Abstract
The 2007–08 international financial crisis and the ‘Great Recession’ (GR) affected the different regions of the world, including the emerging economies. In the case of most of the major economies of Latin America, the reduction of public external debt, the previous policy of international reserves accumulation and the reduction and improvement in the composition of public debt provided some policy space for the introduction of counter-cyclical policies. Consequently, governments could make use of counter-cyclical fiscal policy to face up to the effects of the IFC and GR, when on other occasions they made use of tightened policies. The countries’ reaction to the crisis has varied with the use of different tools of economic policy. For instance, between 2011 and 2013, despite the operation of counter-cyclical policies, the economic growth showed great volatility in the economies of the region. In addition, there are a lot of concerns about the future performance of the economies of the region due mainly to the uncertainties related to the global economy.
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© 2016 Fernando Ferrari-Filho, Luiz Fernando de Paula
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Ferrari-Filho, F., de Paula, L.F. (2016). The Impact of the Great Recession and Policy Responses in Latin America: Was This Time Different?. In: Arestis, P., Sawyer, M. (eds) Emerging Economies During and After the Great Recession. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137485557_5
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DOI: https://doi.org/10.1057/9781137485557_5
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