The International Monetary Fund and the Chilean Chicago Boys, 1973–7: Cold Ties between Warm Ideological Partners

Kedar, Claudia

doi:10.1177/0022009416685895

Cited by 9 publications

(6 citation statements)

References 6 publications

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“…Indeed, the socio-professional origins of these 'money doctors' have played a part in the circulation of their expertise on economic development in all the international organizations and global networks (Glaser 2005), while monetarist thinking gradually prevailed over Keynesian economics in academic and public debates (Gautier Morin 2019). Chile represented an international standard of governance at the turn of the 1980s into the 1990s with the Washington consensus (Compagnon 2013;Kedar 2017). Bretton Woods institutions seized on monetarist theories as to their battle horse to fight inflation and over-indebtedness (Chorev and Babb 2009).…”

Section: Resultsmentioning

confidence: 99%

The interaction of elite networks in the Pinochet regime's macroeconomic policies

Morin

Rossier

2020

Global Networks

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The Chilean military regime offered a prime example of interactions among elite groups in the making of macroeconomic policies. Through the lens of both Bourdieu's field theory and Mills's elite coordination through networks, we show how Chilean elites sought to implement these policies despite being divided by their transnational and national ties. We have constructed an original database on the 62 most influential individuals within the space of macroeconomic policies using a variety of descriptive methods (multiple correspondence analysis, cluster analysis, and social network analysis), only used on very few occasions to study South American elites. We explore the internal divisions in these elites in terms of their orientation to national and transnational capital and biographical trajectories. We identify three groups – high‐ranking military officers, Chicago academic economists, and public and private sector professionals. Military officers were mostly endowed with national assets, while civilian groups relied on transnational resources. Moreover, the Chicago economists, characterized by their transnational and scientific legitimacy, were the closest to influential state positions overall (the Ministry of the Treasury and the Central Bank). Finally, we categorize the same three groups through (national and transnational) network ties. Organizational ties between those groups were significant, particularly among Chicago economists and professionals, which suggests an intense coordination process, facilitated by transnational affiliations and profile.

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Section: Resultsmentioning

confidence: 99%

The interaction of elite networks in the Pinochet regime's macroeconomic policies

Morin

Rossier

2020

Global Networks

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“…Stiles (1990) and Westad (2005, 207-249) present the IMF as a tool in US foreign policy in the case of Zaire. In contrast, Kedar (2015Kedar ( , 2017 shows that socialist Chile under Allende collaborated with the IMF in spite of the opposition from the US government. Thacker (1999) and Oatley and Yackee (2004) do not find statistically significant results that support the hypotheses that the IMF traded loans for votes aligned with the United States in the UN before 1990.…”

Section: The Political Economy Of the Imf And Geopoliticsmentioning

confidence: 91%

The West’s Teeth: IMF Conditionality During the Cold War

Akerman¹,

Weller²,

Pessoa³

2020

Preprint

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Was the International Monetary Fund (IMF) susceptible to political pressure from the United States and its Western allies during the Cold War? To answer this question, we construct a new database containing the number of conditions applied to over 500 IMF loans since 1970 and analyze how the distance from a borrowing country to its closet communist neighbor affected the IMF conditionality. We show that the fund imposed fewer conditions on loans to countries geographically closer to the communist bloc. Results are stronger when neighboring communist countries were not part of the Warsaw Pact. This pattern persisted during the 1990s, when the fund helped former communist countries in their transition to market economies. However, we find no strong evidence of such discretionary treatment by the IMF after 2001, when thecontainment of communism had ceased to be the West’s top priority.

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“…They also sidestepped relevant literature on the policies and institutional changes in multilateral lending agencies (see for example Babb 2009;Sharma 2013bSharma , 2017Gould 2006;Vreeland 2003;Copelovitch 2010;Chwieroth 2008Chwieroth , 2010. The input of these recent scholarly perspectives, as well as a closer look at other unused sources such as the recent memoirs of Martínez de Hoz, adds to our understanding of the Argentine case and catches up debates on the international financial relations of Mexico and Chile from the collapse of the Bretton Woods system to the outbreak of the foreign debt crisis of the 1980s (Kedar 2015(Kedar , 2017a(Kedar , 2017b(Kedar , 2018aAlvarez 2015Alvarez , 2017Alvarez , 2018Kershaw 2018).…”

Section: Introductionmentioning

confidence: 99%

The Return of International Finance and the Martínez de Hoz Plan in Argentina, 1976–1978

Heras¹

2022

Lat. American Res. Rev.

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This article is an effort to update a discussion of Argentina's international financial relations during the late 1970s that is lagging behind recent scholarly developments on the cases of Mexico and Chile. It focuses on the early restoration of Argentine credit standing with multilateral financial institutions, as well as their loans and technical assistance, achieved by Minister Martínez de Hoz and his team during their early years in office. So far this stage had not elicited detailed analyses of its differences with the controversial and better-known monetary balance of payments approach adopted in December 1978 to finally curb inflation, and which gave international private bankers a leading role in the financing of Argentina's foreign exchange needs.Este artículo retoma la discusión sobre las relaciones financieras internacionales de Argentina a fines de la década de 1970 para equipararla con los recientes estudios sobre los casos de Méjico y Chile. Está centrado en la restauración del crédito y la asistencia técnica de los organismos financieros internacionales que lograron el Ministro Martínez de Hoz y su equipo durante sus primeros años en la función pública. Hasta ahora esta etapa no había sido objeto de un detallado análisis que marcara las diferencias con el período más controvertido y mucho más conocido del enfoque monetario del balance de pagos adoptado en diciembre de 1978 como herramienta anti-inflacionaria, y que dio a los banqueros privados un destacado rol en el financiamiento externo de la Argentina.En estos momentos el problema de mayor gravedad es la crisis del sector externo, que hace temer que el país enfrente en las próximas semanas el estado de cesación de pagos.

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The International Monetary Fund and the Chilean Chicago Boys, 1973–7: Cold Ties between Warm Ideological Partners

Cited by 9 publications

References 6 publications

The interaction of elite networks in the Pinochet regime's macroeconomic policies

The interaction of elite networks in the Pinochet regime's macroeconomic policies

The West’s Teeth: IMF Conditionality During the Cold War

The Return of International Finance and the Martínez de Hoz Plan in Argentina, 1976–1978

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