Mexico’s adoption of a strong adjustment program, aided by the large-scale
international financial support, helped restore financial stability in the country
relatively quickly.4 Indeed, Mexico returned to international capital markets more
rapidly than most observers had anticipated. Other countries affected by the crisis
included Argentina and Brazil, and to a lesser extent, Thailand and Hong Kong.
The contagion from the Mexican crisis was short-lived and capital flows to
developing countries reached a record level of US$212 billion in 1996.