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Understanding Imf Stand-By Arrangements From The Perspective Of International And Domestic Law: The Experience Of Venezuela In The 1990s, Gabriel Garcia
Understanding Imf Stand-By Arrangements From The Perspective Of International And Domestic Law: The Experience Of Venezuela In The 1990s, Gabriel Garcia
Dr Gabriel Garcia
During the 1990s, international financial institutions such as the World Bank and the International Monetary Fund (IMF) promoted the so-called 'Washington Consensus'. One of the premises of the consensus was that developing countries needed to embrace a market economy and build a legal system supportive of the rule of law in order to promote progress and defeat poverty. The onset of financial crises across South America and the inability of governments to deal with problems derived from this financial meltdown provided the proitious conditions for the IMF to implement its agenda of promoting a market economy and the rule of …