Someone: FirSt LaStname
This time it was supposed to be different. position moved away from short duration and dollar
Even as the world economy spiraled into a free denomination toward safer forms, such as long-term
fall, Latin America seemed not only poised to break domestic currency debt. Credit ratings improved, and
the boom-bust cycle of the previous three decades— a growing number of countries achieved investment–
but to survive the debacle of 2008. With the econom- grade status, becoming at the same time less depen-ic expansion that started in 2003, the region looked dent on volatile capital inflows.
stronger than it had ever been, thanks largely to the Decoupling was the fashionable concept in ana-structural reforms enacted as a result of previous cri- lysts’ minds, as the region seemed unaffected by the
ses. Most national economies were more efficient first signs of trouble in the U.S. in 2007. With the
and resilient. Fiscal accounts had been put on a solid price of food, energy and minerals buoyed by soaring
tArack. Debt ratios had startegd to decline, and debat com- growth iniIndia and Cnhina, Latin America became
spring 2009
americas quarterly 43
