Roque Fernández
Encyclopedia
Roque Benjamín Fernández (born April 30, 1947) is an Argentine economist, former President of the Central Bank, and Economy Minister, as well as the only member of the Chicago Boys
ever to have been the chief economic policy maker in Argentina
.
Fernández was born in Córdoba, Argentina
and holds a CPA
from the National University of Córdoba
and a PhD
in Economics from the same university. In 1973 he obtained a scholarship from the Ford Foundation
and went on to earn a PhD in Economics
from the University of Chicago
in 1975.
Since its foundation in 1978, he has been a member of the board of directors and faculty of the Universidad del CEMA, where he taught Monetary Theory. Fernández was appointed President of the Central Bank of Argentina on February 5, 1991, by recommendation of the new Economy Minister, Domingo Cavallo
. As such, he was instrumental in managing the Argentine Currency Board
that served as a guarantor of Cavallo's Convertibility Plan in its early years, and which helped maintain a 1:1 parity between the Argentine peso
and the US dollar. He remained at the post until August 4, 1996, when President Carlos Menem
removed Cavallo following a political dispute, and Fernández became Minister of the Economy
on August 6, 1996, serving in that capacity until Menem's retirement on December 10, 1999.
During his tenure, Fernández earned plaudits for helping maintain a steady exchange rate and zero inflation, and doing so despite repeated international shocks, such as the Mexican, Asian, and Russian financial crises
. He came under scrutiny, however, for favorable treatment reportedly meted out to fugitive banker Raúl Moneta in the form of forbearance towards a US$26 million tax debt; Moneta had earlier fled the country on racketeering changes.
Fernández is now professor of Macroeconomic Analysis (graduate) and Macroeconomics I (undergraduate). Fernandez was also visiting professor in the University of Southern California
, Florida International University
, Universidad de Chile, Universidad Católica de Chile and has worked as a consultant and economist for the World Bank
and International Monetary Fund
. His major areas of interest are banks, financial systems in developing nations, fiscal and monetary policy, exchange rate policy, balance of payments and financial crisis.
As a researcher, he is author of several books and publications, including articles in the American Economic Review
and Journal of Political Economy
. He is a member of the Academia Nacional de Ciencias Economicas.
Chicago Boys
The Chicago Boys were a group of young Chilean economists most of whom trained at the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Catholic University of Chile...
ever to have been the chief economic policy maker in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
.
Fernández was born in Córdoba, Argentina
Córdoba, Argentina
Córdoba is a city located near the geographical center of Argentina, in the foothills of the Sierras Chicas on the Suquía River, about northwest of Buenos Aires. It is the capital of Córdoba Province. Córdoba is the second-largest city in Argentina after the federal capital Buenos Aires, with...
and holds a CPA
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
from the National University of Córdoba
National University of Córdoba
The National University of Córdoba, , is the oldest university in Argentina, and one of the oldest in the Americas. It is located in Córdoba, the capital of Córdoba Province. Since the early 20th century it has been the second largest university in the country in terms of the number of students,...
and a PhD
PHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...
in Economics from the same university. In 1973 he obtained a scholarship from the Ford Foundation
Ford Foundation
The Ford Foundation is a private foundation incorporated in Michigan and based in New York City created to fund programs that were chartered in 1936 by Edsel Ford and Henry Ford....
and went on to earn a PhD in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
in 1975.
Since its foundation in 1978, he has been a member of the board of directors and faculty of the Universidad del CEMA, where he taught Monetary Theory. Fernández was appointed President of the Central Bank of Argentina on February 5, 1991, by recommendation of the new Economy Minister, Domingo Cavallo
Domingo Cavallo
Domingo Felipe "Mingo" Cavallo is an Argentine economist and politician. He has a long history of public service and is known for implementing the Convertibilidad plan, which fixed the dollar-peso exchange rate at 1:1 between 1991 and 2001, which brought the Argentine inflation rate down from over...
. As such, he was instrumental in managing the Argentine Currency Board
Argentine Currency Board
The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast of what most people think,...
that served as a guarantor of Cavallo's Convertibility Plan in its early years, and which helped maintain a 1:1 parity between the Argentine peso
Argentine peso
The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos. Its ISO 4217 code is ARS...
and the US dollar. He remained at the post until August 4, 1996, when President Carlos Menem
Carlos Menem
Carlos Saúl Menem is an Argentine politician who was President of Argentina from 1989 to 1999. He is currently an Argentine National Senator for La Rioja Province.-Early life:...
removed Cavallo following a political dispute, and Fernández became Minister of the Economy
Minister of Economy of Argentina
The Minister of Economy is the head of the Ministry of Economy and Production of Argentina, concerned with finance and monetary matters. The position within the Government of Argentina is analogous to the finance ministers of some countries and the United States Treasury Secretary...
on August 6, 1996, serving in that capacity until Menem's retirement on December 10, 1999.
During his tenure, Fernández earned plaudits for helping maintain a steady exchange rate and zero inflation, and doing so despite repeated international shocks, such as the Mexican, Asian, and Russian financial crises
Russian financial crisis
The Russian financial crisis hit Russia on 17 August 1998. It resulted in the Russian government devaluing the ruble and defaulting on its debt.-Background and course of events:...
. He came under scrutiny, however, for favorable treatment reportedly meted out to fugitive banker Raúl Moneta in the form of forbearance towards a US$26 million tax debt; Moneta had earlier fled the country on racketeering changes.
Fernández is now professor of Macroeconomic Analysis (graduate) and Macroeconomics I (undergraduate). Fernandez was also visiting professor in the University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
, Florida International University
Florida International University
Florida International University is an American public research university in metropolitan Miami, Florida, in the United States, with its main campus in University Park...
, Universidad de Chile, Universidad Católica de Chile and has worked as a consultant and economist for the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
and International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. His major areas of interest are banks, financial systems in developing nations, fiscal and monetary policy, exchange rate policy, balance of payments and financial crisis.
As a researcher, he is author of several books and publications, including articles in the American Economic Review
American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
and Journal of Political Economy
Journal of Political Economy
The Journal of Political Economy is an academic journal run by economists at the University of Chicago and published every two months by the University of Chicago Press. The journal publishes articles in both theoretical economics and empirical economics...
. He is a member of the Academia Nacional de Ciencias Economicas.
See also
- Universidad del CEMA
- Economic history of Argentina
- Chicago School of Economics
External links
- Statement by Mr. Roque B. Fernández at the IMF meeting in 1999
- Roque Fernández at IDEAS
- Roque Fernández in Fortuna Magazine