The failure of shock therapy during the Chilean military dictatorship (1974–1979)

Vista sencilla de ítem
cepal.articleNo3
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/PUB.2024/11-P
cepal.docTypeRevistas
cepal.jelCodeE31
cepal.jelCodeE52
cepal.jelCodeH62
cepal.jobNumber03caputo_REV-144E
cepal.physicalDescriptiongráficos, tablas.
cepal.regionalOfficeSantiago
cepal.sdg17
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngPRICES
cepal.topicEngINFLATION
cepal.topicEngMACROECONOMICS
cepal.topicEngFISCAL AFFAIRS
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaPRECIOS
cepal.topicSpaINFLACIÓN
cepal.topicSpaMACROECONOMÍA
cepal.topicSpaASUNTOS FISCALES
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorCaputo, Rodrigo
dc.contributor.authorOrdóñez, Félix
dc.coverage.spatialEngCHILE
dc.coverage.spatialSpaCHILE
dc.coverage.temporalStart1973
dc.date.accessioned2025-06-09T14:54:06Z
dc.date.available2025-06-09T14:54:06Z
dc.date.issued2024-12
dc.description.abstractThis article analyses Chile’s monetary policy following the 1973 military coup and the failed attempt at nominal stabilization during the dictatorship. Two causes of persistent inflation are identified: (i) the narrowing of the fiscal deficit in 1974 was insufficient to curb high monetary issuance and inflation, thus perpetuating the inflation needed to finance the fiscal deficits; and (ii) the perception by economic agents that fiscal needs, financed through seigniorage, would not slow the growth of the monetary base and inflation. This perception kept inflation levels high following the coup. For the shock therapy to succeed, a greater reduction of the fiscal deficit and a perception that these lower deficits would be permanent would have been necessary. In the absence of a credible deficit reduction policy, inflation did not stabilize until the late 1970s.
dc.formatTexto
dc.format.extentpáginas 37-53
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/PUB.2024/11-P
dc.identifier.urihttps://hdl.handle.net/11362/81706
dc.language.isoeng
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo144
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.translationLanguagespa
dc.relation.translationRecordTerapia de choque fallida durante la dictadura militar chilena (1974-1979)
dc.relation.translationUrihttps://hdl.handle.net/11362/81225
dc.rights.coarDisponible
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngFISCAL POLICY
dc.subject.unbisEngTAX ADMINISTRATION
dc.subject.unbisEngINFLATION
dc.subject.unbisEngMONEY
dc.subject.unbisEngBUDGET DEFICITS
dc.subject.unbisEngECONOMIC STABILIZATION
dc.subject.unbisEngMATHEMATICAL MODELS
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaPOLITICA FISCAL
dc.subject.unbisSpaADMINISTRACION FISCAL
dc.subject.unbisSpaINFLACION
dc.subject.unbisSpaDINERO
dc.subject.unbisSpaDEFICIT PRESUPUESTARIO
dc.subject.unbisSpaESTABILIZACION ECONOMICA
dc.subject.unbisSpaMODELOS MATEMATICOS
dc.titleThe failure of shock therapy during the Chilean military dictatorship (1974–1979)
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublicationb63df6e9-6bec-4c25-ba52-7afabb2d68d7
relation.isAuthorOfPublication2f866b9c-7813-4f34-a201-697775a28cba
relation.isAuthorOfPublication.latestForDiscoveryb63df6e9-6bec-4c25-ba52-7afabb2d68d7
Descargar
Bloque original
Mostrando 1 - 1 de 1
Miniatura
Nombre:
03caputo_REV-144E.pdf
Tamaño:
678.16 KB
Formato:
Adobe Portable Document Format
Descripción:
Document in English
Descargar
Colecciones
Revista CEPAL