Mexican peso crisis of 1994

E5138

currency crisis economic crisis financial crisis sovereign debt crisis

The Mexican peso crisis of 1994 was a severe currency and financial crisis triggered by a sudden devaluation of the peso, leading to capital flight, a deep recession in Mexico, and a major international bailout.

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All labels observed (3)

Label	Occurrences
Tequila Crisis	2
Mexican debt crisis of the 1980s	1
Mexican peso crisis of 1994 canonical	1

How this entity was disambiguated

This entity first appeared as the object of triple T59741 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.

NED1 Entity disambiguation (via context triple) gpt-5-mini-2025-08-07

Target entity: Mexican peso crisis of 1994
Context triple: [Asian financial crisis of 1997–1998, precededBy, Mexican peso crisis of 1994]

A. Asian financial crisis of 1997–1998
The Asian financial crisis of 1997–1998 was a severe regional economic meltdown that began with currency devaluations in East and Southeast Asia, triggering widespread financial instability, recessions, and international policy responses.
B. Mexican peso
The Mexican peso is Mexico's official national currency and one of the most traded currencies in the world, widely used in international foreign exchange markets.
C. 2011 Chilean student protests
The 2011 Chilean student protests were a massive nationwide movement led largely by university and secondary students demanding comprehensive education reform, including free, high-quality public education and an end to profit in the education system.
D. Wirtschaftswunder
Wirtschaftswunder refers to the rapid economic recovery and sustained growth of West Germany after World War II, transforming it into one of the world’s leading industrial economies.
E. Fiestas Patrias
Fiestas Patrias is Chile’s major national celebration in mid-September, marked by parades, traditional music and dance, barbecues, and patriotic festivities commemorating the country’s independence.
F. None of above. chosen
G. Unsure - the case is ambiguous/there is not enough information to decide.

NED2 Entity disambiguation (via description) gpt-5-mini-2025-08-07

Target entity: Mexican peso crisis of 1994
Target entity description: The Mexican peso crisis of 1994 was a severe currency and financial crisis triggered by a sudden devaluation of the peso, leading to capital flight, a deep recession in Mexico, and a major international bailout.

A. Asian financial crisis of 1997–1998
The Asian financial crisis of 1997–1998 was a severe regional economic meltdown that began with currency devaluations in East and Southeast Asia, triggering widespread financial instability, recessions, and international policy responses.
B. Mexican peso
The Mexican peso is Mexico's official national currency and one of the most traded currencies in the world, widely used in international foreign exchange markets.
C. 2011 Chilean student protests
The 2011 Chilean student protests were a massive nationwide movement led largely by university and secondary students demanding comprehensive education reform, including free, high-quality public education and an end to profit in the education system.
D. Wirtschaftswunder
Wirtschaftswunder refers to the rapid economic recovery and sustained growth of West Germany after World War II, transforming it into one of the world’s leading industrial economies.
E. Fiestas Patrias
Fiestas Patrias is Chile’s major national celebration in mid-September, marked by parades, traditional music and dance, barbecues, and patriotic festivities commemorating the country’s independence.
F. None of above. chosen

Statements (50)

Predicate	Object
instanceOf	currency crisis ⓘ economic crisis ⓘ financial crisis ⓘ sovereign debt crisis ⓘ
alsoKnownAs	Mexican peso crisis of 1994 ⓘ surface form: Tequila Crisis
bailoutAmount	approximately 50 billion US dollars ⓘ
country	Mexico ⓘ
describedBySource	International Monetary Fund ⓘ surface form: International Monetary Fund reports Congressional Research Service ⓘ surface form: U.S. Congressional Research Service reports economic history literature ⓘ
endTime	1995 ⓘ
followedBy	economic reforms in Mexico ⓘ implementation of austerity measures in Mexico ⓘ restructuring of Mexican public debt ⓘ
hasCause	declining foreign exchange reserves of Mexico ⓘ heavy reliance on short-term dollar-denominated debt (tesobonos) ⓘ large current account deficit ⓘ loss of investor confidence ⓘ political instability in Mexico in 1994 ⓘ sudden devaluation of the Mexican peso ⓘ
hasEffect	banking sector distress in Mexico ⓘ capital flight from Mexico ⓘ contagion to other emerging markets ⓘ deep recession in Mexico ⓘ increase in Mexican public debt burden ⓘ losses for international investors holding Mexican assets ⓘ rise in Mexican inflation ⓘ sharp depreciation of the Mexican peso ⓘ sharp increase in Mexican interest rates ⓘ
location	Mexico ⓘ
mainSubject	Mexican peso ⓘ
partOf	history of Mexico ⓘ history of financial crises ⓘ
pointInTime	December 1994 ⓘ
receivedSupportFrom	Bank for International Settlements ⓘ International Monetary Fund ⓘ United States government ⓘ World Bank ⓘ
significantParticipant	Bank of Mexico ⓘ Government of Mexico ⓘ International Monetary Fund ⓘ Bill Clinton ⓘ surface form: President Bill Clinton President Ernesto Zedillo ⓘ United States Department of the Treasury ⓘ surface form: U.S. Treasury Department United States government ⓘ World Bank ⓘ private international investors ⓘ
startTime	1994 ⓘ
triggeredBy	abandonment of the peso exchange rate band ⓘ announcement of peso devaluation by the Mexican government ⓘ

How these facts were elicited

Referenced by (4)

Full triples — surface form annotated when it differs from this entity's canonical label.

Asian financial crisis of 1997–1998 → precededBy → Mexican peso crisis of 1994 ⓘ

Mexican peso crisis of 1994 → alsoKnownAs → Mexican peso crisis of 1994 ⓘ

this entity surface form: Tequila Crisis

Miguel de la Madrid → notableEventDuringTerm → Mexican peso crisis of 1994 ⓘ

this entity surface form: Mexican debt crisis of the 1980s

Argentine economic crisis (1998–2002) → precededBy → Mexican peso crisis of 1994 ⓘ