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The return of the Chicago boys: Inflation Targeting and the IMF in Argentina

University of Bristol

Room G4/5, University of Bristol, 10 Woodland Road
15 Feb 2019 4:30 p.m. – 6 p.m.

Join us for this guest lecture from Pablo G. Bortz on the topic "The return of the Chicago boys: Inflation Targeting and the IMF in Argentina" (with Nicole Toftum and Nicolás H. Zeolla) at the University of Bristol.

Abstact: Argentina is the first country that adopted, and later abandoned, an inflation targeting regime. Its implementation was part of a deregulatory policy framework adopted by the recently-elected Macri administration, including financial deregulation, lifting of capital controls and changes in the playing-field against labour. This paper traces the circumstances surrounding its adoption, revises the economic policy framework adopted by the new administration, surveys the developments since its announcement, and then describes its ending crisis and the replacement by a typical, Chicago-inspired IMF adjustment programme. Our conclusion is that financial deregulation, disregard for the balance of payments and policy malpractice are behind the failure of a monetary policy regime implemented with the aim of producing a shift in income distribution and subduing labour.

The event is co-organised by UWE Bristol's Centre for Economics and Finance (BCEF) and the Department of Hispanic, Portuguese and Latin American (HiPLA) Studies at the University of Bristol.