It has been a long institutional development, which emerged from a relatively narrow vision where central banks’ key role was to provide money to the economies. Later on, Latin America went through a period when our institutions put an emphasis on credit allocation policies.
To be sure, shocks are a recurring feature of the economic landscape – think about the oil price shocks of the 1970s, the Asian financial crisis of 1996-97, the collapse of the U. S. financial institutions in 2007 and 2008. What has distinguished the past few years from earlier episodes is the succession of shocks that have occurred.