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The Latin American Debt Crisis in Historical Perspective

In: Life After Debt

Author

Listed:
  • José Antonio Ocampo

Abstract

The debt crisis of the 1980s is the most traumatic economic event in Latin America’s economic history. During the “lost decade” that it generated, the region’s1 per capita GDP fell from 112 percent to 98 percent of the world average, and from 34 per cent to 26 percent of that of developed countries (Bértola and Ocampo, 2012, Table 1.1). In terms of its strong adverse effects, the only comparable case is the “lost half-decade” of 1998–2003 which was induced by the sequence of emerging country crises that began in East Asia in 1997. The Great Depression of the 1930s and the recent global financial crises serve as important contrasts, as Latin America performed relatively better on both occasions.

Suggested Citation

  • José Antonio Ocampo, 2014. "The Latin American Debt Crisis in Historical Perspective," International Economic Association Series, in: Joseph E. Stiglitz & Daniel Heymann (ed.), Life After Debt, chapter 2, pages 87-115, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-41148-8_4
    DOI: 10.1057/9781137411488_4
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    Cited by:

    1. Hernandez, Carlos Eduardo & Tovar, Jorge & Caballero/Argáez, Carlos, 2022. "Tunneling when Regulation is Lax: The Colombian Banking Crisis of the 1980s," MPRA Paper 115662, University Library of Munich, Germany.
    2. Ahmed,Habib & Mohieldin,Mahmoud & Verbeek,Jos & Aboulmagd,Farida Wael, 2015. "On the sustainable development goals and the role of Islamic finance," Policy Research Working Paper Series 7266, The World Bank.
    3. João Granja & Christian Leuz & Raghuram G. Rajan, 2022. "Going the Extra Mile: Distant Lending and Credit Cycles," Journal of Finance, American Finance Association, vol. 77(2), pages 1259-1324, April.
    4. Sánchez-Masi, Luis, 2022. "La política económica neoclásica en América Latina: génesis y consecuencias de cuatro décadas perdidas en el desarrollo latinoamericano, 1980-2020 [Neoclassical Economic Policy in Latin America: Or," MPRA Paper 114296, University Library of Munich, Germany, revised 01 Jul 2022.

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