Guillermo Calvo: A matter of choice

Guillermo Calvo: A matter of choice

Economy & Policy Corporate & Sovereign Strategy

Latin America’s resilience to the 2008 global financial crisis was as surprising as the crisis itself. It seemed an improbable outcome, especially given the fate of emerging markets following the 1998 Russian crisis. Back then, it took roughly five years for spreads to return to their pre-crisis levels, and that episode involved only emerging market economies – relatively minor players in global capital markets. A reasonable inference was that the emerging market turmoil in the wake of the Russian crisis was a function of weak market institutions in the emerging world. So, one might have reasonably assumed that the impact on emerging markets of a major crisis in the developed world would b

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial