1945

In 1999, macroeconomic policy was heavily influenced by the international crisis that has been affecting many of the region’s countries since the final quarter of 1997. A series of external shocks and a downturn in several economies -particularly in South America- have given rise to a pattern marked by monetary prudence, more flexible exchange rates and widening fiscal deficits. Apart from concerns sparked by the vagaries of immediate circumstances, in most of the countries the authorities had to continue focusing on the prudential regulation of the financial system. The fragility of the banking sector, rising financial costs and the recessionary expectations that prevailed in 1999 created an adverse environment for domestic lending activity.

Related Subject(s): Economic and Social Development
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