Geert Bekaert and Campbell R

	Geert Bekaert and Campbell R. Harvey's
	Chronology of Economic, Political and Financial Events in Emerging Markets
	Mexico
	Major Political and Economic Events
Date
6400	Tasma has ADR issue in US market.
640101	ADR effective date. (Company=TUBOS DE ACERO DE MEXICO, S.A., Exchange=AMEX)^a11
7200	Government gave discretion over foreign direct investment. ^a1
7500	The introduction of the Insider Trading Laws.^a4
8001	Value-added tax introduced at 10%.^p,a
8106	Mexico Fund launched on NYSE with net asset value of $499.3 million as of December 1991.^aa
820218	Mini-devaluations of the Peso were suspended, currency left to float freely in exchange markets.^a
8205	Alfa Group's announcement that it could not pay its foreign debt.
8206	Managed float reintroduced.^a
820805	A two-tier exchange market for the Peso was established.^a
820813	All Foreign Currency Accounts in Mexican Banks were frozen and their conversion limited to the "MexDollar" rate, which was also made applicable to liquidation of maturing "Petrobonds".^a
820817	Beginning of Mexican debt crisis - impacts most of Latin America (August 17).
8209	Lopez Portillo's nationalization of banks, suspension of principal payments on foreign debt^p,a
820901	Foreign exchange controls were decreed and two basic exchange rates were to operate. The MexDollar was abolished.^a
8210	IMF rescue package of $5 billion.^p
821103	Peso devalued via the creation of a floating Official Market Rate applicable within a special free zone along the U.S. border.^a
8211	Signing of agreement with IMF for a three-year, US$3.96 billion credit.^a
8212	Miguel de la Madrid sworn in. Strict austerity measures. IMF $5 billion loan.^p Partial denationalization of the banks was approved.^a
821220	New exchange rate structure put into effect. Multiple tiered structure.^a
8200	Banking crises: more than 70 institutions were liquidated or subject to central bank intervention accounting for 16% of assets of commercial banks and 35% of total assets of financial companies.^a2
830202	The interest rate on accounts in local currency held by exporters was set by the Bank of Mexico at 58% for the month of January, 1983.^{a3(first entry)}
830228	The Bank of Mexico introduced a scheme to cover the settlement of obligations of Mexican enterprises to foreign suppliers outstanding on Dec. 20, 1982.^a3
830406	The Bank of Mexico announced the procedures for settlement of private sector foreign financial obligations of Mexican enterprises to foreign suppliers outstanding on Dec. 20, 1982.^a3
830420	The Bank of Mexico granted authorization for business enterprises either to repay or postpone for six months obligations emerging from forward cover transactions under the system of "reportos".^a3
830517	The deposits made for the purpose of settling obligations with foreign suppliers were to earn interest at the rate of 9.2% a year, and the repayment scheme abroad would be announced not later than Aug. 15, 1983.^a3
8305	IMF gives favorable report on Mexico^p
830601	The Bank of Mexico announced the exchange rates applicable to forward cover transactions under FIORCA schemes Numbers 1 and 2 for the settlement of private financial obligations.^a3
830622	The Bank of Mexico authorized the payment abroad on obligations outstanding as of Dec. 20, 1982 with foreign creditors and guaranteed by local commercial banks.^a3
830719	Short-term private obligations to foreign suppliers falling due between July 1 and December 19, 1983 could be settled through the controlled exchange market. Prepayments were not authorized.^a3
8307	New agreement with IMF, disbursement of $5.4 billion standby loan continued.^p
830803	The Bank of Mexico established a scheme to cover the settlement of private obligations due to foreign suppliers between July 1 and December 19, 1983, and having the original maturity of one year or more.^a3
830826	The Bank of Mexico announced the repayment schedule under the scheme covering the settlement of obligations of Mexican enterprises to foreign suppliers.^a3
8308	Agreement to reschedule debt signed.^p
830930	The counterpart deposits for the settlement of obligations to foreign suppliers under the scheme established on Feb. 28, 1983 would earn interest at an annual rate of 10.8% for the period Sep.9, 1983-Mar. 7, 1984.^a3
831107	Payments for deposits made between Aug. 3 and Oct. 31, 1983 would be effected on the fifth working day of Mar. 1984, provided that deposits rights were transmitted to the creditors by Jan. 31, 1984.^a3
831121	Deposits made between Nov. 1, 1983 and Jan. 13, 1984 would be eligible for settlement on the fifth working day of Mar. 1984, provided that deposits rights were transmitted to the creditors by Jan. 31, 1984.^a3
840113	Firms would have access to foreign exchange for repayment of principal due in 1984 related to obligations contracted before Dec. 20, 1982. For other obligations, the deadline to constitute deposits under 1983 program was extended from Jan. 13 to Feb. 15, 1984. Deposits made between Jan. 14 and Feb. 15, 1984 would be repaid on the fifth working day of May 1984.^a3
840116	A new scheme was instituted under FICORCA to provide forward exchange cover for external financial obligations of the private sector contracted after Dec. 20, 1982. ^a3
840217	A list of priority sectors were announced where majority foreign ownership would be authorized.^a3
8404	Bank debt restructuring agreement.ⁱ Private sector debts restructured.^a
8408	New debt rescheduling pact signed with the banking community.^a
841107	New guidelines were issued on registration of private sector foreign debt with the Secretariate of Finance and Public Credit.^a3
8501	Tancredo Neves was elected without major incident.^p
8501	Important progress reported on rescheduling of $50 billion of debt.^p
8503	Bank debt restructuring agreement.ⁱ
8503	Agreement opened door for innovative debt-conversion schemes.^p
8507	Official Free Market Rate abolished. Exchange houses allowed to deal in the street or black market rate.^a
8508	Bank debt restructuring agreement.ⁱ
8511	Earthquake hits Mexico city.^a
8600	Beginning of reducing the coverage on import licenses.^p
860911	Financial institutions located in the areas bordering the United States were authorized to open checking accounts denominated in U.S. dollars.^a3
8703	Bank debt restructuring agreement.ⁱ (Public sector debt).
8708	Bank debt restructuring agreement.ⁱ (Private sector debt).
8712	Pacto de Solidaridad Social (price stabilization plan) initiated.^p
8712	Announce willing to exchange $10 billion of debt for 20-year collateralized bonds.^p
8801	Invited creditor banks to present bids and bid ratios for how much debt they would tender.^p
8810	Mexicana de Cobre (Mining) privatized, $1,380 million.^p
8811	Tereftalos Mexicanos (Chemical) privatized, $106 million.^p
8811	Aerovias de Mexico (Airline) privatized, $339 million.^p
8900	A 1973 law promoting Mexican investment and foreign investment is relaxed. Amnesty in effect for repatriation of flight capital with a one time 2% tax only.ⁱ
8901	First modern day ADR announced.^aa
8903	Brady plan (adjustment packages that combined debt relief and market-oriented reforms).
890501	Restrictions on foreign capital participation in new direct foreign investments were liberalized substantially.^a3
8905	IFC Liberalization date.ⁱ
8905	Buckberg Liberalization date.^d
8905	Bekaert/Harvey Official Liberalization date. [Final and NBER version].
8905	Kim and Singal Liberalization date.
8906	Mexicana de Aviacion (Airline) privatized, $140 million.^p
8906	Mexican established companies able to place bond issues in US markets through Section 144a.^IBancomex places unsecured bond offer.ⁱ This marks the first public placement since 1982.
8911	Nafinsa Trust established, allowing foreign investors to purchase voting shares (A shares) which were formerly off limits.
8900	Deposit and loan rates were liberalized. Mehrez and Kaufmann Liberalization date. ^a1
9002	Bank debt restructuring agreement.ⁱ
9007	Mexico approves debt/nature conversion program aimed at increasing expenditures to education, environment, and social programs.ⁱ
9009	Cananeas (Mining) privatized, $475 million.^p
9012	TELMEX (Telecommunications) privatized, $1,760 million.^p
9012	Moody announced first time rating of Ba2 on sovereign debt and Pemex gets rating of Ba2 as well.^ITelmex privatized as government sells 20% of company to consortium headed by Grupo Carso, France's Telecom and Southwestern Bell of the US.ⁱ
9100	Taxes on dividends eliminated. Maximum individual income tax reduced from 55 to 35%.^p
9102	Mexico, Canada and U.S. began NAFTA negotiations.^p
9102	Mexican government placed DM300 million bond offer in Europe.ⁱ
9104	Hylsa (private steel manufacturer) issues Euro-commercial paper at 12%.ⁱCemex raises 190 million through domestic class B and non-voting (foreign ownership accepted) shares in two tranches.ⁱA large portion of the issue is reportedly bought by foreign investors.ⁱ Government sells 15% share of TELMEX in an international ADR offering.ⁱHalf of the shares are sold on the NYSE.ⁱ
9105	First exchange-traded overseas listing.^a9
9106	Banca Cremi (Banking) privatized, $248 million.^p
9106	Banpais (Banking) privatized, $182 million.^p
9106	Bankers Trust issued covered warrants on TELMEX stock.ⁱ
9107	Mexican government placed peseta denominated bonds in Spanish market.ⁱGrupo Gigante becomes first Mexican company to carry out an initial public offering with an international tranche.ⁱOne third of the offering was sold in the US and Mexican markets.ⁱCovered warrants are issued on the Mexico Fund.ⁱ
9108	Mexican government required reserves to be held against funds raised through Euro-CD offerings.ⁱChicago Board of Options Exchange begins trading TELMEX ADR options. This is the first exchange trade option on a Latin American equity instrument.ⁱ
9109	Banamex (Banking) privatized, $2,300 million.^p
9110	Bancomer (Banking) privatized, $2,550 million.^p
9203	Vanesa places 837 million dollar bond note to fund its acquisition of Bancomer.ⁱ
9205	Peso devalued. Government sells 40M "L" shares of TELMEX.
9206	Banco Serfin placed 12 year bond in international offering.ⁱ This placement is important because it demonstrated that investors are willing to accept longer maturities in this emerging market. First call warrants issued on Mexican debt instruments launched by Citibank.ⁱComision Nacional de Valores (Securities Commission) reduces minimum value of commercial paper requiring risk evaluation in the Mexican securities markets.ⁱ
9207	Mexico announced that $7.2 billion of external debt had been repurchased in the secondary markets over the past two years.ⁱ The bulk of this debt resulted from the par-bonds program of 1989.ⁱStandard and Poor's assigned first time rating of BB+ to sovereign debt.ⁱ
9208	Mexico, Canada and U.S. announce consensus on NAFTA.^p
9208	Mexican "Yankee" market issues become the first issue in the US market with a sub-investment grade credit rating.ⁱ "Yankee" market issues are required to follow SEC reporting rules.
9210	Pace of daily adjustment in the nominal exchange rate was doubled to 40 cents.^p
9210	Mexican Stock Exchange begins listing warrants.
9212	Standard and Poor's assigned an AA- rating to senior peso denominated debt of the United Mexican States. This is the first credit rating assigned to local currency denominated debt in Latin America.ⁱ
9200	National banks were privatized and the entry of new banks were permitted. Mehrez and Kaufmann's second Liberalization date.^a1
9301	Currency reform announced. Nuevo Peso introduced.
9305	Duff and Phelps (US credit rating agency) awards United Mexican States its first investment grade rating of BBB for a planned Samurai issue.ⁱFirst listing on the new second tier mid-cap company exchange.ⁱ
9306	Announced that Central Bank would be granted independence.^p
9307	Banamex presented Latin America's first peso denominated Euro-medium term note facility. The NP$1 billion program is to have standard Eurobond features with investors paying and receiving dividends in dollars. Standard and Poor's assigned an A rating to the program.ⁱ
9308	President Clinton signed NAFTA and sent it to Congress.
9311	NAFTA passed in US Government. Peso crisis began and Bank of Mexico steps in to support rate.
9312	Mexican government passed new law that liberalizes foreign investment. The law stipulates that foreign direct investment can be made without prior government approval if the investment is less than $100MM in regions outside of Mexico City, Guadalajara, or Monterrey.
9300	Laeven's banking liberalization (FLI) dates.^a13
9300	Removal of entry barriers for the banking sector.^a13
9401	Chiapas uprising.
9403	Presidential candidate Luis Donaldo Colosio assassinated.
9406	Market falls 10.2% as investors dump stocks and cetes and plow into tesobonos. Interest on tesobonos now paid in dollars and not pesos.
9408	Ernesto Zedillo wins presidential election.
9412	Peso is devalued. It falls 34% versus dollar and is permitted to float vis-à-vis the dollar.
9502	US bailout loan valued at $13.5 billion is extended to help Mexico with its peso problem. Commercial banks past due to gross loan ratio reaches 9.3%. Accumulated losses are estimated at 12-15% of GDP. ^a2
9503	Mexican officials announce new economic plan.
9503	The government passed financial reform legislation which liberalized foreign ownership and capital limit requirements for banks. The amount of equity a NAFTA investor would need to hold for a bank to be considered a NAFTA affiliate was reduced from 99% to 51%.^a8
9504	Chicago Mercantile Exchange reintroduces peso futures. This necessitates the lifting of capital controls in place since the early 1980s. Mexican government authorizes certain Mexican banks to trade futures and options on the peso-dollar exchange rate.
9507	President Zedillo says peso has stabilized and that the risk of a financial collapse has disappeared.
9508	Government passes debt-relief program to aid consumers.
9509	President Zedillo announces new economic program.
9500	Banking crises.^a2
9608	Guerrilla attack in Oaxaca brings about political uncertainty.
9610	"Pacto" alliance between business, government, and labor renewed, establishing economic, price, and wage targets for 1997.^t
961007	The BOM removed the prohibition on national credit institutions to carry passive operations in domestic currency with foreign financial institutions and foreign exchange houses.^a3
9612	Interior Ministry says that companies must distribute at least 10% of the net income to employees as of January 1997.
9701	Mexican government pays $3.5 billion to US marking the final repayment of the $13.5 billion emergency loan extended earlier.
9703	The NYSE suspends trading of Sidek's ADR and will ask the US SEC to delist the stock due to its failure to comply with listing criteria.
9709	S & P upgraded Mexico's economic outlook to "positive" from "stable."
9710	Drop in Hong Kong's Hang Seng index.
9802	A weaker currency following signals by Central Bank Governor Guillermo Ortiz about high inflation from looser monetary policy.
9803	President Ernesto Zedillo announced plans to reform regulations in the financial sector. Oil price fell.
980306	(Controls on derivatives and other instruments) The BOM permitted commercial banks to enter into futures and options transactions referred to any kind of domestic or foreign government securities; real interest rates; investment units, i.e. units of account indexed to the inflation-and swaps.^a3
9805	Grupo Mexico's successful sale of a $500 million bond issue, the largest such sale since the 1997 Asian crisis.
9806	Oil price decreased to 12-year lows.
980709	(Provisions specific to commercial banks and other credit institutions) The BOM imposed on commercial banks the obligation to verify the creditworthiness and moral status of their clients before entering into any transactions with them.^a3
9808	The government reported a surprise budget surplus of 4.2 billion pesos.
980803	(Provisions specific to commercial banks and other credit institutions) The BOM modified the limit on aggregate liabilities of commercial banks denominated in foreign currencies. The modified limit is equal to 183% of the basic capital stock of each bank.^a3
9809	Interest rates on overnight Treasury bills climbed as high as 47.9% by mid-month, from 18% in August.
981214	(Controls on derivatives and other instruments) The Mexican Derivatives Exchange is included as a recognized market in which commercial banks may enter into futures or options transactions.^a3
9901	The central bank announced it would target a 13% inflation rate for 1999 by tightening monetary policy.
990120	(Controls on direct investment) Existing legislation was amended to permit greater foreign investment in banks, securities firms, and financial holding entities.^a3
990301	(Controls on derivatives and other instruments) The Commodity Exchange Incorporated was included as a recognized market in which commercial banks may enter into futures or options transactions. (Provisions specific to commercial banks and other credit institutions) The number of instruments in which commercial banks may invest in order to cover the liquid assets requirement was increased to include securities issued abroad by the Mexican government.^a3
9904	The government was reported to raise the reserve ratio.
9905	Due to the tight money policy, the consumer price index fell to a 0.6% monthly inflation rate from 2.5% in January. Interest rates, however, still decreased from 19.75% in January to 19.75%
9906	IMF unveiled a syndicated credit line for Mexico.
9908	Moody upgraded Mexico's sovereign debt rating to one notch below investment grade status, setting the stage for longer-term confidence in local stocks.
990923	(Provisions specific to commercial banks and other credit institutions) Portfolio rating rules issued by the MOF were amended.^a3
9912	Legislators prepared and passed laws, allowing banks to seize assets and collateral on nonperforming loans. Congress approved the new year's budget and lowered the corporate tax rate from 32% to 30%.
20000101	(Provisions specific to commercial banks and other credit institutions) New capitalization rules issued by the MOF entered into force.^a3
200000	The government made its first privatization through the stock market in Mexico and its first IPO on the NYSE at it sold its 85% stake in the airport group Asur. Construction major Cemex bought the second largest U.S. cement producer, Southdown, the largest acquisition ever by a Mexican company.
200000	In the third quarter, the country's first non-PRI president in over seven decades was elected. President Vicente Fox completed a peaceful transition with outgoing President Zedillo's cooperation. President Fox appointed a reformist economic team. The trade deficit widened because of surging domestic demand and the central bank reacted by raising the corto, the short-term rate, to avoid overheating.
200000	A Spanish bank, Banco Santander Central Hispano (BSCH), won the bidding for Banco Serfin, the third-largest bank in Mexico. The second largest bank, Bancomer, accepted the bid of Spanish banking giant BBVA, a deal that would make BBVA-Bancomer the largest bank in Mexico. IPAB, the successor of Fobaproa (Banking Fund for Protection of Savings, established to rescue banks in the wake of the 1994 crisis) continued to restructure the Mexican banking system by issuing sovereign-backed bonds to reduce its debt-servicing costs.
200102	Oil exports declined 12% amid weaker oil prices. Nokia Corp. announced a capacity increase in its Mexican operations.
200105	The peso gained about 6% over the U.S. dollar, more than any other currency in the time period. Citigroup acquired Bannacci, one of Mexico's largest banks, by US$12.5 billion.
200107	The peso depreciated against the U.S. dollar for the first time in the year.
200109	The new security measures at the U.S.-Mexico border increased transportation costs and further slowed the trade flow.
200110	The peso appreciation in the fourth quarter pushed interest rates down.
200100	The congress approved President Fox's austere 2002 spending bill, increasing in spending in real terms only by 0.3%.
011026	Mexico's Agriculture Minister Javier Usabiaga has unveiled the country's new federal sugar policy, which aims to stave off financial ruin in the sector, perhaps even turning it around to make it competitive. The move comes seven weeks after the government expropriation of nearly half the nation's near-bankrupt sugar mills. Under the new policy, the first move will be to assign sugar mills with production quotas for the local market, according to their capacity. This will accompany a range of other measures aimed at avoiding a total collapse of the industry by ridding it of its massive annual surplus.
011114	Mexican exports to the member countries of the European Union (EU) have grown by 40% in the year since a trade agreement was signed between the two sides. In the automotive sector exports have increased by almost 80%. The agreement between Mexico and the EU has been particularly important in increasing competitivity for small and medium-sized businesses. European investment is particularly important in the energy, tourism, environmental, communications and transportation sectors. In the near future there will also be an increase in co-operation between customs services and in formulating guidelines for industry and hygiene. Mexico and the EU also plan to work together to combat poverty, increase co-operation in science and education, and in so doing generate economic growth
011203	Mexico's Senate has approved the Federal Law of Responsibilities for Public Servants, in an effort to make good on President Vicente Fox's anti-corruption promises. The legislation grants authorities more powers to investigate suspected cases of corruption among government officials. It was passed 54-46, having been opposed by senators of the Institutional Revolutionary Party (PRI), which ruled the country for over seven decades and was deposed just last year.
011221	According to reports, US President George W. Bush has signed a law to ensure that any Mexican truck entering the United States abides by US safety requirements. Under the new law, a total of US$59.6bn is to be spent on federal transport schemes to examine Mexican trucks before allowing them to be driven on US highways. Only drivers of trucks that meet the requirements will be issued with temporary US driving licences and allowed to use the highways. The signing of this new law marks a momentous resolution to an ongoing dispute between the two NAFTA partners
011228	The basic minimum wage in Mexico will increase by an average of 5.78% , which is in line with forecast inflation rates for 2002. Mexico's minimum wage varies according to three geographical zones in which the worker earns a living. Basic Salaries in Mexico City are set to increase by 4.5% to 42.15 pesos (US$4.50) per day. However, in the poorer states of Chiapas and Oaxaca the increase will be 6.9%, which will take daily earnings to 38.30 pesos (US$4.20). Inflation in Mexico is forecast at 6.5% for 2002, although annualised inflation for November was 4.26%. According to official data, Mexico has 40m poor, half of whom live on less than one dollar a day
020116	Ratings agency Fitch yesterday announced it was upgrading long-term Mexican sovereign foreign currency debt to investment grade. Two of the major ratings agencies have now pegged Mexico at investment grade
020211	The Central Bank was reported on Friday to have tightened monetary policy through open market operations. The Bank announced that it was reducing the amount it would be willing to lend to the commercial banks on a daily basis by 60 million pesos (US$6.6 million). The Bank's move has been in response to increases in electricity prices, which the bank estimates will add an extra 0.6 percentage points to annual inflation over 2002
020306	President Vicente Fox has suspended a controversial set of taxes on imported sweeteners and a series of luxury goods. This move will increase the intensity of his fight with opposition lawmakers, who passed the measures in a series of heated debates at the beginning of the year. Fox suspended a 20% tax on high-fructose corn syrup for seven months. However, the decree can be renewed so that the sugar taxes will never be implemented. This tax had been designed to force beverage makers to use more expensive Mexican sugar. These taxes were widely viewed as a challenge to the US, which some believed went against commitments made in the North American Free Trade Agreement (NAFTA) to absorb the glut of Mexican sugar.
020319	Despite isolated incidences of irregularities, Mexico's second opposition party, the centre-left Democratic Revolutionary Party (PRD) on Sunday managed to stage a coherent leadership contest. With most of the votes counted, Rosario Robles leads with a margin of almost two to one over her main rival Jesús Ortega
020404	Due to falling oil revenues, the Mexican government has announced its first public sector spending cuts for 2002. The Finance Ministry revealed in a statement that public expenditure will be cut by US$11.12bn due to government revenues being 5% below expectations for Q1. Later in the year public finances are expected to improve due to rising oil prices linked to the intensifying Middle East conflict. In consequence, US$243m of the cut-backs will affect a government programme aimed at strengthening the federal states at a decentralised level, while US$878m will be saved in the running expenses of the federal government.
020508	The president of one of Mexico's Industrial Chambers (CONCAMIN), Javier Prieto, has denounced the recent rise in kidnappings and other forms of street crime, making them responsible for the recent exit of some investors. According to Prieto, rising insecurity in Mexico is making the country lose its competitive edge among the business community, which is worried about its security. Speaking at a press conference, Prieto declared that at least 10 companies operating in the textile and clothing industry had left Mexico due to a rise in kidnappings.
020517	The World Bank has announced that it expects its lending portfolio for 2003-2005 to Mexico to be around US$5bn. The money would be earmarked for projects including tax reform, infrastructure development and investments in health and education. The Bank is reported to be impressed by the macroeconomic stability that Mexico has recently experienced; the country has received investment grade status from all the major ratings agencies in 2002
020528	A key member of the Juárez drug cartel, and former protégé of the ex-governor of the state of Quintana Roo, was arrested on 26 May, bringing to an end an impressive drug trafficking 'career' and providing the embattled president, Vicente Fox, with a major law enforcement coup
020701	According to a joint US-Mexican statement, the two countries have now come to an agreement over the repaying of a water debt that Mexico had accumulated with its Northern neighbour
020718	Mexico's president, Vicente Fox, has outlined a policy designed to cut the country's fuel imports by 75%. Fox stated that investment in refinery modernisation would raise the national refining capacity by some 95,000 bpd. Fox said that the plan would require US$2bn-worth of investment in refineries in the states of Nuevo Leon, Tamaulipas and Hidalgo. Cutting Mexico's fuel import bill is central to achieving several important objectives, most vitally 'energy sovereignty', according to Fox. Although Mexico is a major oil producer, a lack of domestic refining capacity means that the country is still forced to import refined petroleum products. Strong energy demand growth is forecast, and large-scale investment will be required if Mexico is to become self sufficient.
020805	The mayor of Huitzuco, in the Southern state of Guerrero, and his wife have been found assassinated. The bodies of Ignacio Benítez and his wife Macedonia Barbán were found yesterday (4 August) in their Guerrero home. Benítez became mayor of Huitzuco as head of a broad party coalition that included the ruling National Action Party (PAN), the Workers' Party (PT), the Greens (PVEM) and the Revolutionary Democratic Party (PRD). While the exact motives for the double murder remain unclear, initial investigations suggest that it was the result of a violent robbery at the couple's home. Violent crime in the state of Guerrero appears to be on the increase, following the kidnapping on 2 August of Federal Deputy Héctor Pineda Velásquez there
020815	President Vicente Fox has cancelled a scheduled trip to meet with his US counterpart, George W. Bush, in protest against the execution in the US of Javier Suárez Medina, a Mexican death row inmate, but it is unlikely that this will lead to a permanent souring of US-Mexican relations
020822	In line with expectations, the UK banking group HSBC Holdings plc. has announced its purchase of the Mexican banking giant Grupo Financiero Bital (GF Bital) for a reported US$1.14bn in cash
020906	In a move to end an impasse over the leadership of the lower house of Congress, the country's three main political parties have agreed to rotate responsibility over the next year. Beatriz Parades, of the opposition Institutional Revolutionary Party (PRI), was voted yesterday (5 September) as President of Congress, a position that she will pass on to the smaller opposition party, the Democratic Revolution Party (PRD), in December 2002. The ruling National Action Party (PAN) will subsequently take over in March 2003. The dispute over the leadership had been feared to bring Congressional activity to a halt. The autumn Congressional session officially began on 1 September 2002
020918	The authorities yesterday (17 September) went to the financial markets with a bond offer of US$1.75bn. The offer was priced at 353 bps above US treasuries. The money was used to execute a Brady bond buy-back, worth US$1.3bn, allowing the sovereign good savings on debt servicing. The paper was over-subscribed by around US$1bn, emphasising the attractiveness of the country as an investment destination with its investment grade rating, which was granted by all the rating agencies in 2002
021006	The currency and the stock market both rallied yesterday (15 October) in the wake of the substantial gains made on US equity markets. The Mexican peso strengthened by 0.3% against the US dollar to finish at US$1:10.03 Peso yesterday. The currency has been falling steadily against the US dollar over the last few months, falls that have been associated with poor market sentiment towards Latin America. The leading bolsa equity index gained two percentage points on the day. The hope will be that the corporate recovery in the US will lead to better fortunes for the Mexican economy. Around 25% of the Mexican economy is geared towards production for the US market, the destination for 90% of the country's exports
021118	Japan and Mexico began formal negotiations to strike a bilateral free-trade deal in Tokyo, Japan today. The two-day working-level talks follow an agreement that was made between Japanese Prime Minister Junichiro Kozumi and Mexican President Vicente Fox during a meeting in October. The Free Trade Agreement (FTA) would be Japan's second-largest, after a recently-signed free-trade accord with Singapore.
021209	Central Bank of Mexico Tightens Monetary Policy
021218	Ratings agency Standard and Poor's yesterday affirmed its investment-grade rating on the Mexican sovereign, with a long-term foreign currency rating pegged at BBB- with a stable outlook. The agency upgraded Mexico to investment grade last year, over a year behind ratings agency Moody's. The sovereign has plans to run a budget deficit of -0.5% of GDP in 2003, from a planned target of -0.65% of GDP for the current year. The government admitted yesterday to overshooting the fiscal deficit for 2002, with the eventual figure likely to be -1.25% of GDP. However, the increase in the deficit has been accrued through a one-off bank restructuring
030110	The Mexican authorities have taken advantage of current favourable investor sentiment to double a planned bond issue, from US$1bn to US$2bn. The bond was sold with a yield of 2.46% above the yield for equivalent US treasuries. Given the current global uncertainties into 2003, a number of emerging market sovereigns are using the current window of opportunity. The Philippines and Chile have both already launched sizeable bond issues in 2003
030110	Salvador Pino, a local leader of the opposition Institutional Revolutionary Party (PRI) party in the southern state of Guerrero, has been assassinated. Pino, a member of the PRI in the municipality of Atoyac de Alavarez, was shot while entering a school building. Pino was born in the town of Cacalutla, where six PRI members have been assassinated since 1997, as has one member of the Party of Democratic Revolution (PRD) and also Oscar Rivera Leyva, the alleged leader of the Popular Revolutionary Army (EPR), the guerrilla group. Guerrero has long been plagued by high levels of political violence.
030121	Farmers and their sympathisers from dozens of agricultural umbrella organisations have again turned out to demand a rewrite of the agricultural chapter of the North American Free-Trade Agreement (NAFTA). President Vicente Fox stressed that the negotiations remained open, after his offer to come to a national agreement over the agricultural sector
030124	US and Mexican poultry farmers have come up with a trade compromise to avoid an all-out trade war over the phasing out of key agricultural tariffs under the North American Free-Trade Agreement (NAFTA), which was negotiated 10 years ago. Under the agreement, which hinges on receiving approval from US and Mexican officials, the 98.8% tariff on US chicken leg imports to Mexico would be reinstated. The tariff would be incrementally dropped to zero by 31 December 2007. The move follows a temporary ban by Mexican officials on US poultry imports over concerns with regard to the possible spread of the outbreak in California (US) of the highly-contagious Exotic Newcastle disease into Mexico
030210	The Banco de Mexico has moved to tighten monetary policy for the second time in 2003 in a bid to curb latent inflationary pressures
030214	Mexican Finance Minister Francisco Gil Diaz has reiterated his rejection of any direct intervention in the country's foreign-exchange markets in order to prevent further slips of the Mexican peso, thereby publicly challenging the statements made by Guillermo Ortiz, the central bank chief. The central bank has already tightened monetary policy through the 'corto' mechanism twice in as many months
030228	Ratings agency Standard and Poors yesterday affirmed their long term foreign and local currency ratings. Last year, Standard and Poors upgraded Mexico to investment grade, granting a rating of BBB-. Standard and Poors commented that the inclusion yesterday of majority restructuring clauses in this week's US$1bn issue by the sovereign
030320	A total of 1,265 agents working for the public prosecutor's office (Procuraduría General de la República Mexicana - PGR) are being probed for alleged corruption. The move was announced yesterday in a statement by the PGR. According to the PGR's external auditor Angel Buendía, complaints against 'irregular behaviour' by PGR representatives had increased by 70%. Earlier this year, the PGR was forced to dismantle its anti-corruption unit following reports that anti-narcotics agents had extorted money from drug-smugglers in return for granting them liberty
030326	Mexican authorities have detained 15 Christian Iraqis on the US-Mexican boarder, who where trying to enter the US and apply for asylum. Mexican officials do not consider the men 'terrorists' and are discussing their case with US immigration authorities. Mexico has reinforced security along its borders following the start of US-led military operations in Iraq
030331	On 28 March the Central Bank stated that it was restricting liquidity into the secondary markets
030404	A state of emergency has been declared in 75 municipalities in the state of Oaxaca that have been affected by forest fires. This makes funds available from the National Disaster Fund (FONDEN) to help communities that have been affected. Over 1m hectares in Oaxaca are typically affected by forest fires every year. Over the past 10 years there have been some 7,800 such fires.
030407	Mexican law-enforcement units have captured Arturo González Hernández, believed to be a key member of the notorious Juárez Cartel, along with a further eight members of the criminal drug-trafficking ring. The capture of González is the latest in an impressive series of strikes against Mexico's drug mafias, included the recent detention of the head of the Gulf Cartel Osiel Cárdenas Guillén
030530	The government is aiming to attract between US$12.6bn and US$13bn of foreign direct investment (FDI) into the economy throughout 2003, marking a slight decrease from last year, according to comments by Economy Minister Fernando Canales on Wednesday (28 May 2003). FDI totalled US$13.627bn in 2002. In Q1, the economy attracted US$2.570bn of FDI, a 2.7% decline on the same period a year ago
030604	Eurobond Issued to Pay Down Mexico's Old Debt
030610	Mexico's President Vicente Fox has this week signed a ground-breaking anti-discrimination bill into law that was passed by Congress at the end of ordinary sessions in April this year
030612	Mexico is set to become the first nation to retire all its Brady bonds - paper backed by the US Treasury that was issued in the early 1990s to facilitate debt restructuring by developing countries. Some US$1.284bn-worth of Brady bonds denominated in European currencies including the Swiss franc and Dutch guilder will be paid off on 28 July 2003
030617	The US government has initiated legal proceedings against Mexico under the auspices of the World Trade Organization in order to overturn anti-dumping duties on imported beef and rice, US Agriculture Secretary Ann Veneman said yesterday. The case, the latest in a series of trade spats between the two countries, is likely to take at least 12 months to resolve
030623	In a press conference, the president of the Mexican Savings and Credit Council (COMACREP) Ramón Imperial announced the creation of the Mexican Federation of Savings and Credit Units (FEMEAC), a federal agency charged with protecting individual's savings in compliance with the new savings law (Ley de Ahorro y Crédito Popular). Under the new legislation, financial institutions offering savings accounts will be subjected to greater regulatory scrutiny with a view to protecting savers
030702	The yield on the benchmark 28-day Cetes bond fell 73 basis points week-on-week to an all-time low of 4.38% at yesterday's auction. The yield on the 91-day Cetes declined 29 points to 5.04%. There are three principal reasons for the 28-day paper's fall: the amount sold was lower than the usual level; the currency has been resilient in recent sessions; and inflation expectations are finally converging with the official target
030708	Mexico's currency and bonds fell yesterday following the mid-term elections on Sunday 6 July, in which President Vicente Fox's National Action Party (PAN) experienced a sharp setback
030715	Raul Muñoz Leos, the director of the state oil monopoly Pemex, has said that the company expects to contribute a record 400bn pesos (US$39bn) in royalties and taxes to the federal government in 2003, according to a company statement. This amount, which would be 30% higher than the tax receipts received by the government from the company last year, is expected due to the anticipation of higher sales revenues.
030730	The yield on the 28-day Cetes bond - the best indicator of short-term interest rates - fell 21 basis points week-on-week to 4.14% at yesterday's auction of local-currency debt, an all-time low. The decline reflects the currency's resilience in recent sessions as well as modest inflation pressures: consumer prices rose just 0.09% in the first half of July after falling -0.32% the previous month
030731	Moody's yesterday affirmed its Baa2 assessment - the rating agency's lowest investment grade rating - and positive outlook for Mexican long-term foreign-currency debt in its annual report on the country. It cited the integration between the US and Mexican economies fostered by the North American Free Trade Agreement (NAFTA) and improvements in the profile and management of debt as the reasons for the relatively strong rating.
030813	An Information and Transparency Law giving unprecedented access to governmental information has generated 11,770 applications for previously inaccessible information
030822	The open unemployment rate was 3.52% in July 2003, the government said yesterday, the highest figure for five years and up from 3.17% the previous month. The July figure has been calculated using new methodology, which involves the assessment of 32 cities - rather than the 48 previously looked at. Under the new system of calculation, June's figure would have been 3.27%. The headline rate, which defines unemployment in an extremely narrow sense, severely understates the true extent of joblessness in Mexico
030903	Following the losses in the mid-term elections and a self-critical state of the union address earlier this week, President Fox has made changes to two cabinet posts, hoping to increase his government's chances of reviving failed structural reforms
030915	The Bank of Mexico left monetary policy unchanged at its twice-monthly policy-setting meeting on 12 September . The corto - monetary short - was held at Peso25m (US$2.3m) a day. Inflation and inflation expectations are converging, with the official end-year target being 3% (plus or minus one percentage point); consumer prices rose by 4.04% in the 12 months to August
030919	Remittances from the US to Mexico totalled US$1.12bn in July, according to the Bank of Mexico, a 33% increase over the same month last year. Remittances during H1 2003 came to US$6.13bn, a 29% year-on-year rise. Much of the increase stems from increasing competition between banks in the money-transfer market, which has led to sharp reductions in the cost of such transactions, as well as improvements in data collection by the Bank.
030925	Mexico has signed a loan worth US$563m with the World Bank, according to a press release published by the Mexican Treasury (Secretaría de Hacienda). A total of US$505.06m will be spent on reforming rural development in Mexico following the recent disbandment of BANRURAL and its replacement by a new agency called Financiera Rural
030929	The number of people working in the manufacturing sector fell by 4.2% year on year in July, the official statistics institute (Inegi) said on Friday (26 September). While all sub-sectors saw employment levels fall, the sharpest drop - 9.8% - was in the metal products, machinery and equipment sectors, reflecting the sharp downturn in the automotive sector.
031003	The peso yesterday closed at an all-time low of 11.25 to the dollar, as a number of factors came together to undermine investor confidence. The government's revised forecast of 1.5% GDP growth this year, announced by Finance Minister Francisco Gil Diaz on Wednesday (1 October 2003), played a key part in depressing sentiment, while the decision by Moody's to place state oil company Pemex under review for possible downgrade, also added to the gloom.
031007	National Action Party (PAN) with a fine of US$35m for financial irregularities during President Fox's campaign. The Green Ecologist Party (PVEM) was also fined and will have to stump up some US$18m. The attorney general recently exonerated President Fox's campaign group, 'Amigos de Fox', from charges of money laundering
031028	The Bank of Mexico will auction US$6m a day from 3 November, compared with US$14m in the preceding three months and US$32m in the May-July period
031113	The conditions will be right in the next few months for a sovereign ratings upgrade, Moody's' senior official for Mexico said yesterday. The global economy is recovering, Mexican inflation is falling towards the official target and interest rates have fallen, Benito Solís cited as the reasons for his prediction. Moody's currently rates the country Baa2, two notches into investment grade. With regards to the Fox administration's structural reform agenda, he added that failure to advance it would not result in a downgrade
031120	Investment bank JP Morgan yesterday downgraded Mexico to 'market-weight' from 'over-weight' in its model Emerging Markets Bond index (Global) portfolio. The move follows the opposition Institutional Revolutionary Party's (PRI) rejection on 18 November of the government's proposal to extend value-added tax to food and medicines
031126	Mexican markets took a battering yesterday amid growing pessimism over the Fox administration's plans to increase public revenues by extending value-added tax (VAT) to items that are currently exempt or zero-rated
031203	The yield on the 28-day Cetes bond - an indicator of short-term interest rates - rose 53 basis points week-on-week to 6.31% at yesterday's sale of local-currency debt. The 91-day Cetes yield climbed 50 points to 6.37%. The rises reflect increasing levels of uncertainty - and hence currency weakness - over the fate of mooted government reforms in areas including taxation and energy liberalisation triggered by developments within the opposition Party of Institutional Revolution (PRI). PRI legislators this week voted to remove Elba Esther Gordillo from her post as the party's leader in the Chamber of Deputies.
031222	The finance committee in the Chamber of Deputies yesterday rejected the ruling National Action Party (PAN)'s latest fiscal reform proposal by 15 votes to 13. This follows the replacement by the party's new leader in the lower house, Emilio Chuayffet, of reform-friendly members of the Institutional Revolutionary Party (PRI) with deputies hostile to the introduction of new taxes
040109	Consumer prices rose 3.98% in 2003, the Bank of Mexico (Banxico) said yesterday, the lowest level since 1968 and within the official target range of 2-4%
040119	The Conference Board's leading indicator for Mexico increased 0.3% to 106.6 in November 2003, continuing the index's gradual upward trend from its low at the end of 2002. Some five of the six components that comprise the indicator rose. Meanwhile, the coincident index - which provides a snapshot of how the economy was performing at the time it was taken, rather than the outlook - edged up 0.1% in November to 113.1
040122	The Mexican authorities yesterday launched a £500m (US$921.49m) 20-year sovereign bond on the UK market, the largest-ever issue of this type by an emerging-market country. Demand exceeded supply by approximately 2:1, while the paper was priced to yield 190 basis points above comparable UK government securities. The Mexican authorities have now raised all their external financing requirements for 2004
040213	Mexican President Vicente Fox is facing a financial investigation into his links to the Vamos México Foundation run by the First Lady, Marta Sahagún de Fox, who was herself recently accused of keeping inadequate accountancy records for the charity
040223	The Central Bank on Friday tightened monetary policy in the economy for the first time in over a year yesterday. Concerned at a rise in inflation - which reached 4.2% on a year-on-year basis- the Bank raised its the amount its shorts the markets to MXN29 million per day, from MXN25 million. The effect of draining liquidity from the markets will feed through into higher interest rates. The increase in the short was by a relatively minimal amount, and not taken to damage the fragile growth recovery within the economy
040226	The balance of payments report for Q4 2003, released yesterday, showed the current-account deficit shrinking to 1.5% of GDP last year from 2.2% in 2002
040315	The Bank of Mexico tightened monetary policy on 12 March 2004 for the second time in less than a month, confounding most analysts' expectations
040316	The system of dollar daily auctions, introduced by the Bank of Mexico in May 2003 to slow the increase in foreign reserves, is to be modified. The amount of dollars sold each working day will continue to be adjusted every quarter, in order that the net accumulation of reserves is reduced by 50%. However, the net gain will be spread equally over the following four quarters - rather than just the one quarter, as is currently the case. The change will be introduced for the next quarter, which runs from May to July 2004.
040317	Aggregate demand, which includes private consumption, gross capital formation, government spending and total exports, rose 2% year-on-year (y-o-y) in Q4 2003, the Finance Ministry said yesterday. The expansion came amidst an increase in GDP of 2% for the same period
040326	Unsurprisingly, Jorge G Castañeda has finally made public his intentions to run for the presidency in general elections to be held in mid-2006. Mr Castañeda resigned from his post as foreign minister in January 2003 after becoming frustrated with the lack of progress in bilateral negotiations with the US over a legal migration programme
040421	The yield on the benchmark 28-day Cetes bond - the most accurate guide to short-term interest rates - eased 5 basis points week-on-week to 5.92% at yesterday's auction of local-currency Treasury paper. The decline came despite the weakness of the peso, which is currently trading at around 11.30:US$1, its lowest level this year. However, the yield on the 182-day Cetes edged up two points to 6.1%. Also potentially contributing to upward pressure on rates was yesterday's announcement by the Bank of Mexico regarding its daily dollar auctions. The amount sold each day to slow the net accumulation of reserves is to fall to US$22m from 3 May 2004 from the current level of US$45m. However, the reduction was broadly expected by markets and reflects changes in the formula used to work out the amount to be sold daily
040428	The Bank of Mexico yesterday tightened monetary policy by raising the 'corto' by 4m pesos (US$350,000) a day to 37m pesos (US$3.3m). The move caught markets off-guard as it took place just two working days after the Bank's scheduled policy meeting, at which the corto had been left unchanged
040517	The central bank decided on Friday (14 May 2004) to leave monetary policy unchanged at their scheduled monetary policy meeting. The decision came following a surprise tightening in monetary policy conditions during the Bank's last monetary policy meeting at the end of April
040526	The yield on the 28-day Cetes bond, the best guide to short-term interest rates, fell 14 basis points week-on-week to 6.41% at yesterday's sale of Treasury paper and eased further - to 6.3% - in secondary trading. The yield on the 91-day Cetes declined 13 points at the auction to 6.85%. The falls follow the publication of the inflation report for H1 May, which showed consumer prices falling by 0.37%
040601	Energy Minister Felipe Calderón has resigned amidst a personal spat with President Vicente Fox who strongly criticised his National Action Party (PAN) ally for participating in a regional Jalisco state rally where Calderón is tipped as the top candidate for the 2006 presidential elections
040608	Mexican authorities yesterday announced that they have arrested two top chiefs of the powerful Tijuana cartel, wanted in the US. Jorge Aureliano Félix and Efraín Pérez were detained along with seven others, including an ex-federal policeman. The Tijuana cartel, which controls some 3,000km of the western part of the US-Mexican border, continues to be the most significant and one of the most violent cartels in Mexico. Its leader Francisco Javier Arellano Félix remains at large
040614	The Bank of Mexico maintained the 'corto' or monetary short at 37m pesos a day (US$3.3m) at its twice-monthly policy-setting meeting on 11 June 2004. The decision was generally expected and had little effect on local markets, which closed broadly flat amid low trading volumes. While consumer prices fell in May by 0.25% (on the back of seasonal decreases in electricity tariffs), annual inflation accelerated slightly to 4.29% - above the official target ceiling of 4% and well in excess of the 3% target itself
040624	Mexico knocked up a trade surplus of US$57m in May 2004, the government said yesterday, the first time it has been in the black for seven years.
040625	Mexican authorities are celebrating the arrest of suspected drugs cartel hit-man, Mario Alberto Rivera. Better known by his alias 'El Cris', Rivera is believed to be employed by the Tijuana-based Arellano Félix brothers credited with carrying massive cargos of illegal drugs to the United States market. The arrest comes just days after the assassination of the editor of Zeta newspaper, published in the border city, made famous for investigative reporting to expose the activities of Mexico's illegal drug-traffickers. Attorney General Rafael Macedo, who confirmed Rivera's arrest alongside several suspected colleagues, acknowledged that they may be linked to Francisco Ortiz Franco's killing
040630	Interest rates, as measured by the yields on local-currency Cetes paper, rose at yesterday's auction. The yield on the benchmark 28-day Cetes climbed 22 basis points week-on-week to 6.8%, while that of the 175-day paper was up 51 points. The increases follow the Bank of Mexico's (Banxico) call on 25 June 2004 - when it kept monetary policy on hold - for market agents to push up local rates, and precedes today's monetary-policy decision from the US Federal Reserve
040707	Yields at yesterday's auction of local-currency Cetes paper eased, following the US Federal Reserve's decision last week to raise the key Fed funds rate by just 25 basis points - in line with market expectations. The yield on the benchmark 28-day Cetes fell 11 basis points week-on-week to 6.69%, while that on the three-month paper dropped 37 points to 7.08%. Also yesterday, the Bank of Mexico (Banxico) said that foreign reserves hit an all-time high of US$59.254bn on 2 July - above the previous record of US$59.151bn set on 27 February. High oil prices are a key factor behind the increase in reserves. Banxico is currently auctioning US$22m per day to slow their accumulation.
040712	The Bank of Mexico left monetary policy unchanged at its twice-monthly meeting on 9 July, maintaining the monetary short - corto - at 37m pesos (US$3.2m) a day. The peso strengthened by 0.4% against the US dollar to 11.48:US$1, following the widely-expected decision to maintain policy. The monetary-policy meeting came a day after news that consumer prices had risen by 0.16% in June. While a relatively modest increase, this pushed up 12-month inflation to 4.37% from 4.29% in May
040713	Mexico's First Lady, Marta Sahagún de Fox, has pledged not to stand in the 2006 presidential election, ending months of speculation about her future candidacy. President Vicente Fox has been hounded by the media and political observers alike, seeking to confirm rumours that his wife harboured presidential ambitions. Mexico's first democratically elected leader has been accused of grooming his partner for the post, reviving the traditional process known as the 'dedazo', when the incumbent president would 'point the finger' to nominate his successor. The First Lady's decision was announced swiftly after ex-Energy Secretary Felipe Calderón Hinojosa confirmed his intention to stand for office as a candidate for the ruling National Action Party (PAN)
040716	Leading Mexican banks yesterday reached an accord with the federal government over the bailout of the financial sector that followed the 'tequila crisis' of 1994. Under the deal, Citigroup, which took over Banamex in 2002, will recompense the government to the tune of 6.2bn pesos (US$541m), BBVA-Bancomer 3.3bn and HSBC, which bought a controlling stake in Bital in 2002, some 2.5bn for the bad loans taken off their books by federal agency Fobaproa. Fobaproa was superseded by Ipab in 1999. While the banks admit no wrongdoing, they have also agreed to a limited audit of the remaining 107.832bn pesos of IOUs they hold. These will begin coming due in 2005

Year	Regulations on Foreign Investors
1995	Restrictions: 1. Foreign investors can acquire Mexican securities by buying free subscription or Serie B shares; through investment funds; through warrants; by purchasing Mexican company ADRs quoted abroad; or through derivative products. Series A shares can be held if the shares are committed to a Mexican financial institution trust, which issues Natural shares without voting rights. 2. 100% foreign ownerships are allowed without prior approval except in some sectors. 3. Automatic approval is granted if investment does not exceed $25 million, if a break-even currency balance is to be maintained during the first 3 years, or if projects are located outside areas of major industrial concentration. 4. No restrictions on the repatriation of profits and capital. Taxation: no tax on dividends or capital gains. ^{a5(first entry)}
2002	Free trade agreement with EU signed in April 2000
2001	No change through 2001.^a5

Last updated on 7/23/04 by Jerome Mo, Duke University

ld. These will begin coming due in 2005

Year	Regulations on Foreign Investors
1995	Restrictions: 1. Foreign investors can acquire Mexican securities by buying free subscription or Serie B shares; through investment funds; through warrants; by purchasing Mexican company ADRs quoted abroad; or through derivative products. Series A shares can be held if the shares are committed to a Mexican financial institution trust, which issues Natural shares without voting rights. 2. 100% foreign ownerships are allowed without prior approval except in some sectors. 3. Automatic approval is granted if investment does not exceed $25 million, if a break-even currency balance is to be maintained during the first 3 years, or if projects are located outside areas of major industrial concentration. 4. No restrictions on the repatriation of profits and capital. Taxation: no tax on dividends or capital gains. ^{a5(first entry)}
2002	Free trade agreement with EU signed in April 2000
2001	No change through 2001.^a5

Last updated on 7/23/04 by Jerome Mo, Duke University