Fiscal rules in Latin America : a survey
Authors
Berganza, Juan CarlosPublisher
Universidad de Alcalá. Instituto de Estudios Latinoamericanos (IELAT)
Date
2012Bibliographic citation
Fiscalidad en América Latina. Monográfico Economía. Documentos de trabajo. IELAT-Instituto de Estudios Latinoamericanos, Universidad de Alcalá, N. 42, (sept. 2012), p. 2-39. ISSN 1989-8819
Keywords
Fiscal rules
Debt sustainability
Fiscal policy stance
Structural balance
Fiscal impulse
Stabilization funds
Description / Notes
El presente Documento de Trabajo recoge los artículos seleccionados en el marco del Call for Papers sobre Fiscalidad en América Latina que convoco el Instituto de Estudios Latinoamericanos de la Universidad de Alcalá. Este número presenta los artículos relativos a la temática económica
Document type
info:eu-repo/semantics/workingPaper
Rights
Atribución-NoComercial-SinDerivadas 3.0 España
Access rights
info:eu-repo/semantics/openAccess
Abstract
This survey first discusses general characteristics, advantages, and disadvantages of different types of fiscal rules. It then reviews the experience with fiscal rules in seven Latin American countries. Only Chile targets cyclically adjusted indicators although Colombia is going the “Chilean way” and the Mexican rule offers some stabilization properties. Argentina, Brazil and Peru apply numerical rules targeting the overall/primary public balance and/or the public spending. The Venezuelan framework has been substantially diluted or abandoned after introduction. The institutional coverage depends on the degree of decentralization of the fiscal systems with many countries including debt limits to the subnational governments as a key tool to face the common pool problem that emerges in federal states. All in all, it seems that fiscal rules in Latin America have been more effective in helping to strengthen the long term sustainability than in responding to shocks as proved by the recent financial crisis. Fiscal rules have had to be fine‐tuned along the years and a “second generation” of fiscal rules may be necessary in order to increase their efficiency
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fiscal_berganza_IELATDT_2012_N ... | 584.8Kb |
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