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Black December

Price: $ 22

Mexico was considered a model of economic reform and in good financial health until it suddenly went bankrupt in December 1994: its international reserves had collapsed; its currency was on a free fall; it was about to default on its sovereign debt; and its banking system was on the verge of collapse. This event shocked the world, stunned the international financial community, and sent the entire Latin American region into a state of panic. Black December discusses the main causes of banking distress and crises, and in particular, the Mexican crisis and its aftershocks in Argentina. The author contrasts the policy response of Argentina, which followed the rule of a currency board, with that of Mexico, which followed a discretionary policy.

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