Fiscal policy and the cycle in Latin America: The role of financing conditions and fiscal rules
A stronger macroeconomic position when the financial crisis erupted allowed Latin American economies to mitigate its impact through fiscal expansions, reversing the characteristic procyclical behaviour of fiscal policy. At the same time, in the last two decades fiscal rules have been extensively ado...
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| Main Author: | |
|---|---|
| Other Authors: | , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2017
|
| Series: | OECD Development Centre Working Papers
no.336 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | A stronger macroeconomic position when the financial crisis erupted allowed Latin American economies to mitigate its impact through fiscal expansions, reversing the characteristic procyclical behaviour of fiscal policy. At the same time, in the last two decades fiscal rules have been extensively adopted in the region. This paper analyses the stabilising role of discretionary fiscal policy over time, and the role of fiscal financing conditions and fiscal rules in this evolution in a sample of eight Latin American economies. The analysis shows three main results: i) fiscal policies became countercyclical during the crisis, but they have turned procyclical again in recent years; ii) financing conditions are confirmed to be a key driver of the fiscal stance, but their relevance has recently diminished; and iii) fiscal rules are associated with a more stabilising role for fiscal policy. |
| Physical Description: | 1 Online-Ressource (45 Seiten) |
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| spelling | Alberola, Enrique VerfasserIn aut Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules Enrique, Alberola ... [et al] Paris OECD Publishing 2017 1 Online-Ressource (45 Seiten) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Development Centre Working Papers no.336 A stronger macroeconomic position when the financial crisis erupted allowed Latin American economies to mitigate its impact through fiscal expansions, reversing the characteristic procyclical behaviour of fiscal policy. At the same time, in the last two decades fiscal rules have been extensively adopted in the region. This paper analyses the stabilising role of discretionary fiscal policy over time, and the role of fiscal financing conditions and fiscal rules in this evolution in a sample of eight Latin American economies. The analysis shows three main results: i) fiscal policies became countercyclical during the crisis, but they have turned procyclical again in recent years; ii) financing conditions are confirmed to be a key driver of the fiscal stance, but their relevance has recently diminished; and iii) fiscal rules are associated with a more stabilising role for fiscal policy. Development Kataryniuk, Iván MitwirkendeR ctb Melguizo, Ángel MitwirkendeR ctb Orozco, René. MitwirkendeR ctb |
| spellingShingle | Alberola, Enrique Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules Development |
| title | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules |
| title_auth | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules |
| title_exact_search | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules |
| title_full | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules Enrique, Alberola ... [et al] |
| title_fullStr | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules Enrique, Alberola ... [et al] |
| title_full_unstemmed | Fiscal policy and the cycle in Latin America The role of financing conditions and fiscal rules Enrique, Alberola ... [et al] |
| title_short | Fiscal policy and the cycle in Latin America |
| title_sort | fiscal policy and the cycle in latin america the role of financing conditions and fiscal rules |
| title_sub | The role of financing conditions and fiscal rules |
| topic | Development |
| topic_facet | Development |
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