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Jose Luis Machinea

Jose Luis Machinea is an Argentine economist and United Nations official.

Machinea was born in Buenos Aires, and earned a degree in Economics from the Universidad Catolica Argentina in 1968. He first entered public service in 1974, as a member of the Central Bank's Center for Montary and Banking Policy Studies. He became head of the institution's Statistics and Research Bureau in 1983, and in August 1986, President Raul Alfonsin appointed the young economist President of the Central Bank.

Machinea sought to limit central bank liabilities caused by non-performing loans to the nation's then-myriad State enterprises and agencies.Argentina: From Insolvency to Growth. World Bank Press, 1993. He responded to growing inflation, which had been tamed somewhat in 1986, but which had grown to over 20% a month in mid-1988, by helping outline a Plan Primavera ("Springtime Plan"). Enacted on August 3, it initially reduced inflation by flooding the market with the central bank's foreign exchange reserves, thereby curving the chief cause for the inflation crisis: the demand for US dollars. Following Machinea's curtailment of the central bank's dollar sales on February 6, 1989, however,Clarin: Un derrumbe anunciado. February 7, 1989. the exchange rate ballooned uncontrollably, and he resigned on March 31. These developments led to monthly inflation rates of over 100% by mid-year, as well as unprecedented riots and looting.

Related websites

Jose L. Machinea

Todo Argentina 1989

Con coraza, la vida es otra cosa

Machinea califico de espectacular el crecimiento economico

The Biography of Jose Luis Machinea

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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Jose Luis Machinea

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