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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2871

Title: The International Monetary Fund's stand-by arrangements with Portugal. An ex-ante application of the Washington Consensus?
Authors: Nunes, Ana Bela
Keywords: Washington Consensus
International Monetary Fund
Portugal stand-by arrangments
Issue Date: 2011
Publisher: ISEG - GHES
Citation: Nunes, Ana Bela. 2011. "The International Monetary Fund's stand-by arrangements with Portugal. An ex-ante application of the Washington Consensus?". Instituto Superior de Economia e Gestão – GHES Documento de Trabalho/Working Paper nº 44-2011
Series/Report no.: GHES Documento de Trabalho/Working Paper;nº 44-2011
Abstract: At two different moments (1978-1979 and 1983-1985), Portugal had to call upon the International Monetary Fund (IMF) for financial assistance in order to resolve serious balance of payment crises. In both cases, the terms for the implementation of IMF conditionality were agreed before the so-called Washington Consensus (WC) was established in 1989. The paper examines to what extent the Portuguese experience under the stand-by arrangements agreed with the IMF would later be embodied in the WC strong conditionality practices. Several similarities were apparent, since many of the WC prescriptions were basically influenced by IMF conditionality practices, which had been adapted during the 1980s to include further structural measures. Some significant differences can also be noticed: as the theoretical and ideological background of the WC would only be crystallized in the second half of the 1980s, the WC basically focused on Latin American developing economies, while Portugal, a European high-medium income country, had been implementing major institutional reforms since 1977, in order to meet the terms required to become an EEC member.
Em dois momentos diferentes (1978-1979 e 1983-1985), Portugal teve que pedir assistência financeira ao Fundo Monetário Internacional (FMI) para resolver crises graves da sua balança de pagamentos. Em ambos os casos os termos do acordo foram definidos antes do chamado Consenso de Washington (CW) ter sido apresentado em 1989. O texto examina em que medida a experiência portuguesa em termos das medidas acordadas com o FMI veio a ser encorporada nas práticas propostas no CW. Algumas semelhanças parecem evidentes uma vez que muitas das políticas propostas pelo CW foram influenciadas pelas condicionantes impostas pelo FMI, que vieram ao longo da década de 1980 a incluir medidas estruturais. Contudo, existem algumas diferenças significativas: o quadro teórico e ideológico do CW só seria cristaiizado na segunda metade dos anos oitenta; o CW centrava-se nos países em desenvolvimento da America Latina, enquanto Portugal era um país europeu de rendimento médio-alto que estava a implementar reformas institucionais desde 1977 com vista a preparar a sua adesão à CEE.
URI: http://hdl.handle.net/10400.5/2871
Appears in Collections:DCS - Documentos de trabalho / Working Papers
GHES - Documentos de Trabalho / GHES - Working papers

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