Abstract
The December 1994 devaluation of the Mexican peso resulted in an unprecedented crisis that adversely affected all sectors of economic activity. This article reviews the main elements that led to the abrupt abandonment of a semi-fixed exchange rate regime and resulted in a dramatic downturn in economic activity, increased unemployment, and a severely damaged financial sector. It describes the measures undertaken to deal with the crisis and to reestablish the stability needed to regain economic growth.
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© 1997 Springer Science+Business Media New York
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Schwartz, M.J. (1997). Recovering Stability and Growth in Mexico’s Economy and Financial System. In: von Furstenberg, G.M. (eds) The Banking and Financial Structure in the Nafta Countries and Chile. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-5366-9_6
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DOI: https://doi.org/10.1007/978-94-011-5366-9_6
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-6256-5
Online ISBN: 978-94-011-5366-9
eBook Packages: Springer Book Archive