Lecciones de las crisis mexicanas

The financial crises of Mexico in 1982 and 1995 had a very different impact on the real sector. The first crisis led to a decade of stagnation while the second was resolved fairly rapidly. Although both crises were caused by a discontinuation and reversal of capital inflows, this paper argues that the distinguishing feature between the two crises in that the first one was related to international bank debt while the second one was associated with stock marker instruments: equity and bonds. Finally, it is shown that the Korean 1997 crisis resembles the Mexican 1982 crisis.