RT info:eu-repo/semantics/workingPaper
T1 Fiscal rules in Latin America : a survey
A1 Berganza, Juan Carlos
K1 Fiscal rules
K1 Debt sustainability
K1 Fiscal policy stance
K1 Structural balance
K1 Fiscal impulse
K1 Stabilization funds
K1 Ciencias económicas
K1 Economics
K1 Economía
AB 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
PB Universidad de Alcalá. Instituto de Estudios Latinoamericanos (IELAT)
SN 1989-8819
YR 2012
FD 2012
LK http://hdl.handle.net/10017/21599
UL http://hdl.handle.net/10017/21599
LA eng
NO 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
DS MINDS@UW
RD 01-may-2024