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Latin
America has recently experienced three
cycles of capital inflows, the first two
ending in major financial crises. The
author analyses the dynamics of the second
cycle - from the 1989 'Brady-bonds
agreement' to the Argentinian 2001/2002
crisis (and 9/11). It is argued that these
financial crises took place mostly due
to factors that were intrinsic to the
workings of over-liquid and under-regulated
financial markets - and as such,
they were both fully deserved and fairly
predictable. In short, these crises point
not just to major market failures, but
to a systemic market failure.
April
04, 2012.
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