There are some things that we cannot blog about because we have other commitments. That’s why we didn’t write anything about the Puerto Rican debt crisis. (FWIW, we got it right: the island did not default: austerity is causing much unneeded pain but not a death spiral.) And it is why we can’t write in depth about low oil prices and Latin America.
But I can point y’all in the direction of some excellent work by (among others) my colleague Shannon O’Neill! Basically, the game out the effects of various oil price scenarios on the Mexican fiscal situation.
Short version: Mexico is very well placed to handle the downturn. In fact, they are somewhat more pessimistic in tone than their own results warrant. It is a great paper that you should all go read.