摘要：This article reflects on the evolution of two of the most important Latin American economic crises of the twentieth century: the 1982 debt crisis and the 1995 “tequila effect” in the historical context of international financial liberalization processes. For this purpose, the documentary analysis methodology was used. Important thinkers from the current economic field, such as Nobel laureates Paul Krugman and Joseph Stiglitz, and key thinkers of the Latin American economy belonging to ECLAC, such as José Antonio Ocampo, and other economic thinkers were approached. The main determinants of the Latin American crises were the excessive, inefficient and irresponsible public spending, the procyclical effects induced by the international capitals "swallow" and the chronic deficit of foreign exchange for long periods, as well as the recessive influence of the "Shock policies" suggested by the IMF and the World Bank in the economies of the region. The main conclusion is that a more transparent international financial architecture is required that responds to the needs of national economies and not to particular interest groups.
