Close to the Epicenter: Mexico and Canada during the Great Recession

Jaime Ros

Chapter 5 in Development Macroeconomics in Latin America and Mexico, 2015, pp 105-135 from Palgrave Macmillan

Abstract: Abstract Canada and Mexico, the two minor partners of the North American Free Trade Agreement (NAFTA), have very different levels of economic development. In spite of this, their economies have a number of common features. First, both economies have traditionally had a privileged link with the United States in foreign trade (that manifests itself in the enormous weight of the United States in exports and imports of the two countries). Second, as a consequence of NAFTA they have tended to converge in their degrees of openness (currently in the two countries foreign trade accounts for around two-thirds of GDP). Third, they have similar export structures dominated by industrial products and a significant share of oil.

Keywords: Real Exchange Rate; Real Wage; Fourth Quarter; North American Free Trade Agreement; Capital Account (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46366-1_6

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DOI: 10.1057/9781137463661_6

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