South American economic crisis of 2002
The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay.
The Argentinian economy was suffering from sustained deficit spending and an extremely high debt overhang, and one of its attempted reforms included fixing its exchange rates to the US dollar. When Brazil, as its largest neighbor and trading partner, devalued its own currency in 1999, the Argentinian peg to the US dollar prevented it from matching any of that devaluation, leaving its tradeable goods to be less competitive with Brazilian exports.
Along with a trade imbalance and balance of payment problem, the need for credit to finance its budget deficits made Argentina's economy vulnerable to economic crisis and instability. In 1999, the economy of Argentina shrank by 3.4%. GDP continued to decline: 0.8% in 2000, 4.4% in 2001, and 10.9% in 2002. One year before, in Brazil, low water level in hydroelectric plants, combined with a lack of long-term investment in energy security, forced the country to do an energy rationing program, which negatively affected the national economy.
See also
- 1998–2002 Argentine great depression
- 2002 Uruguay banking crisis
- Vulture fund
- Latin American debt crisis
External links
- I.M.F. Loan to Brazil Also Shields U.S. Interests, The New York Times, August 9, 2002
- Brazil May Not Stay Upright on a Shaky Global Stage, The New York Times, October 6, 2002
- A Look at Argentina’s 2001 Economic Rebellion and the Social Movements that Led It - video report by Democracy Now!
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- Banking panic
- Commodity price shocks
- Credit crunch
- Credit cycle
- Currency crisis
- Debt crisis
- Energy crisis
- Financial contagion
- Flash crash
- Hyperinflation
- Liquidity crisis
- Minsky moment
- Social crisis
- Stock market crash
- Crisis of the Third Century (235–284 CE)
(1000–1760)
- Great Bullion Famine (c. 1400–c. 1500)
- The Great Debasement (1544–1551)
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- Panic of 1819
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- European Potato Failure (1845–1856)
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- Panic of 1847
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- 1976 British currency crisis
- 1979 oil crisis
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Great Regression
(1982–2007)
- Brazilian hyperinflation (1982–1994)
- Souk Al-Manakh stock market crash (1982)
- Chilean crisis of 1982
- 1983 Israel bank stock crisis
- Black Saturday (1983)
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- Black Monday (1987)
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- 1991 Indian economic crisis
- 1990s Swedish financial crisis
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- 1990s Armenian energy crisis
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- 1994 bond market crisis
- Venezuelan banking crisis of 1994
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- 1997 Asian financial crisis
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- 1998 Russian financial crisis
- 1998–1999 Ecuador economic crisis
- 1998–2002 Argentine great depression
- Samba effect (1999)
- Dot-com bubble crash (2000–2004)
- 9/11 stock market crash (2001)
- 2001 Turkish economic crisis
- South American economic crisis of 2002
- Stock market downturn of 2002
- 2002 Uruguay banking crisis
- 2003 Myanmar banking crisis
- 2000s energy crisis (2003–2008)
- 2004 Argentine energy crisis
- 2007 Chinese stock bubble crash
- Zimbabwean hyperinflation (2007–present)
(2007–2009)
- 2007–2008 financial crisis
- September 2008
- October 2008
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- December 2008
- 2009
- Subprime mortgage crisis
- 2000s U.S. housing market correction
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- 2008 Latvian financial crisis
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- 2008–2011 Icelandic financial crisis
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- 2008–2014 Spanish financial crisis
- Blue Monday Crash 2009
- European debt crisis
- Greek government-debt crisis
(2009–present)
- 2009 Dubai debt standstill
- Venezuelan banking crisis of 2009–2010
- 2010–2014 Portuguese financial crisis
- Energy crisis in Venezuela (2010–present)
- Syrian economic crisis (2011–present)
- August 2011 stock markets fall
- 2011 Bangladesh share market scam
- 2012–2013 Cypriot financial crisis
- 2013 Chinese banking liquidity crisis
- Venezuela economic crisis (2013–present)
- 2014–2016 Brazilian economic crisis
- Puerto Rican government-debt crisis (2014–2022)
- Russian financial crisis (2014–2016)
- 2015 Nepal blockade
- 2015–2016 Chinese stock market turbulence
- 2015–2016 stock market selloff
- Brexit stock market crash (2016)
- Venezuelan hyperinflation (2016–2022)
- 2017 Sri Lankan fuel crisis
- Ghana banking crisis (2017–2018)
- Turkish economic crisis (2018–present)
- Lebanese liquidity crisis (2019–present)
- Sri Lankan economic crisis (2019–present)
- COVID-19 pandemic
- Chinese property sector crisis (2020–present)
- 2021–2023 inflation
- 2022 Russian financial crisis
- 2022 stock market decline
- 2023 United States banking crisis
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