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WASHINGTON—While Europe and the United States have suffered their worst economic downturns in 75 years, most major Latin American economies weathered the crisis with limited damage before embarking on strong recoveries. An important new book published by the Peterson Institute for International Economics explains why countries that were once the cautionary examples of high inflation, financial crises, and macroeconomic mismanagement have fared so well, so far. The book,How Latin America Weathered the Global Financial Crisis, by José De Gregorio, former governor of the Central Bank of Chile and nonresident senior fellow at the Peterson Institute, also discusses the lessons that can be learned by the rest of the world in the years ahead.