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Following the withdrawal of US$4.5 billion in foreign reserves on 22 December, the Bank of Mexico unsuccessfully offered $600 million in Government bonds, known as Tesobonos, of which it received only $28 million in bids tendered (Sachs, Tornell, Velasco, 1996). This event conveyed the lack of confidence by investors in the Mexican economy that in conjunction with other factors instigated the currency crisis (Eiteman, Stonehill, Moffett, 2007)...
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This event conveyed the lack of confidence by investors in the Mexican economy that in conjunction with other factors instigated the currency crisis (Eiteman, Stonehill, Moffett, 2007).
These additional factors included the:
- Mexican presidential elections, which are traditionally associated with devaluation of the Peso, were approaching in Mexico
- Rise of US interest rates compared with the Mexican interest rates
- Loss of investor confidence in Mexico due to politically linked assassinations
- Loose monetary policy, which lead to a reduction in foreign capital inflows
- The shift of fiscal policy to short term rather than long term borrowing
On March 23, 1994, Luis Donaldo Colosio, the ruling partyâs presidential candidate, was assassinated...
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