{{short description|Argentine economist}}
{{Infobox person
|name = Martín Redrado
|image = Redrado.jpg
|imagesize =
|order =
|employer= [[List of presidents of the Central Bank of Argentina|President of the Central Bank of Argentina]]
|birth_name = Hernán Martín Pérez Redrado
|birth_date = {{birth date and age|1961|09|10|mf=y}}
|birth_place = [[Buenos Aires]], Argentina
|alma_mater = [[University of Buenos Aires]] [[Harvard University]]
|partner=María Luján Sanguinetti
|signature = Firma Redrado.svg
|children = Tómas, Martina
|website = https://martinredrado.com/
}}
'''Hernán Martín Pérez Redrado''' (born September 10, 1961) is an Argentine economist. He served as [[Central Bank|President of the Central Bank]] between 2004 and 2010.

==Early life and career==
Born Hernán Martín Pérez Redrado in [[Buenos Aires]] in 1961, he enrolled at the [[University of Buenos Aires]] and received a degree in [[economics]]. He joined U.S. economist [[Jeffrey Sachs]] as part of his advisory board, which had been invited by [[Bolivia]]n president [[Víctor Paz Estenssoro]] in 1985 to implement a restructuring of the [[Bolivian economy]], then in crisis.<ref name=link>[http://www.econlink.com.ar/biografia/redrado Econlink: Martín Redrado {{in lang|es}}]</ref>

He earned a master's degree in [[public administration]] from [[Harvard University]], and was brought on by the [[Wall Street]] investment firm [[Salomon Brothers]], where he served as adviser on their handling of the [[privatization]]s of [[British Airways]], [[British Gas plc]] and the French [[Suez (company, 1997–2008)|Compagnie Financière de Suez]], during the late 1980s. He worked for [[Los Angeles]]-based [[Security Pacific Bank]] until 1991, in which capacity he oversaw the [[profit sharing]] plan for [[Enersis]] employees, and advised on the privatization of [[Telmex]].<ref name=link/>

Returning to Argentina in 1991, Redrado was appointed President of the [[w:es:Comisión Nacional de Valores|National Securities Commission]] (CNV) by Economy Minister [[Domingo Cavallo]], who had just implemented his [[Argentine Currency Board|Convertibility Plan]] and a far-reaching [[deregulation]] program. Coupled with the 1990 launch of an ambitious privatization policy by President [[Carlos Menem]], these measures found Redrado overseeing a [[Buenos Aires Stock Exchange]] whose daily trading volume had risen around 20-fold within months.<ref>''Argentina: From Insolvency to Growth''. World Bank Press, 1993.</ref> His tenure earned him the designation as [[Emerging Markets]] Committee President of the [[International Organization of Securities Commissions]], in 1992.<ref name=link/> Differences with Cavallo over the 1993 privatization of the state oil concern, [[YPF]], whose handling by [[Merrill Lynch]] and [[First Boston]] Redrado termed a "rip-off," led to his removal from the CNV in March 1994, however, and he established ''Fundación Capital'', a [[think tank]].<ref name=cronista>[https://www.invertironline.com/institucional/prensa/cronista/cronista.asp ''El Cronista'': El futuro presidente del BCRA (September 2004) {{in lang|es}}] {{webarchive |url=https://web.archive.org/web/20090602085215/https://www.invertironline.com/institucional/prensa/cronista/cronista.asp |date=June 2, 2009 }}</ref>

Redrado was selected as one of the "100 Leaders for the Next Millennium" by [[Time Magazine]]'s International Edition in 1995, and he returned to public service as Secretary of Technological Education (a sub-cabinet-level post), in 1996. He was asked to run for a seat in the newly created [[Buenos Aires City Legislature]] in 1997, but was unsuccessful,<ref>[http://www.clarin.com/diario/1997/08/21/t-00701d.htm ''Clarín'' (8/21/1997) {{in lang|es}}]</ref> and he left the secretariat in 1998 to lead Trident Investment Group, a local [[venture capital]] firm specializing in health care.<ref name=cronista/>

The advent of the [[dot-com boom]] led Redrado to launch of InvertirOnline.com<ref>{{cite web | url=https://www.invertironline.com/ | title=InvertirOnline.com}}</ref> (only the third [[electronic trading platform]] in Argentina) in June 2000; the fledgling firm prospered despite the ensuing [[Argentine economic crisis (1999-2002)|local financial crisis]], and handled over 20,000 accounts by 2003. Redrado was named Secretary of Commerce (sub-cabinet) by President [[Eduardo Duhalde]] in 2002, and he was retained in the post by Duhalde's successor, President [[Néstor Kirchner]].<ref name=link/>

Redrado has also had three books published on the subject of contemporary economics: ''Tiempos de desafíos'' (''Challenging Times'', 1995),<ref>{{cite book|author=Martín Redrado|title=Tiempo de desafíos|url=https://books.google.com/books?id=BsVDAAAAYAAJ|date=1 January 1994|publisher=Planeta|isbn=978-950-742-563-9}}</ref>''Cómo sobrevivir a la globalización'' (''How to Survive Globalization'', 1999), and ''Exportar para crecer'' (''Exporting for Growth'', 2003).<ref name=link/> <ref>{{cite book|author=Martín Redrado|title=Exportar para crecer|url=https://books.google.com/books?id=II22AAAAIAAJ|year=2003|publisher=Planeta|isbn=978-950-49-1037-4}}</ref>

==Central Bank presidency==
Kirchner appointed Redrado President of the [[Central Bank of Argentina]] on September 24, 2004. The new central banker implemented the administration's policy of keeping a relatively undervalued [[Argentine peso]] to help bolster [[export]] competitiveness, while [[foreign exchange reserve]]s soared to nearly US$50 billion.<ref name=bcra>[http://www.bcra.gov.ar/ Banco Central de la República Argentina]</ref> Confirmed by President [[Cristina Fernández de Kirchner]] upon her December 10, 2007, inaugural, Redrado, by 2009, had become the third-longest serving Argentine Central Bank President since the institution's formal establishment in 1935.<ref name=bcra/>

Fallout from the international, [[2008 financial crisis]] later forced the Argentine government to seek domestic financing for growing public spending, as well as for [[foreign debt]] service obligations. The president ordered a US$6.7 billion account opened at the Central Bank for the latter purpose in December 2009, implying the use of foreign exchange reserves, and drawing direct opposition from Redrado. Following an impasse, he was dismissed by presidential decree on January 7, 2010, prior to which Economy Minister [[Amado Boudou]] had announced that [[Mario Blejer]] (who had expressed support for the measure) would be appointed in his stead.<ref>[http://www.clarin.com/diario/2010/01/07/um/m-02115418.htm ''Clarín'' (1/7/2010) {{in lang|es}}]</ref>

===Removal and controversy===
Central Bank Vice President Miguel Ángel Pesce became the institution's interim head. Redrado's removal, however, triggered a vocal rebuke from opposition figures in [[Argentine National Congress|Congress]], who, citing the need to preserve the Central Bank's nominal [[Central bank#Independence|independence]], expressed doubts as to the decree's legality.<ref name=nacion10>[http://www.lanacion.com.ar/nota.asp?nota_id=1219375&pid=8049798&toi=6255 ''La Nación'' (1/7/2010) {{in lang|es}}]</ref>

Redrado refused to abide by the initial decree removing him from the presidency of the Central Bank, and petitioned for a judicial power to keep him in office, at least until the Congress decides on the issue. Accordingly, the president enacted another decree for his dismissal. The legitimacy of this new decree was questioned as well, however, on the grounds of the aforementioned independence of the Central Bank, and for the lack of a prerequisite impeachment trial. Congress was at a [[Recess (break)|recess period]] at the time, but most of its members considered returning to override the decrees through an extraordinary session.<ref name=nacion10/>

The legitimacy of President Cristina Kirchner's policy decision to set aside a portion of the Central Bank's reserves through a [[Necessity and Urgency Decree]] was itself questioned by several opposition figures, who argued that the reserves can be only used to keep the value of currency and not for commercial purposes, that the Central Bank is independent, and that only Congress can bypass it through a law. The decree, moreover, may not meet a threshold of "necessity" and "urgency" required by the [[Constitution of Argentina]] for its enactment.<ref name=nacion10/>

Judge [[María José Sarmiento]] handed down a ruling preventing said use of reserves. The ruling did not decide on the constitutional legitimacy of the decree itself, but instead placed the measure on hold until Congress can legislate on the issue; the Government reacted by appealing the ruling.<ref>[http://www.lanacion.com.ar/1219741 ''La Nación'': La Casa Rosada confirma que apelará el fallo que frena el uso de reservas {{in lang|es}}]</ref> Judge Sarmiento then annulled the decree that removed Redrado and reinstated him as President of the Central Bank the following day, due to the lack of a Congressional bill mandating his removal (which is a step required by the laws that govern the Central Bank). The ruling also refuted claims of mis-conduct cited by President Cristina Kirchner to justify his removal.<ref>[http://www.lanacion.com.ar/1219722 Redrado volvió al Banco Central {{in lang|es}}]</ref>

Following an appeals court ruling on January 22, however, Redrado was suspended, and Central Bank Vice President Miguel Ángel Pesce named in his stead on a provisional basis; though the injunction against the proposed use of reserves was upheld, Redrado's suspension stood pending a resolution on the matter from a committee in Congress.<ref>[http://www.clarin.com/diario/2010/01/22/um/m-02125286.htm ''Clarín'': "Redrado no entra más al Banco Central" {{in lang|es}}]</ref> The impasse prompted Redrado to resign on January 30, and he was ultimately replaced by [[Mercedes Marcó del Pont]], President of the [[Banco de la Nación Argentina|National Bank]], on February 3.<ref>[http://www.telam.com.ar/vernota.php?tipo=N&idPub=176541&id=339017&dis=1&sec=1 ''Télam'' {{in lang|es}}] {{webarchive|url=https://web.archive.org/web/20100311025823/http://www.telam.com.ar/vernota.php?tipo=N&idPub=176541&id=339017&dis=1&sec=1 |date=2010-03-11 }}</ref>

==References==
{{reflist|2}}

{{Authority control}}

{{DEFAULTSORT:Redrado, Hernan Martin}}
[[Category:1961 births]]
[[Category:Living people]]
[[Category:Argentine people of Spanish descent]]
[[Category:People from Buenos Aires]]
[[Category:Argentine economists]]
[[Category:Argentine bankers]]
[[Category:University of Buenos Aires alumni]]
[[Category:Harvard Kennedy School alumni]]
[[Category:Presidents of the Central Bank of Argentina]]