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

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:
E62
H60
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/7492
Aporte de:
id I10-R10article-7492
record_format ojs
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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