Word: brazil
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Dates: during 1990-1999
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Since the Asian financial crisis began over ayear ago, foreign markets have seen sharp drops.Harvard's investments in emergingmarkets--including Russia, Brazil, Argentina,Korea, Taiwan, India and South Africa--also postedheavy losses...
...billion by week's end, and one of the fears that drugged the stock market was that U.S. companies might face even larger losses in Latin America, where they have much more exposure (about a third of U.S. exports) and where currencies came under fresh assault late last week. Brazil saw $11 billion in capital fleeing the country in the past five weeks--not because its economy is weak but because of each investor's fear that other investors might flee any economy slurred with the label "emerging." Money also fled the stocks of financial institutions with lots of business...
...recession comes, economists say, the cause will be the inability of countries such as Brazil, Indonesia, Malaysia, Mexico and Venezuela to buy as many U.S. exports with their devalued currencies--and the hit on U.S. wages and corporate earnings as cheap imports from those countries grab a greater share of the U.S. consumer's wallet...
...panic spread. Hardest hit were countries in Latin America. To outsiders, the link seemed strange: nations such as Venezuela and Brazil have very little exposure to Russia, but their economies suffered nonetheless. "Latin markets are right to think that this is a moment of complete irrationality," says Bond Snodgrass, an analyst at Warburg Dillon Read in Mexico City. "But this should finally drive home the point: Mexico is no longer just Mexico, Brazil is no longer just Brazil. They're all part of one asset class now, and investors aren't distinguishing between any of them." And the dramatic drop...
Talk about a rude awakening. just a few weeks ago, France was riding high on the strength of its surprise win over Brazil in the World Cup. Then came the Tour de France--or, as some bicycling fans are calling it, the Tour des Drugs--which limped to a finish last week under a deepening cloud. Five cyclists and team officials have been placed under formal investigation for using or helping riders to use artificial substances to boost their performance. As the police widened their probe, a Dutch team and all four Spanish teams indignantly quit the race...