The Role of Foreign Advisors in Chile's 1955–1958 Stabilization Program
This chapter investigates an important historical stabilization episode in Chile, a country with one of the longest histories of chronic inflation in the world, and which, starting in the late nineteenth century, suffered recurrent and increasingly frequent inflationary outbursts. Of the many stabilization programs adopted to tackle this problem, the 1955–1958 package implemented with the advice of the United States consulting firm Klein-Saks, is, undoubtedly, one of the most fascinating. The chapter argues that the foreign advisors of the Klein-Saks Mission gave initial credibility to the stabilization program launched in 1955, playing the role of independent, nonpartisan technocratic arbiters. However, providing initial credibility was not enough to ensure success. In spite of supporting trade reform, foreign exchange rate reform, and the deindexation of wages, Congress failed to act decisively on the fiscal front.
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