Financial internationalization in emerging countries: The monetary experiences of Mexico and Uruguay

Abstract

The ongoing crisis of 2007-2014 has had different effects on the economies of Latin America, among which is the high levels of liquidity channeled towards  so-called emerging economies. Both Mexico and Uruguay have been centers of attraction for liquidity, generating effects that entail high risk for these economies. The public policies of both countries have helped to foster conditions of vulnerability rather than preventing them.