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Friends or foes? Brazil, the IMF and the World Bank, 1961–1967
Financial History Review ( IF 0.4 ) Pub Date : 2021-06-21 , DOI: 10.1017/s096856502100007x
Carlo Edoardo Altamura , Claudia Kedar

Between June 1959 and March 1964, the democratic governments of Brazilian presidents Juscelino Kubitschek (January 1956 – January 1961), Janio Quadros (January–August 1961), Ranieri Mazzilli (August–September 1961) and João ‘Jango’ Goulart (September 1961 – April 1964) received no support from the World Bank (WB), which refused to fund even a single new project during this period. During this same period, and, more specifically, between July 1958 and January 1965, the International Monetary Fund (IMF), the WB's twin institution, granted financial assistance to Brazil only twice: a controversial and highly conditional Stand-By Arrangement (SBA) signed in May 1961; and a non-conditional and automatically approved Compensatory Financial Facility (CFF), granted in May 1963 to compensate Brazil for the decrease in coffee prices on the international market.This attitude towards Brazil changed significantly following the military coup of March 1964. Money flowed into the country and by 1970 Brazil had become the largest receiver of WB funds and a chronic borrower from the IMF, signing two SBAs in 1965, and one per year between 1966 and 1972. We use recently disclosed material from the International Monetary Fund and the World Bank archives to analyse the relationship of these two institutions with Brazil and to foster the debate on their political neutrality, arguing that the difference in the IMF's and especially the WB's relations with the military regime reflected, more than anything else, the existence of an ideological affinity between the parties with regards to the ‘right’ economic policy.

中文翻译:

朋友还是敌人?巴西、国际货币基金组织和世界银行,1961-1967 年

1959 年 6 月至 1964 年 3 月,巴西总统朱塞利诺·库比契克(1956 年 1 月至 1961 年 1 月)、贾尼奥·夸德罗斯(1961 年 1 月至 8 月)、拉涅利·马齐利(1961 年 8 月至 9 月)和若昂·詹戈·古拉特(1961 年 9 月至1964 年 4 月)没有得到世界银行(WB)的支持,在此期间,世界银行甚至拒绝资助一个新项目。在同一时期,更具体地说,在 1958 年 7 月至 1965 年 1 月期间,世界银行的孪生机构国际货币基金组织 (IMF) 仅向巴西提供了两次财政援助:一项有争议且有高度条件的备用安排 (SBA) 1961年5月签署;以及无条件和自动批准的补偿性金融工具(CFF),
更新日期:2021-06-21
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