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GTAP Resource #4534

"Mexico and Brazil and the 2008–09 Global Financial Crisis: A Counterfactual Look at Its Welfare Effects"
by Bussolo, Maurizio, Rafael De Hoyos, Peter Dixon, Maureen Rimmer and George Verikios

This chapter studies the incidence impact of the 2008–09 global financial crisis on Brazil and Mexico. During the last decade, Mexico has been on a slow growth path, whereas Brazil has enjoyed a sustained and accelerating expansion of its economy, accompanied by a reduction in income inequality. Because of its close commercial ties with the United States, Mexico was much more severely affected by the global crisis than Brazil, which not only trades with a more diversified set of countries, but also exports commodities and agricultural goods whose demand and prices were less affected by the crisis. During 2009, the gross domestic product (GDP) of Mexico contracted by about 6 percent but only 0.3 percent in Brazil. Compared with a counterfactual—no-crisis—scenario, Mexico lost about 9 percentage points of its GDP (instead of growing by 2.8 percent in 2009, it contracted by 6.2 percent), whereas Brazil lost 4 percentage points. The size of the crisis has thus been very different across these two countries and that is reflected in the much larger rise in poverty in Mexico than in Brazil.

Resource Details (Export Citation) GTAP Keywords
Category: Other CGE Application
Status: Not published
Date: 2014
Created: De Hoyos, R. (4/16/2014)
Updated: De Hoyos, R. (4/16/2014)
Visits: 1,487
- Dynamic modeling
- Economic analysis of poverty
- Economic development
- North America
- South America

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