a plague o both your houses

Excellent paper from CEPAL

Click here to get your download copy of a 36 page English language macroeconomics report from CEPAL (the LatAm economics people) that shows how the present financial crisis is affecting the region. Here’s the abstract to give you a taste:

This paper addresses a fundamental question regarding the current crisis
and its effects on Latin America, namely, will the effects of the crisis be
different or of the same type that the region has witnessed in past?
The answer provided in the paper, on the basis of past crises episodes and
currently available information, is that this crisis is a ‘repeat.’ That is, it is
“Old wine in New Goatskins.” This conclusion is underpinned by two
fundamental ideas. First, the evidence shows that the impact of financial
crises on the region is closely related to the degree to which external
finance becomes scarce and costly, and to the magnitude of the disruption
in international trade channels. Second, financial crises have had deep and
protracted effects on the economies of the region, independently of
idiosyncratic features and initial conditions. The available evidence and
the unprecedented magnitude of the current shock do not warrant the
belief that the effects of this crisis will be any different from those that
have whiplashed the region in the past.

It’s a really good job of work done and a boon for a dude like me. From now on I can just reference this work for its great comparative charts and data instead of crunching it myself. A readable, factual and well researched paper. Highly recommended and a great source material, too.

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