Miguel Kast


Miguel Kast
Miguel Kast.

Miguel Kast Rist (December 18 1948 - September 18, 1983) was a German born Chilean economist of the Chicago Boys group. He was most known for his role in public policies, where he promoted a greater focus of resources toward the needy.[citation needed]

Upon getting his Master in Economics at University of Chicago, Miguel Kast joins Odeplan (1973), the state agency that lead many public policy and economic changes after 1973. At Odeplan Miguel Kast focused most of his energies in creating the "map of extreme poverty", which would become the cornerstone of Chile's social development programs. In 1978 he becomes the head of Odeplan and uses his position to involve young professionals in the struggle against poverty by making them join Odeplan and by sending them to the country's outside regions to get insight into the real problems of Chile.

In 1980 Miguel Kast became Labour Minister under the Military government of Augusto Pinochet and in 1982 he became Governor of the Central Bank of Chile.
This was a complicated moment in Chile's economy; the exchange rate was fixed at 39 pesos per dollar and Chile's big economic groups had liabilities with their own banks. As a Central Banker he worked to reduce the level of related loans (loans made to the owners of the banks). He also created a mechanism called the "Portfolio Sale" through which the Central Bank could buy high risk credits to commercial banks. By keeping a fixed exchange rate of 39 pesos per dollar, Miguel Kast hopped to protect local companies that had liabilities in dollar. However the central authority saw it otherwise and on June 13, 1982 decided to devalue the peso. This brought a sharp loss of international reserves and Miguel Kast decided in August 1982 to completely free exchange rate fluctuations thus further devaluing the pesos and bringing a new intervention from the central authority. Under this new threat of instability, Miguel Kast resigns from the Central Bank.

Only few months after his resignation, in January 1983, Miguel Kast learned he had cancer. He died on September 18 of the same year.

In recognition to Miguel Kast work, the Atlas Economic Research Foundation created an award named after him to recognize the Latin American think tank which has made the most important contribution to help reduce poverty.


Sources

Official webpage of Fundacion Miguel Kast Miguel Kast: Pasíon de Vivir, by Joaquín Lavín, Santiago, Chile, ISBN: 956-7252-05-X

Political offices
Preceded by
Sergio de la Cuadra
Governor of Central Bank
1982
Succeeded by
Carlos Cáceres

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Miguel Kast — Rist Miguel Kast Rist Ministro de Planificación y Cooperación de Chile 26 de diciembre de 1978 – 29 de diciembre de 1980 …   Wikipedia Español

  • José Antonio Kast — Diputado de la República de Chile por el Distrito 30, Buin, Calera de Tango, Paine y San Bernardo …   Wikipedia Español

  • Felipe Kast — Felipe José Kast Sommerhoff (* 1977 in Santiago de Chile) ist ein chilenischer Politiker. Er gehört der Regierung des chilenischen Präsidenten Sebastián Piñera an. Kast ist der zuständige Minister für Wiederaufbau, wirtschaftliche Planung und… …   Deutsch Wikipedia

  • Augusto Pinochet — Para otros usos de este término, véase Augusto Pinochet (desambiguación). Augusto Pinochet Ugarte Augusto Pinochet en 1995. Senador de la República de Chile Vitalicio como expresident …   Wikipedia Español

  • Inmigración en Chile — Este artículo o sección necesita referencias que aparezcan en una publicación acreditada, como revistas especializadas, monografías, prensa diaria o páginas de Internet fidedignas. Puedes añadirlas así o avisar …   Wikipedia Español

  • Movimiento apostólico de Schönstatt — Este artículo o sección necesita referencias que aparezcan en una publicación acreditada, como revistas especializadas, monografías, prensa diaria o páginas de Internet fidedignas. Puedes añadirlas así o avisar …   Wikipedia Español

  • German-Chilean — Infobox Ethnic group group = flagicon|Germany German Chilean flagicon|Chile caption = Notable German Chileans: Rodolfo Armando Philippi • Hans Helfritz • Miguel Kast • Patricio Manns poptime = 500,000Fact|date=November 2007 popplace = Viña del… …   Wikipedia

  • Chicago Boys — Die Chicago Boys sind eine Gruppe chilenischer Wirtschaftswissenschaftler, die von 1956 bis 1970 größtenteils an der University of Chicago studiert haben und die von den Ideen Friedrich August von Hayeks und Milton Friedmans inspiriert waren. Sie …   Deutsch Wikipedia

  • Carlos Cáceres — Saltar a navegación, búsqueda Carlos Cáceres Contreras Presidente del Banco Central de Chile 3 de septiembre de 1982 – 13 de febrero de 1983 Precedido por Miguel Kast Ris …   Wikipedia Español

  • Chicago Boys — (en español: Chicos de Chicago) es un término aparecido en la década de 1970 para denominar a los economistas educados en la Universidad de Chicago, bajo la dirección de los estadounidenses Milton Friedman y de Arnold Harberger. Los Chicago Boys… …   Wikipedia Español


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.