This chapter explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit...

The authors analyze the Washington Consensus, which at its original formulation reflected views not only from Washington, but also from Latin America. Tracing the life of the Consensus from a Latin American perspective in terms of evolving economic development paradigms, they document the...

Latin America's contagion from the Asian shock was limited because: a) the region had successfully implemented structural reforms in recent years; b) policymakers acted swiftly to make appropriate changes in fiscal and monetary policy; and c) abundant reserves facilitated a relatively smooth...