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Home Investor-friendly economics on trial in Andean elections
Investor-friendly economics on trial in Andean elections
Angry voters turn to populists as pandemic exposes failings of market-friendly model
World Economy News
When Ecuadoreans cast their votes in next Sunday’s presidential election, they will face a stark choice.
The main leftwing candidate has promised to hand out $1,000 to a million families in a week, while on the right, a former banker wants to revive the stricken economy by wooing billions of dollars in foreign investment.
Other elections this year in Peru and Chile, and next year in Colombia, will also amount to referendums on competing economic ideologies as Latin America emerges from the shadow of the pandemic. There are strong signs unhappy citizens across the Andes could turn to populists as the pandemic exposes the failings of market-friendly policies.
Three months into 2020, coronavirus fears took hold of global markets and fixed-income researchers watched as credit markets collapsed at a record pace.
“There was enormous dislocation and disruption from the first or second week of March until sometime in April and this happened in virtually every market, including the most liquid as well as corporate credit and high yield,” said Vishwanath Tirupattur, global director of fixed income research at Morgan Stanley. “Liquidity dried up quite dramatically in a very short period of time.”
At the peak of market uncertainty, credit spreads had drastically widened, with U.S. high-grade credit spreads reaching above 250 basis points, and lower-rated sectors widening much further, according to Matthew Jozoff, co-head of fixed income, currencies, and commodities research at JPMorgan Chase & Co.