Long, Frequent, and Important Crises in Latin America during the 20th Century
Revista Investigación Económica
Abstract: We studied economic crises in 20 Latin American countries during the 20th century. We found significant output drops and extended periods of economic crises. We investigated the determinants of the duration of the crises and the size of output drops. We found that countries with more open economies, larger manufacturing sectors, and larger stability in macro policies tended to have shortened crises and lower output drops.