2304:
2297:
2290:
2271:
2264:
2257:
2250:
2242:
2235:
2228:
2221:
2214:
2206:
2199:
2191:
2169:
2161:
2153:
2145:
2135:
2127:
2119:
2096:
2074:
2067:
2060:
2051:
2044:
2037:
2030:
2023:
2021:Liquidity crisis
2016:
2009:
2000:
1998:Social contagion
1993:
1986:
1979:
1972:
1965:
1958:
1951:
1944:
1930:Financial crises
1923:
1916:
1909:
1900:
1899:
1879:
1858:
1835:(2nd ed.).
1834:
1814:
1813:
1795:
1789:
1788:
1786:
1785:
1779:
1772:
1763:
1750:
1749:
1747:
1746:
1727:
1721:
1720:
1718:
1717:
1700:
1694:
1693:
1691:
1690:
1673:
1667:
1666:
1643:
1637:
1636:
1634:
1633:
1627:
1612:
1603:
1597:
1596:
1590:
1585:
1583:
1575:
1573:
1572:
1566:
1559:
1550:
1544:
1543:
1536:
1530:
1529:
1527:
1526:
1516:"Tequila Effect"
1512:
1506:
1505:
1483:
1477:
1476:
1464:
1454:
1437:
1436:
1434:
1433:
1410:
1401:
1400:
1382:
1361:
1360:
1344:
1327:
1321:
1320:
1304:
1294:
1275:
1274:
1256:
1200:
1195:
1194:
1193:
1170:Infant mortality
1135:financial sector
1111:access to credit
1055:Mexico's economy
1050:Economic impacts
953:
952:$ 1 billion
949:
945:
941:
937:
932:market liquidity
924:capital controls
855:
848:
844:
774:emerging markets
448:in the state of
446:violent uprising
427:Mexican treasury
412:financial crises
355:
348:
341:
327:
326:
325:
297:Mexican drug war
282:Chiapas conflict
245:
120:Texas Revolution
58:
48:
30:
29:
21:
3427:
3426:
3422:
3421:
3420:
3418:
3417:
3416:
3387:
3386:
3385:
3380:
3373:
3366:
3359:
3352:
3344:
3337:
3330:
3323:
3315:
3308:
3301:
3293:
3284:
3277:
3270:
3263:
3255:
3247:
3239:
3231:
3224:
3216:
3208:
3201:
3194:
3187:
3180:
3172:
3165:
3157:
3150:
3143:
3136:
3129:
3121:
3113:
3106:
3099:
3092:
3085:
3083:Information Age
3077:
3068:
3061:
3054:
3047:
3040:
3033:
3026:
3019:
3012:
3005:
2998:
2991:
2984:
2977:
2970:
2963:
2956:
2949:
2942:
2935:
2933:Great Recession
2927:
2919:
2912:
2905:
2897:
2890:
2883:
2876:
2869:
2862:
2854:
2846:
2838:
2831:
2824:
2817:
2810:
2803:
2795:
2788:
2781:
2773:
2766:
2758:
2751:
2744:
2737:
2730:
2722:
2714:
2707:
2700:
2692:
2684:
2677:
2670:
2663:
2655:
2647:
2640:
2636:
2627:
2619:
2614:1979 oil crisis
2612:
2605:
2597:
2589:
2582:
2575:
2570:1973 oil crisis
2568:
2560:
2553:
2551:Great Inflation
2545:
2538:
2531:
2524:
2516:
2509:
2502:
2494:
2486:
2478:
2471:
2469:Interwar period
2463:
2456:
2449:
2441:
2434:
2427:
2420:
2412:
2405:
2398:
2390:
2382:
2374:
2367:
2360:
2353:
2346:
2338:
2330:
2323:
2316:
2309:
2300:
2293:
2285:
2274:
2267:
2260:
2253:
2245:
2238:
2231:
2224:
2217:
2209:
2202:
2194:
2187:
2180:
2172:
2164:
2156:
2148:
2138:
2130:
2122:
2114:
2107:
2099:
2091:
2077:
2070:
2063:
2056:
2047:
2040:
2033:
2026:
2019:
2012:
2005:
1996:
1989:
1982:
1975:
1970:Currency crisis
1968:
1961:
1954:
1947:
1940:
1932:
1927:
1886:
1876:
1855:
1823:
1821:Further reading
1818:
1817:
1810:
1796:
1792:
1783:
1781:
1777:
1770:
1764:
1753:
1744:
1742:
1729:
1728:
1724:
1715:
1713:
1702:
1701:
1697:
1688:
1686:
1674:
1670:
1663:
1644:
1640:
1631:
1629:
1625:
1615:Economic Review
1610:
1604:
1600:
1588:
1586:
1577:
1576:
1570:
1568:
1564:
1557:
1551:
1547:
1538:
1537:
1533:
1524:
1522:
1514:
1513:
1509:
1484:
1480:
1473:
1455:
1440:
1431:
1429:
1411:
1404:
1397:
1383:
1364:
1357:
1328:
1324:
1317:
1295:
1278:
1271:
1257:
1244:
1239:
1216:Great Recession
1196:
1191:
1189:
1186:
1166:mortality rates
1137:and 35% in the
1052:
951:
947:
943:
939:
935:
889:Mexican economy
885:loan guarantees
850:
846:
842:
816:
810:
735:economic growth
726:Ernesto Zedillo
722:
716:December 1994.
713:monetary policy
662:Banco de MĂ©xico
534:
510:emerging market
396:currency crisis
359:
323:
321:
307:
306:
255:Mexican miracle
243:
235:
227:
226:
175:
167:
166:
145:
135:
134:
110:
100:
99:
75:
67:
46:
39:
28:
23:
22:
15:
12:
11:
5:
3425:
3415:
3414:
3409:
3404:
3399:
3382:
3381:
3379:
3378:
3371:
3364:
3357:
3349:
3346:
3345:
3343:
3342:
3335:
3328:
3321:
3319:(2022–present)
3313:
3306:
3299:
3297:(2020–present)
3291:
3290:
3289:
3282:
3275:
3261:
3259:(2019–present)
3253:
3251:(2019–present)
3245:
3243:(2018–present)
3237:
3229:
3222:
3214:
3206:
3199:
3192:
3185:
3178:
3170:
3163:
3161:(2013–present)
3155:
3148:
3141:
3134:
3127:
3125:(2011–present)
3119:
3117:(2010–present)
3111:
3104:
3097:
3089:
3087:
3086:(2009–present)
3079:
3078:
3076:
3075:
3074:
3073:
3066:
3059:
3052:
3045:
3038:
3031:
3024:
3017:
3010:
3003:
2996:
2989:
2982:
2975:
2968:
2961:
2954:
2951:September 2008
2939:
2937:
2929:
2928:
2926:
2925:
2923:(2007–present)
2917:
2910:
2903:
2895:
2888:
2881:
2874:
2867:
2860:
2852:
2844:
2836:
2829:
2822:
2815:
2808:
2801:
2793:
2786:
2779:
2771:
2764:
2756:
2749:
2742:
2735:
2728:
2720:
2712:
2705:
2698:
2690:
2682:
2675:
2668:
2661:
2653:
2644:
2642:
2629:
2628:
2626:
2625:
2617:
2610:
2603:
2595:
2587:
2580:
2573:
2566:
2557:
2555:
2547:
2546:
2544:
2543:
2536:
2528:
2526:
2518:
2517:
2515:
2514:
2507:
2500:
2492:
2484:
2475:
2473:
2465:
2464:
2462:
2461:
2454:
2447:
2439:
2432:
2425:
2418:
2410:
2403:
2396:
2388:
2380:
2372:
2365:
2358:
2350:
2348:
2340:
2339:
2337:
2336:
2328:
2321:
2314:
2307:
2306:
2305:
2298:
2282:
2280:
2276:
2275:
2273:
2272:
2265:
2258:
2251:
2243:
2236:
2229:
2222:
2215:
2213:(c. 1780–1795)
2207:
2200:
2192:
2184:
2182:
2174:
2173:
2171:
2170:
2162:
2154:
2146:
2136:
2134:(c. 1600–1760)
2128:
2120:
2111:
2109:
2101:
2100:
2098:
2097:
2088:
2086:
2079:
2078:
2076:
2075:
2068:
2061:
2054:
2053:
2052:
2045:
2038:
2031:
2017:
2014:Hyperinflation
2010:
2003:
2002:
2001:
1987:
1980:
1973:
1966:
1959:
1952:
1945:
1937:
1934:
1933:
1926:
1925:
1918:
1911:
1903:
1897:
1896:
1885:
1884:External links
1882:
1881:
1880:
1874:
1859:
1854:978-1598842517
1853:
1822:
1819:
1816:
1815:
1808:
1790:
1751:
1722:
1695:
1668:
1661:
1647:Alan Greenspan
1638:
1598:
1589:|journal=
1545:
1531:
1507:
1496:(2): 451–472.
1478:
1471:
1438:
1402:
1395:
1362:
1355:
1322:
1315:
1276:
1269:
1241:
1240:
1238:
1235:
1234:
1233:
1228:
1223:
1218:
1213:
1208:
1202:
1201:
1185:
1182:
1089:plummeted and
1051:
1048:
1011:Following the
1002:Alan Greenspan
904:conditionality
831:Alan Greenspan
809:
806:
802:efecto tequila
721:
718:
687:capital flight
624:political risk
533:
530:
429:began issuing
416:capital flight
361:
360:
358:
357:
350:
343:
335:
332:
331:
318:
317:
309:
308:
305:
304:
299:
294:
289:
284:
279:
274:
267:
262:
257:
252:
247:
236:
233:
232:
229:
228:
225:
224:
219:
214:
212:Tampico Affair
209:
204:
197:
192:
190:The Porfiriato
187:
182:
176:
173:
172:
169:
168:
165:
164:
159:
154:
146:
141:
140:
137:
136:
133:
132:
127:
122:
117:
111:
108:First Republic
106:
105:
102:
101:
98:
97:
92:
87:
82:
76:
73:
72:
69:
68:
63:
60:
59:
51:
50:
41:
40:
33:
26:
9:
6:
4:
3:
2:
3424:
3413:
3410:
3408:
3405:
3403:
3400:
3398:
3395:
3394:
3392:
3376:
3372:
3369:
3365:
3362:
3358:
3355:
3351:
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3347:
3340:
3336:
3333:
3329:
3326:
3322:
3318:
3314:
3311:
3307:
3304:
3300:
3296:
3292:
3287:
3283:
3280:
3276:
3273:
3269:
3268:
3266:
3262:
3258:
3254:
3250:
3246:
3242:
3238:
3234:
3230:
3227:
3223:
3219:
3215:
3211:
3207:
3204:
3200:
3197:
3193:
3190:
3186:
3183:
3179:
3175:
3171:
3168:
3164:
3160:
3156:
3153:
3149:
3146:
3142:
3139:
3135:
3132:
3128:
3124:
3120:
3116:
3112:
3109:
3105:
3102:
3098:
3095:
3091:
3090:
3088:
3084:
3080:
3071:
3067:
3064:
3060:
3057:
3053:
3050:
3046:
3043:
3039:
3036:
3032:
3029:
3025:
3022:
3018:
3015:
3011:
3008:
3004:
3001:
2997:
2994:
2990:
2987:
2983:
2980:
2976:
2973:
2972:December 2008
2969:
2966:
2965:November 2008
2962:
2959:
2955:
2952:
2948:
2947:
2945:
2941:
2940:
2938:
2934:
2930:
2922:
2918:
2915:
2911:
2908:
2904:
2900:
2896:
2893:
2889:
2886:
2882:
2879:
2875:
2872:
2868:
2865:
2861:
2857:
2853:
2849:
2845:
2841:
2837:
2834:
2830:
2827:
2823:
2820:
2816:
2813:
2809:
2806:
2802:
2798:
2794:
2791:
2787:
2784:
2780:
2776:
2772:
2769:
2765:
2761:
2757:
2754:
2750:
2747:
2743:
2740:
2736:
2733:
2729:
2725:
2721:
2717:
2713:
2710:
2706:
2703:
2699:
2695:
2691:
2687:
2683:
2680:
2676:
2673:
2669:
2666:
2662:
2658:
2654:
2650:
2646:
2645:
2643:
2639:
2634:
2630:
2622:
2618:
2615:
2611:
2608:
2604:
2600:
2596:
2592:
2588:
2585:
2581:
2578:
2574:
2571:
2567:
2563:
2559:
2558:
2556:
2552:
2548:
2541:
2537:
2534:
2530:
2529:
2527:
2523:
2519:
2512:
2511:Panic of 1930
2508:
2505:
2501:
2497:
2493:
2489:
2485:
2481:
2477:
2476:
2474:
2470:
2466:
2459:
2455:
2452:
2448:
2444:
2440:
2437:
2436:Panic of 1907
2433:
2430:
2429:Panic of 1901
2426:
2423:
2422:Panic of 1896
2419:
2415:
2411:
2408:
2404:
2401:
2400:Panic of 1893
2397:
2393:
2389:
2385:
2384:Baring crisis
2381:
2377:
2376:Arendal crash
2373:
2370:
2369:Panic of 1884
2366:
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2356:
2355:Panic of 1873
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1709:The Economist
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469:trade deficit
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384:
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96:
93:
91:
88:
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83:
81:
78:
77:
74:The New Spain
71:
70:
66:
65:Pre-Columbian
62:
61:
57:
53:
52:
49:
43:
42:
37:
32:
31:
19:
2958:October 2008
2840:Samba effect
2796:
2696:(1987–2000s)
2591:Steel crisis
2414:Black Monday
2392:Encilhamento
2332:Black Friday
2139:
2095:(235–284 CE)
1963:Credit cycle
1864:
1830:
1799:
1793:
1782:. Retrieved
1775:the original
1743:. Retrieved
1739:the original
1725:
1714:. Retrieved
1712:. 2004-12-29
1707:
1698:
1687:. Retrieved
1681:
1671:
1651:
1641:
1630:. Retrieved
1623:the original
1614:
1601:
1580:cite journal
1569:. Retrieved
1562:the original
1548:
1534:
1523:. Retrieved
1520:Investopedia
1510:
1493:
1487:
1481:
1460:
1430:. Retrieved
1419:The Guardian
1418:
1386:
1340:
1325:
1300:
1260:
1198:Money portal
1174:
1159:
1139:construction
1107:labor market
1096:
1091:unemployment
1084:
1072:repossession
1053:
1032:Robert Rubin
1010:
995:moral hazard
960:
950:by the BIS,
946:by the IMF,
901:
862:
859:
852:
840:
827:Robert Rubin
817:
786:the Americas
766:Mutual funds
751:
739:
723:
691:
660:
644:assassinated
613:
600:
592:
551:
506:mutual funds
498:float freely
486:risk premium
483:
478:money supply
462:
458:risk premium
420:
406:against the
391:
389:
312:
292:PRI downfall
286:
269:
240:
222:Cristero War
199:
149:
95:First Empire
3235:(2017–2018)
3220:(2016–2022)
3176:(2014–2022)
2936:(2007–2009)
2901:(2003–2008)
2850:(2000–2004)
2799:(1994–1996)
2777:(1992–1994)
2762:(1991–2000)
2726:(1990–1992)
2718:(1990–1992)
2688:(1986–1995)
2651:(1982–1994)
2641:(1982–2007)
2623:(1980–1982)
2601:(1975–1982)
2593:(1973–1982)
2564:(1973–1980)
2554:(1973–1982)
2525:(1945–1973)
2490:(1921–1923)
2482:(1917–1924)
2472:(1918–1939)
2394:(1890–1893)
2347:(1870–1914)
2289:(1845–1856)
2249:(1815–1816)
2198:(1769–1784)
2181:(1760–1840)
2144:(1621–1623)
2126:(1544–1551)
2108:(1000–1760)
2007:Flash crash
1977:Debt crisis
1843:. pp.
1155:remittances
1151:Expatriates
1147:consumption
1131:agriculture
1103:rural areas
1099:urban areas
1074:of houses.
922:and strict
737:prospects.
711:sacrifices
683:Speculators
587:, Mexico's
542:Mexico City
473:Speculators
421:During the
414:ignited by
408:U.S. dollar
400:devaluation
45:History of
18:Peso crisis
3391:Categories
2028:Accounting
1784:2014-07-27
1745:2014-07-27
1716:2014-07-08
1689:2014-07-12
1632:2014-07-08
1571:2014-07-08
1525:2014-07-06
1432:2024-07-10
1237:References
1087:real wages
1066:went into
971:news media
869:confidence
851:$ 25
812:See also:
532:Precursors
438:confidence
431:short-term
195:Revolution
157:Reform War
151:La Reforma
125:Pastry War
3286:Recession
2279:1840–1870
1892:from the
1427:0261-3077
1064:mortgages
1059:recession
999:Fed Chair
893:recession
762:inflation
670:intervene
593:tesobonos
563:endorsed
558:President
526:recession
502:inflation
174:1864–1928
1942:Bank run
1841:ABC-CLIO
1735:Rabobank
1649:(2007).
1337:(2009).
1184:See also
1143:commerce
908:monetary
897:collapse
879:and the
742:maturing
589:treasury
314:Timeline
241:Maximato
36:a series
34:Part of
2042:Funding
2035:Capital
1068:default
873:bailout
853:billion
808:Bailout
798:Spanish
648:Tijuana
636:Chiapas
567:as the
554:sexenio
494:default
450:Chiapas
402:of the
3212:(2016)
2858:(2001)
2842:(1999)
2659:(1982)
2498:(1927)
2445:(1910)
2416:(1894)
2386:(1890)
2378:(1886)
2334:(1869)
2168:(1720)
2160:(1720)
2152:(1637)
2049:Market
1872:
1851:
1847:–281.
1806:
1659:
1469:
1425:
1393:
1353:
1313:
1267:
1117:and a
794:Brazil
720:Crisis
394:was a
234:Modern
47:Mexico
38:on the
1778:(PDF)
1771:(PDF)
1626:(PDF)
1611:(PDF)
1565:(PDF)
1558:(PDF)
928:NAFTA
790:Chile
754:float
601:cetes
597:yield
2979:2009
2084:1000
2082:Pre-
1870:ISBN
1849:ISBN
1804:ISBN
1657:ISBN
1593:help
1467:ISBN
1423:ISSN
1391:ISBN
1351:ISBN
1311:ISBN
1265:ISBN
1141:and
961:The
910:and
902:The
792:and
784:and
782:Asia
642:was
520:and
434:debt
404:peso
390:The
1845:279
1498:doi
1023:'s
956:CAD
804:).
758:MXN
634:in
581:GDP
544:'s
465:peg
374:MXN
370:USD
3393::
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