Улогата на фискалната политика во рамките на кризата во Мексико или “Tequila Crisis” од 1994 – 1995 година

Gaber, Stevan and Gaber, Vasilka (2013) Улогата на фискалната политика во рамките на кризата во Мексико или “Tequila Crisis” од 1994 – 1995 година. Yearbook, Faculty of Economics, Goce Delcev University - Stip, 5. pp. 83-92. ISSN 1857- 7628

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Abstract

This paper draws several important lessons from the Tequila Crisis of 1994 and 1995, especially for emerging market countries that emerge from the analysis: (1) pegged exchange-rate regimes are extremely dangerous, (2) strong prudential supervision of the banking system is critical for prevention of financial crises, (3) financial liberalization must be managed extremely carefully and (4) different policies are needed to promote recovery in emerging market countries than those that are applicable to industrialized countries.Therefore policymakers need, as a very important policy objective, to aim at avoiding such crises, as they are extremely costly to the domestic economy.It is important to stress that Mexican GDP fell by 7% in 1995, consumption declined by over 17% and investment fell by 30%. There is general consensusthat fiscal policy was not the main cause of the crisis, at least in terms of
persistent deficit that undermines the peg as the classical model od Krugman(1979). Many defenders of the “overpriced” explanations agree that momentum was driven by the private sector rather than public sector deficit.

Item Type:	Article
Subjects:	Social Sciences > Economics and business
Divisions:	Faculty of Economics
Depositing User:	Stevan Gaber
Date Deposited:	30 Sep 2014 12:59
Last Modified:	30 Sep 2014 12:59
URI:	https://eprints.ugd.edu.mk/id/eprint/10958

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