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MULTILATERAL LOANS, BANKING FINANCE, AND THE MARTÍNEZ DE HOZ PLAN IN ARGENTINA, 1976-1981

Published online by Cambridge University Press:  18 January 2018

Abstract

This article examines Argentine relations with multilateral agencies and bankers during the first years of the last military dictatorship. It begins with an overview of relations and the external situation before the rise of the military and why a new economic team sought and restored Argentine credit standing. There follows a review of how links with the U.S. Treasury and international institutions lost significance and how cross-country financial intermediation, carried out mainly by leading state banks, gave foreign bankers a key role in the financing of Argentina’s foreign exchange needs. It also emphasises explicit and underlying motivations in the behaviour and policies of all actors involved and offers an evaluation of former Minister Martínez de Hoz’s efforts to justify these policies in the early 1980s.

Resumen

Este artículo examina las relaciones de la Argentina con los organismos multilaterales de crédito y la banca internacional durante los primeros años de la última dictadura militar. Primero resume la situación del sector externo a comienzos de 1976 y las causas por las cuales el equipo económico restauró el crédito internacional del país según criterios aplicados en anteriores crisis. Luego examina la menor importancia de los vínculos con el tesoro norteamericano y los organismos internacionales, y cómo la intermediación financiera, sobre todo de la banca estatal, dio a los bancos extranjeros un rol fundamental en el financiamiento externo de la Argentina. También se enfatizan las motivaciones de la conducta y las políticas de todos los actores y se evalúan los esfuerzos del ex Ministro Martínez de Hoz para justificarlas desde comienzos de los años 80.

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Articles/Artículos
Copyright
© Instituto Figuerola, Universidad Carlos III de Madrid, 2018 

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Footnotes

*

Instituto Interdisciplinario de Economía Política (IIEP-BAIRES). rgarciaheras@conicet.gov.ar

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