中南美 經濟改革의 변천과정과 시사점

On the economic reforms in latin America and Mexico’s economic crisis

In the 1980s, Latin America experienced a time of serious economic stagnation, which came to be called the “lost decade”. However, at the beginning of the 1990s, the economic situation in Latin America began undergoing changes. Latin America has now developed into emerging countries with excellent prospects. This dramatic improvement is the result of economic policies dealing with the stabilization of hyper-inflation and expanding growth, industrial capability and exports. In addition to these domestic policies, foreign direct investment from overseas has become very helpful for economic reconstruction. Particularly, Economic crisis in Mexico reflect not only macroeconomic imbalances but also structural weaknesses in the incentive framework of the financial sector, but now the economy recovered successfully from the crisis. According to significant achievement in Latin America, the world economies have become interested in this area. A lot of firms have plans to invest not only in the manufacturing sector, but also in infrastructure and financial markets. The competition in this area is becoming intense and very fierce. We could find that the cause of economic crises at 1994 in Mexico is very similar to that of late 1997 in Korea. Although international cooperation between Latin America and Korea is essential for globalization of the Korean economy, the level of cooperation is very low. Therefore, we would like to contribute to the development of policies that encourage the building of cooperative relations between the Korean government and firms and the growing Latin American countries.