Budgets Of Latin American Countries
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Budgets Of Latin American Countries
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Author : Guillermo Butler Sherwell
language : en
Publisher:
Release Date : 1924
Budgets Of Latin American Countries written by Guillermo Butler Sherwell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1924 with Budget categories.
Budget Rigidity In Latin America And The Caribbean
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Author : Santiago Herrera
language : en
Publisher: World Bank Publications
Release Date : 2020-04-23
Budget Rigidity In Latin America And The Caribbean written by Santiago Herrera and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-23 with Business & Economics categories.
Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible--wages, pensions, transfers to subnational governments, and debt service--and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the ratio of structural spending to total spending, with a higher value indicating that spending is driven mostly by factors out of the policy makers’ control. This concept of rigidity was applied to 120 countries for the years 2000†“17 and produced several interesting results: • Advanced economies and developing countries in other regions have higher levels of rigidity than countries in LAC. • The sources of rigidity vary by country. • Higher rigidity is associated with higher spending levels, higher tax rates, higher public debt, and lower efficiency of public spending. • Rigidity has pervasive effects on fiscal sustainability, increasing the country’s financing needs and reducing the probability of the country starting a fiscal adjustment. Given these pervasive effects of spending rigidity, the report concludes by discussing several policies to contain the sources of rigidity in the long term, ranging from the importance of deepening the pension reform process to the need of establishing strong fiscal institutions promoting medium-term fiscal planning.
Public Financial Management In Latin America
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Author : Mario Pessoa
language : en
Publisher: Inter-American Development Bank
Release Date : 2015-08-24
Public Financial Management In Latin America written by Mario Pessoa and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-24 with Political Science categories.
The efficiency, effectiveness, and transparency of public financial management in Latin America is critical for the supervision of public resources, fiscal stability, and sustainable economic development. In recent years, the countries of Latin America have embraced reforms in public financial management and have made many important advances; however, many challenges remain. This book brings together the knowledge and experiences of IMF and IDB staff and representatives from 16 governments in the region to document these reforms, and examines the experiences and lessons learned. It is a valuable resource for those looking at issues in public financial management.
Budget Rigidity In Latin America And The Caribbean
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Author : Santiago Herrera
language : en
Publisher:
Release Date : 2020
Budget Rigidity In Latin America And The Caribbean written by Santiago Herrera and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Caribbean Area categories.
Policy makers in Latin America and the Caribbean often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible-- wages, pensions, transfers to subnational governments, and debt service-- and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the ratio of structural spending to total spending, with a higher value indicating that spending is driven mostly by factors out of the policy makers' control. This concept of rigidity was applied to 120 countries and produced several interesting results: • Advanced economies and developing countries in other regions have higher levels of rigidity than countries in LAC. • The sources of rigidity vary by country. • Higher rigidity is associated with higher spending levels, higher tax rates, higher public debt, and lower efficiency of public spending. • Rigidity has pervasive effects on fiscal sustainability, increasing the country's financing needs and reducing the probability of the country starting a fiscal adjustment. Given these pervasive effects of spending rigidity, the report concludes by discussing several policies to contain the sources of rigidity in the long term, ranging from the importance of deepening the pension reform process to the need of establishing strong fiscal institutions promoting medium-term fiscal planning.
Budget And Control
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Author : A. Humberto Petrei
language : en
Publisher:
Release Date : 1998
Budget And Control written by A. Humberto Petrei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
For example, the Bill of Budget Honesty in Australia, the Citizen's Charter in England, and the Fiscal Responsibility Act in New Zealand, clearly specify what information must be made public and when this information must be released. Latin America needs legal instruments such as these if its democracies are to be strengthened.
Budget Institutions And Fiscal Performance In Latin America
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Author :
language : en
Publisher:
Release Date : 1996
Budget Institutions And Fiscal Performance In Latin America written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Budget categories.
In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that hierarchical' and transparent procedures have been associated with more fiscal discipline in Latin America in the eighties and early nineties
Who Decides The Budget A Political Economy Analysis Of The Budget Process In Latin America
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Author : Carlos Scartascini
language : en
Publisher: Inter-American Development Bank
Release Date : 2009-01-01
Who Decides The Budget A Political Economy Analysis Of The Budget Process In Latin America written by Carlos Scartascini and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
This book presents a new framework for analyzing the political economy of budget processes in Latin America that is based on the following premises: i) the budget process must be considered as part of the overall policymaking process rather than in isolation; ii) budget outcomes cannot be fully explained on the basis of only one or two political or institutional dimensions; iii) actual practices must be considered as well as formal rules; iv) budget processes affect dimensions of fiscal outcomes besides fiscal sustainability, particularly efficiency, adaptability, and representativeness; v) political actors and their incentives must be considered at different stages of the policymaking process and in different institutional contexts. Case studies are presented for eight countries in the region, and a final chapter presents conclusions and suggestions for further research.
Citizens In Charge
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Author : Isabel Licha
language : en
Publisher: IDB
Release Date : 2004
Citizens In Charge written by Isabel Licha and has been published by IDB this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
"Takes a close look at people's involvement in the new framework of state decentralization. By focusing on the potential as well as the limitations of citizens managing local budgets, the goal is to improve the process of democratization of the state and society. The contributors explore the achievements of the process of decentralization, which is the backdrop for the emerging process of citizen participation in public decisionmaking at the local government level. The volume approaches this issue from a general perspective and up close through case studies. The broad perspective generates a framework for analytical understanding of fiscal decentralization and participation. The case studies highlight local experiences in East Asia - Indonesia, Malaysia, and the Philippines - and Latin America - Bolivia, Brazil, Colombia, and Peru. Each case illustrates a particular leadership style and type of participation. Important similarities emerge in the areas of trust, political will, unity among actors, intergovernmental coordination, capacity of government and citizen organizations to generate participatory public policies, and redistribution of power and responsibility between the state and civil society."--Publisher's web site.
Fiscal Rules And Economic Size In Latin America And The Caribbean
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Author : Fernando Blanco
language : en
Publisher: World Bank Publications
Release Date : 2020-10-10
Fiscal Rules And Economic Size In Latin America And The Caribbean written by Fernando Blanco and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-10 with Business & Economics categories.
Following the collapse of commodity prices in Latin America and the Caribbean (LAC) in 2014-15, many countries in the region were unable to cushion the impact of the shock in order to experience a more gradual adjustment, to a large extent because they had not built adequate fiscal buffers during the commodities’ windfall from 2010-14. Many LAC countries entered 2020 and the COVID-19 crisis in an even more difficult position, with rising debt and limited fiscal space to smooth the negative impacts of the pandemic and adequately support their economies. Fiscal policy in most LAC countries has been procyclical. Public expenditure and debt levels have expanded in good times and contracted in severe downswings due to insufficient fiscal buffers, making crises deeper. Fiscal rules represent a promising policy option for these and other economies. If well-designed and implemented, they can help build buffers during periods of strong economic performance that will be available during rainy days to smooth economic shocks. This book—which was prepared before the COVID-19 crisis—reviews the performance and implementation of different fiscal rules in the region and world. It provides analytical and practical criteria for policy makers for the design, establishment, and feasible implementation of fiscal rules based on each country's business cycle features, external characteristics, type of shocks faced, initial fiscal conditions, technical and institutional capacities, and political context. While establishing new fiscal rules would not help to attenuate the immediate effects of this pandemic crisis, higher debt levels in the aftermath of COVID-19 will demand rebuilding better and stronger institutional frameworks of fiscal policy in LAC and emerging economies globally. Having stronger fiscal mechanisms that include fiscal rules can help countries prepare for the next crisis and should be on the front burner for policy makers in coming years. The findings and lessons discussed apply to economies of different sizes, with some differences under certain scenarios in terms of the technical design and criteria needed for implementation. In this book, policy makers will find that fiscal rules, if tailored to country characteristics, can work and be an essential fiscal tool for larger and particularly smaller economies.
Rigidities And Fiscal Space In Latin America
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Author : Oscar Centrángolo
language : en
Publisher: United Nations Publications
Release Date : 2010
Rigidities And Fiscal Space In Latin America written by Oscar Centrángolo and has been published by United Nations Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
The paper begins with a conceptual overview and comparative analysis of the cases studied in Latin America. First, there is an analysis and review of the theoretical justifications and arguments used in the political debate which underlies the emergence and persistence of rigidities in countries of the region, following a typology which allows for the classification of the reasons for rigidities. Based on the case studies the potential effects of fiscal rigidities on public budgets and their impact on fiscal-policy management are evaluated. The ultimate goal of this comparative study is to provide a set of recommendations to help guide future improvements in the management of public budgets.