Times are good, or at least better, in Mexico. The country's economy showed remarkable resilience to external shocks through the Asian crisis of1997, the Russian default in the summer of 1998, and the Brazilian devaluation early last year.

The economy has benefited from sustained export-led growth, with Mexico's production increasingly integrated not only with that of the U.S. but also on a global scale. As a result, Mexican spreads have performed better those of any country in the region.

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