1991 年 1991 巻 98 号 p. 44-61,L8
By innovative initiatives for foreign debt policy, economic recovery, and improvement of the life of the nation's poor people, the García governmnet raised high expectations within Peru and drew much attention from the financial world. After the first years' success, however, the governmnet was faced with economic difficulties, such as the fall of foreign reserves along with gradual international isolation and a fiscal deficit, before it finally collapsed through hyper-inflation, unprecedented economic deterioration, and political chaos.
The author attributes García's failure to the ideological ambiguities inherent to populism, the political climate within which García's Apra Party gained power for the first time after its foundation sixty years earlier, economic mismanagement, radically confrontational and internally consumed foreign debt policies, and basically to his peculiar leadership which once mobilised popular support and managed to build national consensus on the nation's economic recovery, but in an entrenched situation, led to a fatal policy of nationalization of the banking system.