Front Matter

Front Matter

Joaquín Muns
Published Date:
September 1984
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    Adjustment, Conditionality, and International Financing

    Edited by Joaquín Muns

    Papers presented at the seminar on “The Role of the International Monetary Fund in the Adjustment Process” held in Viña del Mar, Chile, April 5–8, 1983


    International Monetary Fund

    Universidad Federico Santa María

    Escuela de Negocios de Valparaíso

    Fundación Adolfo Ibañez

    Banco Central de Chile

    International Monetary Fund • 1984

    Second Printing, May 1985

    ISBN: 0-939934-28-0


    This book is based on the papers and commentaries presented at the seminar on “The Role of the International Monetary Fund in the Adjustment Process” held in Viña del Mar, Chile, in April 1983. The seminar was jointly sponsored by the Central Bank of Chile, the Business School of Valparaíso—Adolfo Ibañez Foundation—Federico Santa Maria University, and the International Monetary Fund. The seminar was chaired by Professor Joaquín Muns of the University of Barcelona who has served as Executive Director in the Fund and the World Bank representing Spain and a number of countries in Latin America from 1978 to 1982. Participants were economists representing a wide range of views from universities, banks, and other nonofficial institutions in Argentina, Bolivia, Chile, Paraguay, Peru, and Uruguay. Participants, including members of the staff of the Fund, attended in a personal capacity and the emphasis was on informality and frankness.

    The seminar was the first to be conducted in Spanish under the seminar program for nonofficials recently established by the External Relations Department of the Fund. The seminar program aims at promoting understanding of what the Fund has done and is doing to help members with their balance of payments problems. The seminars are also designed to improve the Fund’s knowledge of thinking in academic, business, and other circles concerning the issues with which the Fund deals in order to find ways of enhancing the effectiveness of the Fund’s work.

    The book represents the continuation of the Fund’s effort to publish a wide variety of views about its role and activities in the developing world. While the views are not necessarily shared by the Fund, it is our hope that their dissemination can contribute to a better discussion of the issues.

    J. de Larosière

    Managing Director

    International Monetary Fund


    I thank the three institutions which sponsored the seminar for requesting me to serve as seminar moderator and to compile and present its discussions and conclusions in book form. In particular, continuous contact with the International Monetary Fund—especially with Mr. Azizali F. Mohammed, Director of the External Relations Department, who conceived the seminar and worked tirelessly to ensure its success—provided the climate of mutual understanding that is so desirable in an effort of this kind. I also wish to make special note of the assistance I received at every step from the representatives of the Valparaiso Business School and the Central Bank of Chile, particularly Mr. Francisco Garcés and Mr. Rubén Azócar, as well as Mrs. Antonieta Bonet, who diligently handled the operational details of the seminar and thereby eased the work of all concerned.

    Professor Fernando Ossa of the Catholic University of Chile, who served as Rapporteur, deserves special mention. I wish to emphasize and acknowledge his invaluable assistance, on which I relied throughout the sessions, while noting that this was but a portion of his outstanding work in support of the seminar.

    I would like to acknowledge the devotion, effort, and enthusiasm brought to the seminar by Hernán Puentes of the Fund’s External Relations Department, not only in the planning and execution stages but also in the subsequent drafting of this work, which owes a great debt to his efficient and patient efforts throughout the process from compilation of manuscripts to final publication of this book.

    To conclude this note of appreciation, 1 would also like to thank other Fund staff members, including Juanita Roushdy, who coordinated the editing and production of the volume, and the Spanish and English Divisions of the Bureau of Language Services of the Fund, for translating papers from their original language.

    Joaquín Muns


    List of Participants


    • Joaquín Muns
      • Universidad de Barcelona


    • Fernando Ossa
      • Universidad Católica de Chile


    • John F. O. Bilson
      • University of Chicago and National Bureau of Economic Research
    • Mario I. Blejer
      • International Monetary fund
    • Sebastian Edwards
      • University of California at Los Angeles
    • Jack D. Guenther
      • Citibank, N.A., New York
    • Linda M. Koenig
      • International Monetary Fund
    • Claudio M. Loser
      • International Monetary Fund
    • E. Walter Robichek
      • International Monetary Fund
    • Vito Tanzi
      • International Monetary Fund

    Discussants and Other Participants


    • Mario Brodersohn
      • Financiera Macro
    • *Guido di Tella
      • Saint Antony’s College. University of Oxford and Universidad Católica de Argentina
    • *Armando P. Ribas
      • Bolsa de Valores
    • *Carlos Alfredo Rodríguez
      • Centro de Estudios Macroeconómicos de la Argentina


    • *Miguel A. Fabbri
      • Bunco Nacional de Bolivia
    • *Gustavo Luna Uzquiano
      • Banco La Paz
    • Alfonso Revollo
      • Cámara Americana de Comercio
    • Luis Saavedra
      • Banco de Santa Cruz de la Sierra


    • José Pablo Arellano
      • Corporación de Investigaciones Económicas para América Latina (CIEPLAN)
    • Pedro Arriagada
      • Escuela de Negocios
    • *Sergio de la Cuadra
      • Universidad Católica de Chile
    • *Juan G. Espinosa
      • Centro Interamericano de Enseñanza de Estadística (CIENES)
    • Francisco Garcés
      • Banco Central de Chile
    • Jorge Selume
      • Universidad de Chile
    • Ramiro Urenda
      • Escuela de Negocios


    • *Julio Romero
      • Yaciretá Binacional
    • *José E. Páez
      • Petróleos Paraguayos. S.A.
    • Marcial Valiente
      • Econ Financiera. S.A.


    • *Carlos Amat y León
      • Universidad del Pacífico
    • *Carlos Boloña
      • Universidad del Pacífico
    • *Sergio Málaga
      • Banco Exterior de los Andes y de España
    • Alonso Polar
      • Banco Continental


    • *Alberto Bensión
      • Banco Comercial
    • Alberto Tisnés
      • Universidad de la República

    United Nations, Economic Commission for Latin America (ECLA)

    • *Carlos Massad

    International Monetary Fund

    • Azizali F. Mohammed
    • Hernán P. Puentes




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