Mexican Banking and Investment in Transition

Mexican Banking and Investment in Transition

Mexican Banking and Investment in Transition

Mexican Banking and Investment in Transition

Synopsis

Banking and investment in Mexico have changed radically over the past decade, and the economic events that prompted these changes will have a significant impact on Mexico's role in regional and world financial markets. Adams traces the evolution of Mexico's banking and investment activities, reviews current conditions and their implications for future investment opportunities in Mexico, and makes clear that what happens to Mexico's economy and political stability will have major implications for what happens elsewhere in the world. One of the first books to look at banking and investment in Mexico after the peso crash of 1994-1995, with a highly detailed bibliography and notes, Adams's study will be important reading for international business, finance, and investment professionals and for their colleagues with similar interests throughout the academic community.

Excerpt

Of all that extensive empire which once acknowledged the authority of Spain in the New World, no portion, for interest and importance, can be compared with Mexico.

-- William H. Prescott, October 1, 1843

The evolution and emergence of the Mexican economy over the past decade has been a bittersweet mix of tragedy and immense success. Since the mid-1970's, Mexico has worked to throw off an initial layer of historical, old-line, nationalistic, inward-looking economic and political policies, to allow a new generation to reshape the nation into a growing global economy. These progressive efforts in Mexico have resulted in varied consequences. To understand present-day banking and investment in Mexico and to provide a window to the future, it is imperative to have a focus on the events, policies, and conclusions of the recent economic and financial restructuring.

The economic and commercial events both in Mexico and in the dual U.S.Mexico relationship have significant relevance. Mexico, both the government and the private sector, took bold initiatives (1) to open a once-closed and restrictive economy, (2) to reshape and reprivatize the banking and financial sector, (3) to attract much-needed foreign direct investment, (4) to gain respect not only regionally but worldwide, (5) to fight and reduce inflation, and (6) to reach a political consensus to pass the North American Free Trade Agreement -- only to suffer a series of political setbacks and economic disruptions as seen in the devaluation of the peso in December 1994. These incidents halted the euphoria of what many have called the "Mexican Miracle."

Years of research and planning, restructuring, and economic and gradual po-

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