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Mexico: Is it an Ex-Emerging Market?

Published online by Cambridge University Press:  04 May 2004

JORGE BLÁZQUEZ  and
JAVIER SANTISO
JORGE BLÁZQUEZ
Affiliation:
BBVA Economic Research Department, Madrid.
JAVIER SANTISO
Affiliation:
BBVA Economic Research Department, Madrid.
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Abstract

Since 2001, financial agents, country-risk analysts and credit rating agencies have considered Mexico to be a solvent or low-risk country. This article seeks to answer the question of whether Mexico has ceased to be an emerging market economy. Therefore, the aim of the article is to provide an overview of the factors that lie behind this positive view of Mexico. We believe the answer to this question is affirmative. The positive change in the export structure, a healthier financing of the external sector deficit and the change in the production structure support the hypothesis that Mexico is no longer a risky economy. And, therefore, Mexico is not subjected to the severe macroeconomic crises proper to traditional emerging market economies. Other elements, however, also mean Mexico cannot yet be described as an economy exempt from macroeconomic risks.

Type
Research Article
Information
Journal of Latin American Studies , Volume 36 , Issue 2 , May 2004 , pp. 297 - 318
Copyright
2004 Cambridge University Press

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Footnotes

We would like to thank Baralides Alberdi, Juan Carlos Berganza, José García-Cantero, Nathaniel Karp, Bénédicte Larre, Eduardo Lora, Juan Martínez, Graciela Moguillansky, Juan Antonio Rodríguez, Manuel Sánchez, Aaron Tornell and Luciana Taft for comments and documents. We are especially grateful to Santiago Sanz for his technical assistance. The usual disclaimers apply, this article being the sole responsibility of the authors.