Abstract
Since the 1982 debt crisis, Latin American economic policy makers have become quite accustomed to looking to East and Southeast Asia as models of export-led growth, low inflation, and market-oriented regulatory frameworks. Even those analysts who granted that the ‘East Asian model’ had a significant component of dirigisme, rather than being stellar examples of laissez faire, perceived Asian economies to be structured much more soundly than those of most developing countries in the western hemisphere (Amsden, 1989; Wade, 1990; Stallings, 1995). The Mexican devaluation of December 1994 and the subsequent ‘tequila crisis’ seemed to confirm this pessimistic assessment of Latin America.
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Bibliography
Amsden, Alice (1989) Asia’s Next Giant: South Korea and Late Industrialization (New York: Oxford University Press).
Calvo, Guillermo, Morris Goldstein, and Eduard Hochreiter, (eds) (1996) Private Capital Flows to Emerging Markets after the Mexican Crisis (Washington, DC : Institute for International Economics).
Edwards, Sebastian and Carlos Végh, forthcoming, ‘Banks and Macroeconomic Disturbances under Predetermined Exchange Rates,’ Journal of Monetary Economics.
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Wade, Robert (1990) Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization (Princeton, NJ: Princeton University Press).
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© 2001 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Molano, W. (2001). Tequila versus the Dragon: Comparing the Crises in Mexico and Thailand. In: Armijo, L.E. (eds) Financial Globalization and Democracy in Emerging Markets. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780333994894_14
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DOI: https://doi.org/10.1057/9780333994894_14
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