3 The timing game: Political cycles and crises in Latin America used to be synchronized, 1970-2000 Nominal exchange rate depreciation and government change 0,94 0,96 0,98 1 1,02 1,04 1,06 1,08 1,1 1,12 1,14 1,16 -9-8-7-6-5-4-3-20123456789 Source: Frieden, Ghezzi y Stein, 2001 Country`s Total Elections 1Colombia13 198917 2Costa Rica11 199014 3Guatemala11 19913 4Ecuador10 19920 5Chile10 199310 6Peru10 199418 7Honduras10 19956 8Paraguay9 19968 9Brazil9 19977 10El Salvador9 199815 11Republica Dom.9 199912 Uruguay9 200011 13Mexico9 20014 14Argentina8 200213 15Nicaragua8 20038 16Panama8 20046 17Venezuela8 20055 18Bolivia7 200611
{}