Mario Blejer
Mario I. Blejer | |
|---|---|
| Born | June 11, 1948 Córdoba, Argentina |
| Occupation | Economist |
| Known for | President of the Central Bank of Argentina |
Mario I. Blejer (born June 11, 1948) is an Argentine economist who previously held the position of president of the Central Bank of Argentina.
Life and times
Born in Córdoba, Argentina in 1948, Blejer graduated with honors from the Hebrew University of Jerusalem in 1970, earning degrees in both Economics and Jewish History. He completed a master's degree in Economics by 1972 and obtained a Ph.D. in Economics from the University of Chicago in 1975. Subsequently, he served as an assistant professor at Boston University until 1980.
Advisor
In 1980, Blejer began his tenure with the International Monetary Fund as a consultant specializing in monetary, exchange rate, and fiscal policies. Between 1986 and 1991, he held academic positions at George Washington University, New York University, and delivered lectures at Johns Hopkins University. In 1992, he took on the role of Senior European and Central Asian Policy Adviser at the World Bank, during the complex post-Soviet transition period. He was also a member of editorial boards for IMF Staff Papers until 1996 and contributed to the European Journal of Political Economy from 1997 through 2001.
Academics
From 1996 to 2000, Blejer taught at the Central European University in Budapest and published extensively in top-tier economic journals such as the American Economic Review, Journal of Political Economy, and Review of Economics and Statistics.
Central Bank
During the deepening 1998–2002 Argentine great depression, Blejer departed the IMF after over two decades to become vice president of the Central Bank of Argentina in March 2001 under President Fernando de la Rúa. Following the resignations of de la Rúa and Central Bank President Roque Maccarone, interim President Eduardo Duhalde appointed Blejer as Central Bank president on January 21, 2002. His selection was influenced by his extensive international network, including connections with Federal Reserve Chairman Alan Greenspan and Treasury Secretary Paul O'Neill, as well as his ability to garner political support across Argentine factions, including endorsements from Economy Minister Domingo Cavallo and links to figures like Congresswoman Elisa Carrió and economist Ricardo López Murphy.
Blejer succeeded Maccarone partly due to disagreements over restrictions on bank withdrawals (the corralito) and reforms to bankruptcy legislation that faced opposition from financial institutions. He promoted easing withdrawal limits by issuing treasury bills redeemable by depositors instead of cash withdrawals and revived discussions about dollarizing Argentina’s economy. These initiatives encountered resistance from Economy Minister Roberto Lavagna, which ultimately led to Blejer’s resignation in June 2002.
Return to Former Roles
Following his departure, Blejer was appointed adviser to the Bank of England. By September 2002, he advocated for completely lifting the corralito, a process that unfolded gradually between December 2002 and March 2003. While based in London, he also advised the International Economics Program at Chatham House (2004–2007) and directed the Bank of England's Centre for Central Banking Studies.
After the 2008 financial crisis, under President Cristina Kirchner, Argentina sought domestic funding sources for public expenditures and servicing foreign debt. In December 2009, Kirchner authorized a US$6.7 billion account at the Central Bank to cover debt payments using its foreign exchange reserves—an action opposed by then-Central Bank President Martín Redrado. Following a confrontation, Redrado was removed on January 7, 2010; Economy Minister Amado Boudou announced Blejer as his successor due to his support for this policy. Redrado initially resisted stepping down, securing a temporary judicial reinstatement before ultimately being replaced by Mercedes Marcó del Pont.
Remaining active in Argentina, Blejer contributed opinion pieces to Clarín, expressing support for the Wall Street Reform and Consumer Protection Act and calling for enhanced international financial regulation.
He currently holds a position on OMFIF’s advisory board, participating in dialogues concerning global financial and monetary systems.