The IMPACTS of the GLOBAL FINANCIAL CRISIS on LATIN AMERICAN COUNTRIES

Abstract

The global financial crisis is the most important capitalist crisis since World War II. However, the impacts of the global crisis on Latin America have in some respects been less severe than in previous crises. Because Latin American countries have experienced several important crises in the past, the crisis did not have severe impacts on Latin American region/economies. The aim of this article is to analyze the impacts of the global crisis on Latin America. Since the effects of the crisis on Latin American countries are generally heterogeneous, we will only mention the countries have different cases rather than all of them. We will also argue how Latin American countries are affected less severe from the crisis. We conclude that good and powerful macroeconomic frameworks and strong fiscal and monetary policies applied since 1990s played an important role to decline the impact of the crisis on Latin American countries.