Lessons from a Comparative Analysis of Financial Crises

The first part of the article presents a comparative analysis of the macroeconomic behavior of some of the Eurozone economies (Greece, Ireland, Portugal, Spain and Italy: GIPSI countries) with that of a set of emerging market economies that experienced financial crises in the period of financial globalization. The comparison also focuses on the pro-cyclical fiscal policies implemented in common by emerging market and Eurozone countries. The second part of the article is devoted to the recent Argentine experience of crisis, foreign debt default and recovery.