“Policy tightening” was the title of Carlos Capistrán’s analysis of the Mexican economy in 2016. The chief Mexico economist at Bank of America Merrill Lynch delivered his remarks in May at the Council of the Americas CFO Forum at the Club Industrial in Monterrey, Mexico. Capistrán chose the headline based on the fact that monetary and fiscal policies have been toughened to stabilize the country, in light of shocks on the fiscal and external fronts. Capistrán qualified the moves as positive ones. “Countries tend to be slow in reacting to shocks. In Mexico, we are reacting right away,” he said. Balancing Appreciation and Inflation On monetary policy, the Bank of Mexico (Banxico) has allowed the exchange rate to serve asa […]
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