Bank nationalization, reprivatization, crisis and financial rescue: Using testimonials to write contemporary Mexican banking history

10 03 2014

Mexican President, Jose Lopez-Portillo y Pacheco ( 1920-2004 , president 1976-1982) during his speech and address to the Nation, in which he is nationalising the banks in 1982. He is crying and also stated “I will defend the peso like a dog [to his master]” (another reason why the speech is famous and call “dog tears speech”.

AS: I thought I would bring your attention to an interesting forthcoming lecture at Bangor University.

Bank nationalization, reprivatization, crisis and financial rescue: Using testimonials to write contemporary Mexican banking history

By Enrique Cardenas (Centro de Estudios Espinosa Yglesias)

ABSTRACT: The Mexican banking system experienced a large number of transformations during the last 30 years. Although important regulatory changes were introduced in the 1970s, all but a couple of the commercial banks were nationalized in 1982, consolidated into 18 institutions and these were re-privatized in 1992. Shortly after, a balance of payments crisis in 1995 (i.e. Tequila effect) led the government to mount a financial rescue of the banking system which, in turn, resulted in foreign capital controlling all but a couple of institutions. Each and every one of these events was highly disruptive for Mexico’s productive capacity and society as a whole as their consequences have had long lasting effects on politics, regulation and supervision of the financial sector as we as polarising society. Not surprisingly the contemporary narrative accompanying these events has been highly controversial and full of conflicting accounts, with competing versions of events resulting in a long list of misconceptions and “urban legends”.

Brief curricula: Dr Cardenas graduated in Economics from the Instituto Tecnologico Autonomo de Mexico (ITAM) and Economic History from Yale University. He was president of Las Americas University (Puebla, Mexico) where he also taught economic history. More recently and since 2005, he has been Executive Director of the Centro de Estudios Espinosa Yglesias and acts as trustee of El Colegio de Mexico.

Date: Monday April 7, 2014

Time: 14:00hrs to 16:00hrs

Place: Bangor Business School (London Campus),Broadgate Tower, 20 Primrose Street, London EC2A 2EW (off Liverpool St station)

Everyone welcomed

NOTE: There is controlled access to the building. So please confirm attendance by April 3, 2014 with

Event with the support of the Mexican Chamber of Commerce – GB



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