Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region
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Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region
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Author : Guillermo Perry
language : en
Publisher: World Bank Publications
Release Date : 2003
Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region written by Guillermo Perry 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 2003 with Business cycles categories.
The debate on fiscal policy in Europe centers on how to let automatic stabilizers work while achieving fiscal consolidation. There is significant agreement on the importance of using fiscal policy as a counter-cyclical instrument, as monetary policy can no longer play this role. In contrast, most of the discussion on fiscal policy in Latin America and the Carribean region (LAC) deals just on solvency issues, largely ignoring the effects of the economic cycle. This is surprising as LAC economies are much more volatile than their European counterparts and have been generally applying pro-cyclical fiscal policies that exacerbate volatility. Some analysts and policymakers appear to think that counter-cyclical fiscal policies are a luxury that only industrial countries can indulge in or, at least, that LAC countries (with the exception of Chile) that have successfully put in place a counter-cyclical fiscal policy need to deal first with pressing adjustment and solvency issues before they attempt to reduce the highly pro-cyclical character of their fiscal policies. The author argues that this is a major mistake because the costs of pro-cyclical fiscal policies in LAC are huge in growth and welfare terms, especially for the poor, and because pro-cyclical policies and rules tend to develop a deficit bias, thus ending up being nonsustainable and noncredible. Perry illustrates both propositions. He then examines the causes of the pro-cyclicality of fiscal policies in LAC and discusses how well-designed fiscal rules may help to deal with the political economy and credibility factors behind pro-cyclicality. He also examines conflicts between flexibility and credibility in rules, showing how a good design can both facilitate the operation of automatic stabilizers while at the same time supporting solvency goals and enhancing credibility. Perry evaluates the experience with different fiscal rules and institutions in LAC to see the extent they have helped or can help to achieve the twin goals of avoiding deficit and pro-cyclical biases.
Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region
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Author : Guillermo E. Perry
language : en
Publisher:
Release Date : 2016
Can Fiscal Rules Help Reduce Macroeconomic Volatility In The Latin America And Caribbean Region written by Guillermo E. Perry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The debate on fiscal policy in Europe centers on how to let automatic stabilizers work while achieving fiscal consolidation. There is significant agreement on the importance of using fiscal policy as a counter-cyclical instrument, as monetary policy can no longer play this role. In contrast, most of the discussion on fiscal policy in Latin America and the Caribbean region (LAC) deals just on solvency issues, largely ignoring the effects of the economic cycle. This is surprising as LAC economies are much more volatile than their European counterparts and have been generally applying pro-cyclical fiscal policies that exacerbate volatility. Some analysts and policymakers appear to think that counter-cyclical fiscal policies are a luxury that only industrial countries can indulge in or, at least, that LAC countries (with the exception of Chile) that have successfully put in place a counter-cyclical fiscal policy need to deal first with pressing adjustment and solvency issues before they attempt to reduce the highly pro-cyclical character of their fiscal policies.Perry argues that this is a major mistake because the costs of pro-cyclical fiscal policies in LAC are huge in growth and welfare terms, especially for the poor, and because pro-cyclical policies and rules tend to develop a deficit bias, thus ending up being nonsustainable and noncredible. Perry illustrates both propositions. He then examines the causes of the pro-cyclicality of fiscal policies in LAC and discusses how well-designed fiscal rules may help to deal with the political economy and credibility factors behind pro-cyclicality. He also examines conflicts between flexibility and credibility in rules, showing how a good design can both facilitate the operation of automatic stabilizers while at the same time supporting solvency goals and enhancing credibility. Perry evaluates the experience with different fiscal rules and institutions in LAC to see the extent they have helped or can help to achieve the twin goals of avoiding deficit and pro-cyclical biases. This paper is a product of the Office of the Chief Economist, Latin America and the Caribbean Region.
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.
Riding The Roller Coaster
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Author : Pablo Lopez Murphy
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
Riding The Roller Coaster written by Pablo Lopez Murphy and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.
Can Fiscal Rules Help Reduce Macroeconomic Volatillity In The Latin America And Carribean Region
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Author : Guillermo Perry
language : en
Publisher:
Release Date : 2003
Can Fiscal Rules Help Reduce Macroeconomic Volatillity In The Latin America And Carribean Region written by Guillermo Perry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Can Fiscal Rules Help Reduce Macroeconomic Volatility In Lac
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Author : Guillermo E. Perry
language : en
Publisher:
Release Date : 2003
Can Fiscal Rules Help Reduce Macroeconomic Volatility In Lac written by Guillermo E. Perry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Politica fiscal - America Latina categories.
Economic Survey Of Latin America And The Caribbean 2007 2008
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Author : United Nations
language : en
Publisher: UN
Release Date : 2009
Economic Survey Of Latin America And The Caribbean 2007 2008 written by United Nations and has been published by UN this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Special 60th Anniversary Edition! The Economic Survey is one of ECLAC's flagship publications, and has been issued since 1948. This new edition covers the region's economic performance in 2007 and the first semester of 2008, and suggests growth estimates for this year. The first chapter is a regional overview, including an analysis of economic policies applied in different countries, and their performance in terms of economic activity, inflation, labor markets, trade and capital flows. The following three chapters deal with the issue of macroeconomic volatility and its relevance in Latin America, empirical evidence of volatility and crisis in the region, and volatility, cycles and policy response. As it is an anniversary edition, the report has an additional special chapter on the 60 years of the Economic Survey. As in each edition, the report also provides data on the economic evolution of each country in the region and includes a statistical
Economic Survey Of Latin America And The Caribbean 2007 2008
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Author : United Nations
language : en
Publisher: UN
Release Date : 2009
Economic Survey Of Latin America And The Caribbean 2007 2008 written by United Nations and has been published by UN this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Special 60th Anniversary Edition! The Economic Survey is one of ECLAC's flagship publications, and has been issued since 1948. This new edition covers the region's economic performance in 2007 and the first semester of 2008, and suggests growth estimates for this year. The first chapter is a regional overview, including an analysis of economic policies applied in different countries, and their performance in terms of economic activity, inflation, labor markets, trade and capital flows. The following three chapters deal with the issue of macroeconomic volatility and its relevance in Latin America, empirical evidence of volatility and crisis in the region, and volatility, cycles and policy response. As it is an anniversary edition, the report has an additional special chapter on the 60 years of the Economic Survey. As in each edition, the report also provides data on the economic evolution of each country in the region and includes a statistical
Fiscal Rules Anchoring Expectations For Sustainable Public Finances
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-11
Fiscal Rules Anchoring Expectations For Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-11 with Business & Economics categories.
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Mine Closure And Its Impact On The Community
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Author : Michael Haney
language : en
Publisher: World Bank Publications
Release Date : 2003
Mine Closure And Its Impact On The Community written by Michael Haney 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 2003 with Coal mines and mining categories.