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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 1 Major political and economic events in Venezuela (1985–2018)

From: Does political risk matter for economic and financial risks in Venezuela?

Year, nature

Major political and economic events

1989, Election and Internal Conflict

Carlos Andres Perez elected as president and implemented an austerity programme with the IMF. Hundreds killed in street violence and protests

1992, Internal Conflict

Over 100 people killed in two coup attempts and Colonel Hugo Chavez (Col Chavez) jailed for 2 years

1993–1995, Internal Conflict

President Perez impeached on corruption charges

1998, Change in the system

Bolivarian Revolution implemented and Hugo Chavez elected as president

2001, Reform

President Chavez used Enabling Act to pass laws aimed at redistributing land and wealth

2002, Military intervention

Unsuccessful coup attempt

2004, Referendum

No change in presidency

2005, Land Reform

New land reform implemented to eliminate Venezuela’s large estates and to benefit the poor in rural areas

2006, International conflict

Chavez signed arms deal with Russia

2006, Election

Chavez won the presidential election receiving almost 2/3 of the total votes

2007, Economic conflict

Nationalization programme is launched under the leadership of President Chavez. In addition, rising conflict between the government and US oil companies, namely Exxon Mobil and Conoco Philips

2008, International conflict

Venezuela and Russia signed an oil and gas cooperation agreement. Moreover, they expanded this agreement with nuclear cooperation

2010, Currency devaluation

Devaluation of the Bolivar currency

2010, Election

Opposition made significant gains

2012, Violation of financial and media freedom

Government extended price controls on essential goods and services to deal with inflation

2012, Election

4th victory of Hugo Chavez in the presidential election

2013, Presidential change

Nicolas Maduro was elected president after Hugo Chavez died at the age of 58

2013, High inflation

High inflation

2014, Political protest

28 people died in street violence

2015, Parliamentary change

Opposition Democratic Unity won a majority in the parliament but in 2016, three deputies from the Unity party resigned and Maduro continued to rule the country

2016, Political protest

Hundreds of thousands of people took part in a protest in Caracas calling for the removal of President Maduro, accusing him of being responsible for the economic crisis

2017, Internal and external conflict

Controversial constituent assembly elected in the face of an opposition boycott and international condemnation

2018, Internal conflict

Opposition contests the official victory of President Maduro in the presidential elections