Abstract

CRUZ, Moritz  and  LAPA, Javier. Crisis and Economic Recovery: the Role of Fiscal Policy. Prob. Des [online]. 2012, vol.43, n.168, pp.95-116. ISSN 0301-7036.

We develop a comparative analysis of five economies that recently went through financial crises (Mexico 1994, South Korea 1997, Russia 1998, Brazil 1998 and Argentina 2001), in order to identify the role economic policy played during the crisis and the subsequent process of economic recovery. Our analysis indicates that only Mexico upheld and maintained its economic policy, including its fiscal policy, subject to the restrictions of the economic model that led to the crisis. Although Brazil did the same to confront the crisis, during its recovery process it broke with this restriction. Finally, Argentina, South Korea and Russia characterized themselves by breaking from the crisis, although in differing degrees, through the restriction of economic policy, a stance that has been kept to since then.

Keywords : financial crisis; economic policy; fiscal policy; economic recovery.

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