Should Latin American countries adopt structural balance-based fiscal rules?

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Latin America has a long history of pro-cyclical fiscal policies, reflecting the region’s exposure to a range of exogenous shocks, tight financial constraints and relatively weak fiscal institutions. This paper discusses the role that structural balance-based fiscal rules (SFRs) could play in modera...

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Autor principal: Ter-Minassian, Teresa
Formato: Artículo revista
Lenguaje:Inglés
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2011
Materias:
reglas fiscales
América Latina
política fiscal estructural
prociclicalidad
E62
H60
fiscal rules
Latin America
structural fiscal policy
procyclicality
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/7492
Aporte de:
Revistas de la UNC de Universidad Nacional de Córdoba
id I10-R10-article-7492
record_format ojs
spelling I10-R10-article-74922022-04-06T19:36:05Z Should Latin American countries adopt structural balance-based fiscal rules? ¿Deben los países latinoamericanos adoptar reglas fiscales basadas en el equilibrio estructural? Ter-Minassian, Teresa reglas fiscales América Latina política fiscal estructural prociclicalidad E62 H60 fiscal rules Latin America structural fiscal policy procyclicality E62 H60 Latin America has a long history of pro-cyclical fiscal policies, reflecting the region’s exposure to a range of exogenous shocks, tight financial constraints and relatively weak fiscal institutions. This paper discusses the role that structural balance-based fiscal rules (SFRs) could play in moderating pro-cyclicality, ensuring longer-term debt sustainability, and facilitating the coordination of fiscal with other macro-economic policies in the region. It also focuses on the necessary ingredients for a sound design and successful implementation of SFRs. The fact that these conditions are rather demanding, and unlikely to be adequately fulfilled in many Latin America countries at the present time, suggests that a gradualist approach may be more realistic, beginning with a systematic and transparent calculation and dissemination by the authorities of structural indicators to assess the fiscal stance and inform budgetary policy, and moving to more formal rules over time as the relevant pre-conditions are put in place. América Latina posee una larga historia de políticas fiscales procíclicas lo cual refleja la exposición de la región a shocks exógenos, fuertes restricciones financieras e instituciones fiscales relativamente débiles. Este artículo discute el rol que las reglas fiscales basadas en equilibrios presupuestarios estructurales (SFRs) pueden tener para moderar la prociclicidad, asegurar la sostenibilidad de la deuda en el largo plazo, y facilitar la coordinación de la política fiscal con otras políticas macroeconómicas en la región. El artículo también se enfoca en las condiciones necesarios para un buen diseño y la exitosa implementación de las SFRs. El hecho de que estas condiciones son bastante rigurosas e improbables de encontrar en muchos países de la región en la actualidad, sugiere que un enfoque gradualist podría ser más realista, comenzando por la construcción y diseminación sistemática y transparente de indicadores estructurales para medir la situación fiscal e informar la política presupuestaria, para luego moverse a reglas más formales cuando las condiciones relevantes estén establecidas. Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2011-12-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unc.edu.ar/index.php/REyE/article/view/7492 Revista de Economía y Estadística; Vol. 49 No. 2 (2011); 115-143 Revista de Economía y Estadística; Vol. 49 Núm. 2 (2011); 115-143 2451-7321 0034-8066 10.55444/2451.7321.2011.v49.n2 eng https://revistas.unc.edu.ar/index.php/REyE/article/view/7492/8538 Derechos de autor 2011 Teresa Ter-Minassian http://creativecommons.org/licenses/by-nc-nd/4.0
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Inglés
format Artículo revista
topic reglas fiscales
América Latina
política fiscal estructural
prociclicalidad
E62
H60
fiscal rules
Latin America
structural fiscal policy
procyclicality
E62
H60
spellingShingle reglas fiscales
América Latina
política fiscal estructural
prociclicalidad
E62
H60
fiscal rules
Latin America
structural fiscal policy
procyclicality
E62
H60
Ter-Minassian, Teresa
Should Latin American countries adopt structural balance-based fiscal rules?
topic_facet reglas fiscales
América Latina
política fiscal estructural
prociclicalidad
E62
H60
fiscal rules
Latin America
structural fiscal policy
procyclicality
E62
H60
author Ter-Minassian, Teresa
author_facet Ter-Minassian, Teresa
author_sort Ter-Minassian, Teresa
title Should Latin American countries adopt structural balance-based fiscal rules?
title_short Should Latin American countries adopt structural balance-based fiscal rules?
title_full Should Latin American countries adopt structural balance-based fiscal rules?
title_fullStr Should Latin American countries adopt structural balance-based fiscal rules?
title_full_unstemmed Should Latin American countries adopt structural balance-based fiscal rules?
title_sort should latin american countries adopt structural balance-based fiscal rules?
description Latin America has a long history of pro-cyclical fiscal policies, reflecting the region’s exposure to a range of exogenous shocks, tight financial constraints and relatively weak fiscal institutions. This paper discusses the role that structural balance-based fiscal rules (SFRs) could play in moderating pro-cyclicality, ensuring longer-term debt sustainability, and facilitating the coordination of fiscal with other macro-economic policies in the region. It also focuses on the necessary ingredients for a sound design and successful implementation of SFRs. The fact that these conditions are rather demanding, and unlikely to be adequately fulfilled in many Latin America countries at the present time, suggests that a gradualist approach may be more realistic, beginning with a systematic and transparent calculation and dissemination by the authorities of structural indicators to assess the fiscal stance and inform budgetary policy, and moving to more formal rules over time as the relevant pre-conditions are put in place.
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2011
url https://revistas.unc.edu.ar/index.php/REyE/article/view/7492
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AT terminassianteresa debenlospaiseslatinoamericanosadoptarreglasfiscalesbasadasenelequilibrioestructural
first_indexed 2022-08-20T00:58:08Z
last_indexed 2022-08-20T00:58:08Z
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