Borensztein, Eduardo; Castilleja, Liliana; Hernaiz, Daniel - 2012
(Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In … of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement …
