The consequences of the international financial crisis and the great recession in Argentina and Brazil

HAINES, ANDRÉS ERNESTO FERRARI; FERRARI-FILHO, FERNANDO; NEYRA, HERNAN

doi:10.1590/0101-31572020-3048

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Brazilian Journal of Political Economy

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Articles • Brazil. J. Polit. Econ. 40 (1) • Jan-Mar 2020 • https://doi.org/10.1590/0101-31572020-3048 copy

The consequences of the international financial crisis and the great recession in Argentina and Brazil¹ 1 The authors would like to thank two anonymous referees. They acknowledge all remaining errors and their responsibility.

As consequências da crise financeira internacional e a grande recessão na Argentina e no Brasil

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The 2007-2008 international financial crisis (IFC) and the ‘Great Recession’ (GR) had worldwide effects. In the case of Argentina and Brazil, the reduction and improvement in composition of public external debt, the previous policy of international reserves accumulation combined with left-wing political affinity between governments, provided some space for countercyclical macroeconomic policies. Consequently, its governments were able to face the IFC and GR without following traditional tightened or pro-cyclical macroeconomic policies. This article examines the consequences of the IFC and the GR in Argentina and Brazil and the countercyclical macroeconomic policies that were implemented during the period 2009-2014.

KEYWORDS:
International financial crisis; great recession; Argentina and Brazil; countercyclical macroeconomic policies

Year	GDP Growth (%)		Inflation (%)		Trade Balance (US$ billion)		Current Account (US$ billion)		Foreign Exchange Reserves (US$ billion)		Real Effective Exchange Rate		Interest Rate (%)
	Brazil	Argentina	Brazil	Argentina	Brazil	Argentina	Brazil	Argentina	Brazil	Argentina	Brazil	Argentina	Brazil	Argentina
2000	4.3	-0.8	5.97	-0.94	-0.7	1.6	-24.2	-8.9	33.0	25.2	70.34	262.79	15.75	11.05
2001	1.3	-4.4	7.67	-1.07	2.6	6.8	-23.2	-3.8	35.9	14.6	59.54	275.59	19.00	80.84
2002	3.1	-10.9	12.53	25.87	13.1	17.6	- 7.6	8.7	37.8	10.5	55.38	125.11	25.00	7.02
2003	1.2	8.8	9.30	13.44	24.8	16.6	4.2	8.1	49.3	14.2	53.88	125.9567	19.00	1.95
2004	5.7	9.0	7.60	4.42	33.6	13.4	11.7	3.1	52.9	19.7	56.28	121.15	17.75	3.55
2005	3.1	9.2	5.69	9.64	44.7	12.5	14.0	5.1	53.8	28.1	69.3	119.56	18.00	7.30
2006	4.0	8.4	3.14	10.9	46.5	13.1	13.6	7.6	85.8	32.0	77.45	116.74	13.25	8.00
2007	6.0	8.0	4.46	8.83	40.0	13.5	1.5	7.2	180.3	46.1	83.7	113.71	11.25	10.75
2008	5.0	3.1	5.9	8.59	24.8	16.2	- 28.2	6.6	193.8	46.4	87.73	110.39	13.75	12.50
2009	- 0.2	0.0	4.31	6.27	25.3	17.7	-24.3	10.9	238.5	48.0	87.55	103.09	8.75	14.00
2010	7.6	9.5	5.91	10.46	20.2	13.8	- 47.4	-1.5	288.6	52.2	100	100	10.75	11.00
2011	3.9	8.4	6.50	9.78	29.8	11.5	- 52.6	-3.7	352.0	46.4	104.56	95.15	11.00	13.97
2012	1.9	0.8	5.84	10.04	19.4	12.6	- 54.2	-1.3	373.1	43.3	94.4	98.1	7.25	12.44
2013	3.0	2.9	5.91	10.62	2.6	3.2	- 81.4	-4.6	358.8	30.6	89.9	90.02	10.00	15.05
2014	0.1	0.5	6.41	23.9	- 3.9	5.0	- 90.9	-7.4	363.6	31.4	88.85	73.88	11.75	26.86

Centro de Economia Política Rua Araripina, 106, CEP 05603-030 São Paulo - SP, Tel. (55 11) 3816-6053 - São Paulo - SP - Brazil
E-mail: cecilia.heise@bjpe.org.br

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Researcher at CNPq, Brazil.

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The consequences of the international financial crisis and the great recession in Argentina and Brazil1 1 The authors would like to thank two anonymous referees. They acknowledge all remaining errors and their responsibility.

As consequências da crise financeira internacional e a grande recessão na Argentina e no Brasil

ABSTRACT

The consequences of the international financial crisis and the great recession in Argentina and Brazil¹ 1 The authors would like to thank two anonymous referees. They acknowledge all remaining errors and their responsibility.