An Evaluation of Prevention Policies designed by Argentina and Brazil against the Transmission of the World Economic Crisis
Guida, Juan José
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This article discusses the chances of Brazil and Argentina to isolate themselves from the financial and economic crisis currently affecting the advanced nations1 . It describes the main tools employed by the governments to steer the domestic economic process in relative independence of the international conditions. While profiting from the improvement in their terms of trade, both Brazil and Argentina have set up a number of barriers to the transmission of negative impulses deriving from the international crisis. Such policies and measures are representative of those being applied throughout the emerging world. Many countries resort to controlled experiments in currency depreciation, in order to keep imported goods expensive and simultaneously provide incentives to exports. This might push inflation upwards, a reason why monetary policy has to remain tight. This shows the risks associated with such isolation efforts and thereby the relevance of this study. The article begins by summarizing the current financial and economic world crisis as has been explained elsewhere. In the following, the main factors behind the current strength of the South American economies are highlighted. In a further step, the authors take a look at the usual mechanisms a country can resort to in order to prevent “importing a crisis”. A short review of the policies applied since the eighties are designed to help the reader understand today’s developments. Then, the prevention measures adopted by Brazil and Argentina as well as their effectiveness are considered. Finally, the main lessons from this experience are discussed.
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