Template:Economic Crisis in Mexico (2008-2009)
The crisis in Mexico has thrown more than a million people into unemployment until July 2009.[1] The 2008-2009 economic crisis in Mexico was the worst economic recession in this country in 70 years. According to the forecasts of the Organisation for Economic Co-operation and Development, the contraction of the Mexican gross domestic product to ending 2009 would be 8%. [2] It is directly related to the crisis that co-occurred in various countries of the world. The slowdown in the United States and Mexico's economic dependence on its northern neighbor contributed to increasing the effects of the crisis. Other internal events are added to this table, especially Influenza Pandemic that affected the country since April 2009.
The contraction of the Mexican gross domestic product is one of the biggest falls not only in Latin America but throughout the world in the panorama of generalized crisis. Official positions relate this fall to the episode of the Influenza Pandemic. Still, there are indications that the negative behavior of the Mexican economy in 2009 is the result of processes that had been brewing years ago. For example, in July 2009 the National Institute of Statistics and Geography presented a report that revealed that from 2006 to 2008 economic inequality in the country had grown. Therefore, this means that the highest decile of socioeconomic level in the population increased their incomes, while the lowest four deciles saw their share of national wealth decrease.
Development
The foreign investors took out of Mexico resources for 22 thousand 190 million of dollars deposited in the Mexican Stock Exchange or government debt bonds federal.[3] which adjusted for the depreciation of the peso would be US $ 7.6 billion.[4] . Amid the worst global financial crisis, the government of Mexico made a debt issuance of $ 2 billion in international markets, with the expiration date of 2019. The Secretariat of Finance and Public Credit reported that the operation had a demand of more than 4 billion dollars, which is more than twice the amount issued.
Mexican Peso
To contain the depreciation of the peso, the financial entity auctioned 18 thousand 227 million dollars of the international currency reserve, from October to [[December 11]. [5].Throughout 2008, the Mexican peso was subjected to successive devaluations that led it to lose around 50% of its value against the US dollar. This occurred in the context of the global financial crisis, which among other things involved the bankruptcy of numerous banking institutions, the most important occurred in the United States. In Mexico, investors began to acquire large amounts of dollars. As the demand for the US currency increased, the peso was devalued. In December 2008, the depreciation of the Mexican peso reached 26.70%, with a price of 14 pesos per dollar.[6]. The situation reached the point that the Congress of the Union requested Guillermo Ortiz, Governor of Bank of Mexico (Banxico), to clarify the way in which it was intended to face the devaluation of the national currency. [7].As a precautionary measure, Bank of Mexico had been "injecting"[8] large amounts of dollars into the foreign exchange market in order to contain the devaluation of the peso. By February 2009, (Banxico) dollar reserve had lost 20.62 million dollars, which were destined to lessen the pressure on the peso.[9]. Some specialists attributed the volatility of the price of the dollar to a combination of multiple factors. These include the aforementioned increase in the demand for the currency, but also the action of speculators, the withdrawal of investments in foreign currencies, and a poor perception of the performance of the Mexican economy. [10]
- ↑ Roberto Nájar "México vive la peor crisis en 70 años", en BBC Mundo, 2 de julio de 2009, consultada el 21 de Noviembre de 2009.
- ↑ "OCDE: desempleo de 6.5% en México en 2010", en La Jornada, 20 de Noviembre de 2009.
- ↑ Inversionistas externos sacaron del país $22 mil 190 millones La Jornada. Consultado el 18-12-2008.
- ↑ Prevé Bancomer variación del PIB México de 0% al -1.7% El Semanario sin Límites. Consultado el 19-12-2008.
- ↑ Escapa inversión extranjera de México Template:Wayback Prensa Latina. Consultado el 18-12-2008.
- ↑ Zúñiga, Juan Antonio: "Dólar a 14 pesos; la moneda acumula una devaluación de 26.70%", en La Jornada, 31 de diciembre de 2008, consultado el 25 de julio de 2009.
- ↑ Méndez, Enrique y Víctor Ballinas: "Legisladores piden a Ortiz explicar cómo contendrá la devaluación del peso" en La Jornada, 16 de enero de 2009, consultado el 25 de julio de 2009.
- ↑ Mankiw, N. Gregory (2013). Macroeconomics, 8th Edition. New York, NY: Worth Publishers. ISBN 978-1-42-924002-4.
- ↑ González Amador, Roberto: "La devaluación del peso ya costó 20 mil 62 mdd en reservas", en La Jornada, 4 de Febrero de 2009, consultado el 25 de julio de 2009.
- ↑ Rodríguez J., Israel: "Especulación y salida de divisas devalúan el pso: analistas", en La Jornada, 8 de febrero de 2009, consultado el 25 de julio de 2009.