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KANSAS CITY SOUTHERN
KANSAS CITY SOUTHERN

... 2011, and with the expected increase in Mexican auto production, that number should continue to grow. The fourth primary intermodal component is directly related to container growth at the port of Lázaro Cárdenas. KCSM container movements from Lázaro Cárdenas into central Mexico grew by 32% in 2011, ...
FORM 20-F GRUPO FINANCIERO SANTANDER MÉXICO, S.A.B. de
FORM 20-F GRUPO FINANCIERO SANTANDER MÉXICO, S.A.B. de

... In this annual report on Form 20-F, the term “Mexico” refers to the United Mexican States. The terms “Mexican government” or the “government” refer to the federal government of Mexico, and the term “Mexican Central Bank” refers to Banco de México. References to “U.S.$,” “U.S. dollars” and “dollars” ...
Labour market effects under CUFTA/NAFTA
Labour market effects under CUFTA/NAFTA

... absorbed and replaced the Canada United States Free Trade Agreement (CUFTA), is an international treaty which serves as a vehicle for advancing and consolidating the neoliberal restructuring and integration of national economies and states in North America. It provides a legal framework which embeds ...
DOC - Investis
DOC - Investis

... our consolidated year-end financial statements. (3) For further analysis of net income per CPO (as well as corresponding amounts per A Share not traded as CPOs), see Note 24 to our consolidated year-end financial statements. In 2014, the Company´s stockholders did not approve the payment of any divi ...
DOC - Investis
DOC - Investis

... is qualified in its entirety by reference to, and should be read together with, our audited consolidated year-end financial statements. The following data for each of the years ended December 31, 2013, 2012 and 2011 has been derived from our audited consolidated year-end financial statements, includ ...
Grupo Televisa, SAB
Grupo Televisa, SAB

DOC - Investis
DOC - Investis

... consolidated financial statements in accordance with Mexican FRS. Accordingly, our financial information through December 31, 2007 is stated in Mexican Pesos in purchasing power as of December 31, 2007. The financial information as of and for the years ended December 31, 2008, 2009, 2010 and 2011 is ...
Can foreign firms bond themselves effectively by
Can foreign firms bond themselves effectively by

... productive firm investment. Johnson et al. (2000) present a theoretical model showing that owner-managers always have a choice between putting the firm’s resources (including outsiders’ contributions) towards either productive firm investment or theft. When a domestic economic downturn presents itself, ...
Herdez: an attractive play in a defensive industry, at a
Herdez: an attractive play in a defensive industry, at a

... including a self-controlled distribution network that reaches over 40,000 points of sale in the traditional retail channel, but also the possibility of merging production facilities to a centralized production location for both Nutrisa and Nestlé’s frozen products, which would be a more efficient me ...
Herdez: an attractive play in a defensive industry, at a
Herdez: an attractive play in a defensive industry, at a

... including a self-controlled distribution network that reaches over 40,000 points of sale in the traditional retail channel, but also the possibility of merging production facilities to a centralized production location for both Nutrisa and Nestlé’s frozen products, which would be a more efficient me ...
A tale of two Mexicos: Growth and prosperity in a two
A tale of two Mexicos: Growth and prosperity in a two

... operate in the same old ways, informality is rising, and productivity is plunging. The question overhanging Mexico today is whether the current reform agenda of the Enrique Peña Nieto administration can drive economic growth across both modern and traditional Mexico. For Mexico to get closer to the ...
World Bank Document - Open Knowledge Repository
World Bank Document - Open Knowledge Repository

... vertical FDI should increase. Clearly, the difference in size between Mexico and its NAFTA partners strongly suggests that any reduction in horizontal FDI would be offset many times over by the increase in vertical FDI. The effects of trade liberalization on FDI should have been enhanced by the stab ...
Mexicos Transition to a Knowledge Based Economy
Mexicos Transition to a Knowledge Based Economy

... Development / The World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. ...
In the Spotlight… Mexico Handbook-Competitive, open, and
In the Spotlight… Mexico Handbook-Competitive, open, and

... banking segment remains highly concentrated, with seven financial groups holding about threefourths of the banking system’s total assets. Macroeconomic stability, however, has not resulted in higher growth rates. Structural reforms that would promote economic growth faster than the historical averag ...
Mexican protected horticulture
Mexican protected horticulture

... This study describes and analyses the strongly developing Mexican greenhouse horticultural sector, which is a relevant partner for the Dutch supply industry. The sector is geographically spread over the large country, and characterized by wide variation in technology level. The export to the USA and ...
How Has NAFTA Affected the Mexican Economy?
How Has NAFTA Affected the Mexican Economy?

... I. INTRODUCTION A decade ago, Canada, Mexico, and the United States launched the world’s largest free trade area under the North American Free Trade Agreement (NAFTA). The agreement represented a watershed in global trade policy, not just because of the size of the free trade area it created, but al ...
Exchange Rates - Carleton University
Exchange Rates - Carleton University

... the exchange rate policy leading up to December of 1994 have to do with the currency crisis? What went wrong with the reforms to the financial system and how frail was it? What events ultimately triggered the crisis? Once these questions are answered it will be possible to identify what type of curr ...
Fiscal Year July 1, 2011 - June 30, 2012
Fiscal Year July 1, 2011 - June 30, 2012

... Local Governments, and Non-Profit Organizations, and is not a required part of the financial statements. The additional schedules listed as "Supplementary Information Section" in the table of contents are presented for purposes of additional analysis and are not a required part of the financial stat ...
A Modest Proposal: Statehood and Sovereignty in a Global Age
A Modest Proposal: Statehood and Sovereignty in a Global Age

... players enter the scene, our notions of the role of the State are challenged. The rapidity of the changes taking place and the often ill-defined mechanisms through which they are effected make it difficult to fully comprehend their effects on the traditional statecentric model of international law. ...
Competitiveness and Growth of the Mexican Economy
Competitiveness and Growth of the Mexican Economy

... to be associated not only with shorter-run events such as the “lost decade” of the eighties, but also with supply-side features of the economy that have been present for at least four decades. Mexico’s low competitiveness and poor growth potential seem to reflect an institutional framework that tend ...
LCwasL37_en.pdf
LCwasL37_en.pdf

... Merchandise Trade ............................................................................... Current A c c o u n t .................................................................................................. ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Capital Flows
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Capital Flows

... changed, the Mexican currency crisis erupted in December 1994. This turn of events generated considerable anxiety among policy analysts, financial operators, and international civil servants. Some asked whether Latin America was indeed ready to adopt market-oriented policies, while others questioned ...
PB 14-13 NAFTA at 20: Misleading Charges and Positive
PB 14-13 NAFTA at 20: Misleading Charges and Positive

... for inadequate monitoring of Mexico’s macroeconomic policies. While this criticism had some merit, NAFTA also played a decisive role in the recovery of the Mexican economy, both by fostering a large financial rescue package and by enabling a sharp turnaround in Mexico’s external trade balance. 3 Des ...
NAFTA at 20: Misleading Charges and Positive
NAFTA at 20: Misleading Charges and Positive

... for inadequate monitoring of Mexico’s macroeconomic policies. While this criticism had some merit, NAFTA also played a decisive role in the recovery of the Mexican economy, both by fostering a large financial rescue package and by enabling a sharp turnaround in Mexico’s external trade balance. 3 Des ...
PB 14-13 NAFTA at 20: Misleading Charges and Positive
PB 14-13 NAFTA at 20: Misleading Charges and Positive

... for inadequate monitoring of Mexico’s macroeconomic policies. While this criticism had some merit, NAFTA also played a decisive role in the recovery of the Mexican economy, both by fostering a large financial rescue package and by enabling a sharp turnaround in Mexico’s external trade balance. 3 Des ...
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Mexican peso crisis

The Mexican peso crisis (also known as the Tequila crisis or December mistake crisis) was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight. During the 1994 presidential election, the incumbent administration embarked on expansionary fiscal and monetary policy. The Mexican treasury began issuing short-term debt instruments denominated in domestic currency with a guaranteed repayment in U.S. dollars, attracting foreign investors. Mexico enjoyed investor confidence and new access to international capital following its signing of the North American Free Trade Agreement (NAFTA). However, a violent uprising in the state of Chiapas, as well as the assassination of the presidential candidate Luis Donaldo Colosio, resulted in political instability, causing investors to place an increased risk premium on Mexican assets.In response, the Mexican central bank intervened in the foreign exchange markets to maintain the Mexican peso's peg to the U.S. dollar by issuing dollar-denominated public debt to buy pesos. The peso's strength caused demand for imports to increase, resulting in a trade deficit. Speculators recognized an overvalued peso and capital began flowing out of Mexico to the United States, increasing downward market pressure on the peso. Under election pressures, Mexico purchased its own treasury securities to maintain its money supply and avert rising interest rates, drawing down the bank's dollar reserves. Supporting the money supply by buying more dollar-denominated debt while simultaneously honoring such debt depleted the bank's reserves by the end of 1994.The central bank devalued the peso on December 20, 1994, and foreign investors' fear led to an even higher risk premium. To discourage the resulting capital flight, the bank raised interest rates, but higher costs of borrowing merely hurt economic growth. Unable to sell new issues of public debt or efficiently purchase dollars with devalued pesos, Mexico faced a default. Two days later, the bank allowed the peso to float freely, after which it continued to depreciate. The Mexican economy experienced hyperinflation of around 52% and mutual funds began liquidating Mexican assets as well as emerging market assets in general. The effects spread to economies in Asia and the rest of Latin America. The United States organized a $50 billion bailout for Mexico in January 1995, administered by the IMF with the support of the G7 and Bank for International Settlements. In the aftermath of the crisis, several of Mexico's banks collapsed amidst widespread mortgage defaults. The Mexican economy experienced a severe recession and poverty and unemployment increased.
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