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9.0 | 2017
Alternative Pathways to Sustainable Development
Alternative Pathways to Sustainable Development. Lessons from Latin America

The Influence of Multilateral Development Institutions on Latin American Development Strategies

Guillermo Perry and Eduardo Garcia


This chapter discusses the changing relations between Multilateral Development Institutions (MDIs) and Latin America from the 1980s to the present day. The chapter first depicts how the influence of MDIs on Latin America has changed over time and across countries, depending on their access to international private capital markets, the development of long-term markets for domestic currency government bonds and the significant reduction of macro-financial vulnerabilities in the region. It then illustrates how the view of MDIs on macroeconomic and development policies has evolved, influenced by academic developments and also by Latin American governments. Finally, the chapter shows how most governments in the region, whether left-wing or center-right oriented, have increasingly converged with MDIs’ recommendations on macrofinancial policies while historically many actors, from all ends of the political spectrum, applied both macro and micro policies that differ from MDIs’ views.

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Editor's notes

Paperback reference: Perry, G. and E. Garcia (2017, forthcoming) ‘The Influence of Multilateral Development Institutions on Latin American Development Strategies’ in Alternative Pathways to Sustainable Development: Lessons from Latin America, International Development Policy series No.9 (Geneva, Boston: Graduate Institute Publications, Brill-Nijhoff).


Electronic reference

Guillermo Perry and Eduardo Garcia, « The Influence of Multilateral Development Institutions on Latin American Development Strategies », International Development Policy | Revue internationale de politique de développement [Online], 9.0 | 2017, Online since 28 May 2017, connection on 20 September 2017. URL : ; DOI : 10.4000/poldev.2367

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About the authors

Guillermo Perry

is Professor at the Universidad de Los Andes, Colombia, and non-resident fellow at the Center for Global Development. He has previously held the positions of Minister of Finance and Minister of Energy in Colombia, and of Chief Economist for Latin America and the Caribbean at the World Bank.

Eduardo Garcia

is an economics PhD student at the University of Rochester. He has also worked as a Research Assistant at Universidad de los Andes in topics related to taxation, institutional development and urban criminality.

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Creative Commons License
International Development Policy is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

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