By J. C. R. Dow
Hard authorised knowledge of economic conception, this research of the speculation of economic coverage in England analyzes the habit of the banking method and the problems of crucial financial institution keep an eye on, and argues that money construction is an endogenous procedure, made up our minds in part by means of the cost point.
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Financial and Other There have been no reported direct financial spillovers from the crises in Argentina or Brazil, most likely due to the absence of extended, direct financial relations among investors of these countries. Mexico’s largest commercial bank, Banamex, now owned by Citigroup, liquidated its investment in the Argentine Bansur in mid-December last year, cutting its losses and eliminating any financial liability. Spreads and Market Access Mexico’s market access and sovereign spreads showed a continuous improvement, anticipating and following the upgrade to an investment grade rating early this year of the country’s sovereign credit risk.
Financial Markets Financial markets have tended to lump government bonds from these countries in a category apart from those in South America. Government bonds have usually fluctuated in line with Mexican prices, due to the stronger economic linkages with the large neighbor to the North. Panama has been traditionally considered a safe haven, enjoying large capital inflows when crises hit elsewhere. In the past three years, Panama, Costa Rica, Guatemala, and El Salvador have accessed international capital markets occasionally.
For Colombia this represents perhaps the only direct impact of the Argentine crisis, as the sale of one of its public banks (Banco Cafetero), has been indefinitely postponed due to lack of buyer interest. Venezuela Despite relatively firm international oil prices, a combination of political instability and inadequate macroeconomic policy responses have led to a sharp recession in Venezuela this year. However, the country’s economic problems are only weakly related to the Argentinean crisis. Since direct trade and investment links between Argentina and Venezuela are weak, the Argentine crisis has not posed a direct threat to the economic performance of Venezuela, with the country’s own governance and policy problems posing the greatest risks to its economy.