When investors choose Mexico as a safe haven, it’s clear the world has changed profoundly. The collapse in Asian markets and the robustness (so far) of Latin America have sent economists into a huddle. With policy regimes as different as Chile and Argentina proving successful, drawing firm conclusions will be tough. Eventually fully-formed economic theories may emerge.
Fundamentals
Right now a few things are obvious: a strong banking system is the backbone of development, democracy works better than dictatorship over the long term and capital controls are back in favour.
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