The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
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 2Â 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 |