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Mexico's economic meltdown of 1994-1995 has been described as the first financial crisis of the twenty-first century because of the speed with which the repercussions -- the "tequila effect" -- spanned the globe. During the first five years of his six-year term, Carlos Salinas was one of the most admired of Mexican presidents, both at home and internationally. Today he is Mexico's "favorite villain", as he has called himself, because the economy collapsed three weeks after he left office on December 1, 1994. The Mexican peso crisis was then a unique event that drastically shifted thinking about the workings of the international financial system. The lessons learned have since been amplified by the abrupt East Asian economic collapse in 1997.Financial Decision-Making in Mexico examines why able economic managers in Mexico, on the basis of current information in their possession, made the decisions they did, with such disastrous consequences. Weintraub's conclusion is that decision-making was heavily influenced by the cultural milieu in Mexico, which involved secrecy about key data and unwillingness to entertain dissenting opinions, whether from Mexicans or outsiders.The speed with which "hot money" (portfolio capital) moved out of Mexico once confidence was lost has changed global thinking about how to deal with a growing world problem. The dire consequences of the movement of hot money has revealed itself both in Asia and in Brazil, and will undoubtedly recur elsewhere. Weintraub provides an analysis of the economic and political events taking place in Mexico, the decisions made to deal with these events, and the reactions of international financial actors outside Mexico, thusoffering the first integrated analysis of the Mexican market crash.
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Sidney Weintraub is the William Simon Chair in Political Economy at the Center for Strategic and International Studies in Washington D.C., a position he has held for the past five years. He is the author of more than 20 books and 200 articles, many dealing with Mexican political and economic issues, and Mexico-U.S. relations.Review:
"The Mexican crisis was a seminal event in the history of emerging markets and Weintraub captures that moment. His principal thesis is clear and authoritative, and the book is written in a clear and readable style." -- Riordan Roett, Director, Western Hemisphere Program, SAIS, Johns Hopkins University
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Book Description Univ of Pittsburgh Pr (Txt), 2000. Condition: Good. Former Library book. Shows some signs of wear, and may have some markings on the inside. Seller Inventory # GRP10693710