ended in the economic crises of 1982. The Latin American debt crisis had a devastating impact on every Latin American country, but Chile was hit hardest with a GDP declined by 14%, while Latin American GDP diminished by 3.2% within the same period. Besides the Petrodollar recycling and the 1979 energy crisis there were some specific Chilean reasons for the crises too. The Chicago Boys had expected that since the government had achieved a fiscal surplus and the decision for external borrowing was left to private agents a foreign exchange crises would not occur. But in an effort to fight inflation Dollarization was introduced which lead to a Peso revaluation that caused high current account deficits which led to an increase in foreign lending. Additionally capital controls were abandoned and the financial market deregulated which led to an undamped increase in private foreign borrowing. The debt crises led to a bank run which led to an economic crises. With the economic crisis of 1982, the "monetarist experiment" came to be widely regarded as a failure. Pragmatic neoliberalism (1982–1990) Finance minister Sergio de Castro rejected a competitive devaluation of the Peso even in 1982 despite a quickly growing rate of business bankruptcies. He argued that only the strongest and fittest should survive, but with a deepening financial and economic crises that position became unbearable, he had to resign. One by one the economic crises of 1981 led to the replacement of all the Chicago Boys. Pragmatic economists had to socialize the two biggest Chilean banks in 1982 and another seven collapsing banks in 1983. The Central Bank of Chile socialized much of the foreign debt. The public expenditure quota rose above 34%, even higher than during the presidency of socialist Salvador Allende. The pragmatic Chicago Boy Hernán Büchi was appointed as finance minister in 1985. He revived Bank regulation by founding the Superintendencia de Bancos e Instituciones Financieras (SBIF) and established capital controls to avoid another financial crises. He also established ProChile, a Chilean government agency specialized in the promotion of exports. A further promotion of exports were fostered by cheap government credit and subsidies. Some tariffs were raised up to 35%. The socialized banks and some profitable public companies were re-privatized. The pragmatic economic policy after the crises of 1982 is appreciated for bringing constant economic growth. Concertación era (1990–2010) After the return to Democracy the Presidents Patricio Aylwin (1990–1993)