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Mexican oil boom : ウィキペディア英語版
Mexican oil boom
The Mexican Oil Boom was an oil boom from 1977 to 1981 which eventually led to a disastrous crash that lasted for most the 1980s, driving the economy to a payment default and a significant deficit correction as oil prices fell.
== Pre Boom Period ==
Since 1954 and until 1971 the Mexican economy performed very consistently, averanging 6% GDP growth each year and 3% inflation rate, allowing the country to sustain a $12.50 pesos per US dollar for 22 years (1954-1976). This period, called the "Mexican Economic Miracle" and "Stabilizing Development", consisted in an ISI Model (import substitution). By the late 1970s the economy faced certain limitations in the economic model, at the same time the United States were troubled with a rising trade deficit, sparking an international financial period of uncertainty.
Mexico opted out to put more public money and investment to sustain fast growth. This was fuelling inflation as government spending was fully financed with new printed money.
A devaluation in 1976 caused some panic until Petróleos Mexicanos (PEMEX) discovered the Cantarell Field, boosting perspectives to exploit the soaring oil prices and the government decided to invest and change the economic model.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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