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Enhancing Chiles Fiscal Framework
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Book Synopsis Enhancing Chile’s Fiscal Framework by : Mr.Andrés Pérez
Download or read book Enhancing Chile’s Fiscal Framework written by Mr.Andrés Pérez and published by International Monetary Fund. This book was released on 2019-10-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet summarizes the presentations in the conference titled “Enhancing Chile’s Fiscal Framework: Lessons from Domestic and International Experience,” organized by Chile’s Ministry of Finance and the International Monetary Fund in January of 2019. The conference’s objective was to explore challenges and possible opportunities to improve Chile’s fiscal framework, including the fiscal rule, by looking at the Chilean and international experience. The conference had the valuable participation of current and former senior policymakers from Chile, including former Ministers of Finance ranging across the political spectrum and central bank presidents, which provided an insightful perspective in areas for improvement in the realm of fiscal policy. These views were complemented by representatives from the IMF and the Inter-American Development Bank, academics, and country officials from New Zealand and Peru, which provided lessons from the international experience.
Book Synopsis Strengthening Chile's Rule-Based Fiscal Framework by : Ms.Teresa Daban Sanchez
Download or read book Strengthening Chile's Rule-Based Fiscal Framework written by Ms.Teresa Daban Sanchez and published by International Monetary Fund. This book was released on 2011-01-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cornerstone of Chile’s impressive fiscal performance has been its structural balance rule. By insulating public spending from short-term copper price fluctuations and the business cycle, the rule has helped preserve fiscal discipline. However, the implementation of the rule in recent years has revealed certain challenges, and in May 2010, the government established a high-level commission to recommend reforms that could make the rule even more effective. This paper assesses the scope for improving the design and implementation of the structural balance rule in light of best practices and OECD country experience with fiscal rules. This assessment suggests several options to strengthen Chile’s fiscal rule, including by simplifying the calculation of the structural balance; enhancing the rule’s flexibility, transparency and accountability; and complementing it with a medium-term fiscal framework.
Book Synopsis Chile by : International Monetary Fund
Download or read book Chile written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-29 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cornerstone of Chile’s impressive fiscal performance and strong fiscal system has been its structural balance rule. It has helped to insulate public spending from copper price cycles and improve the government’s net financial position. Chile should adopt a full-fledged medium-term fiscal framework to improve fiscal planning and provide a framework for addressing temporary deviations from the fiscal rule. Publishing additional fiscal indicators in the budget, such as the non-copper structural balance, could provide more comprehensive information on the impact of fiscal policy on the domestic demand.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451807707 Total Pages :40 pages Book Rating :4.8/5 (77 download)
Book Synopsis Chile: Selected Issues by : International Monetary Fund
Download or read book Chile: Selected Issues written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-09-09 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper for Chile assesses the impact of the global financial crisis on Chilean banks. It provides a framework for analyzing government measures aimed at reducing systemic risk. The analysis suggests that Chilean banks are resilient to global and regional shocks. However, even in the absence of direct exposures with other countries in the region, there may be risk spillovers from other banks in the region and in advanced economies. The paper also presents options for further strengthening Chile's fiscal framework.
Book Synopsis Chile: Fiscal Transparency Evaluation by : International Monetary
Download or read book Chile: Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-11 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.
Download or read book Chile written by Guillermo Perry and published by World Bank Publications. This book was released on 1999-01-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The "Chilean model" has been expostulated for some time in the Latin American and Caribbean region and elsewhere because it appeared that the country, despite terrible political and economic turmoil, embodied important lessons about economic management." Over the last 15 years, Chile has been the Latin American country with the most consistent and successful economic record. The success of Chile's economic reforms and the subsequent dramatic increase in real income are well known. To a large extent, Chile's positive fiscal outcomes have been the result of sound policies as well as sound fiscal institutions. However, there is room for improvement in the education and health sectors, and the results for Chile in terms of equality of income are not positive. 'Chile: Recent Policy Lessons and Emerging Challenges' presents a series of papers analyzing different aspects of Chilean public policy, which cover economic and social policies as well as regulatory and governance issues. The book is broken down into three parts: The first part examines the contribution of macroeconomic policies to superior outcomes; the second part analyzes the many advances in the social sector and the remaining troublesome issues; and the third part evaluates regulatory reforms and the effects of privatization. Since no public policy model is static, further reforms are needed to maintain Chile's economic growth as well as to respond effectively to public demands. As Chile grapples with its pockets of poverty, the balance between social safety nets and the need for greater efficiency in labor markets, a rebalancing of regulatory powers, and other thorny issues, it will need to rely on its institutional experience in public policy and conflict resolution.
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis Chile: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile by : International Monetary
Download or read book Chile: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile written by International Monetary and published by International Monetary Fund. This book was released on 2021-04-23 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chilean economy has been hit by the pandemic while recovering from the social unrest in late 2019, requiring substantial adjustment of economic policies and the appropriate use of existing policy buffers. Following a sharp decline in mid-2020, economic activity started recovering in 2020H2 in the wake of ample policy stimulus. Inflation remains near the policy target, with inflation expectations anchored, and the current account balance has improved amid a sharp drop in imports and relatively resilient exports. Fiscal and monetary policies remain guided by the structural fiscal balance rule and the inflation-targeting framework, respectively. Beyond the pandemic-related risks, there is uncertainty stemming from a series of elections and the outcome of a New Constitution process—scheduled to finish in mid-2022—which are expected to shape the public discourse and influence the policy agenda.
Book Synopsis A New Fiscal Framework for Resource-Rich Countries by : Mr. Luc Eyraud
Download or read book A New Fiscal Framework for Resource-Rich Countries written by Mr. Luc Eyraud and published by International Monetary Fund. This book was released on 2023-11-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.
Book Synopsis Chile: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chile by : International Monetary
Download or read book Chile: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chile written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic hit the Chilean economy while it was recovering from the 2019 social unrest. The authorities’ swift and strong economic policy efforts and Chile’s very strong institutional frameworks helped buffer the economic and social consequences. The ongoing economic recovery continues to be supported by ample policy stimulus, a rapid vaccination process, well-anchored inflation expectations, a resilient export base, and continued market confidence.
Book Synopsis OECD Economic Surveys: Chile 2022 by : OECD
Download or read book OECD Economic Surveys: Chile 2022 written by OECD and published by OECD Publishing. This book was released on 2022-09-23 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s economy recovered swiftly from the pandemic on the back of exceptionally strong policy support, which eventually led to a significant overheating of the economy. Inflation has risen amid buoyant private consumption, further aggravated by the Russian aggression on Ukraine.
Book Synopsis Chile by : International Monetary Fund
Download or read book Chile written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-09-11 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Selected Issues paper discusses measures taken by the Chilean government to record moderate economic growth in 2012. The easing of fiscal stance and tightening of expenditure have proved to prevent a decline in the economy. The authorities have estimated retaining a favorable economic environment to mitigate financial risks. Banks have been asked to maintain high levels of liquidity and capital to meet expansion needs. The Executive Board has commended Chilean authorities’ efforts for macrofinancial stability and management of funds.
Book Synopsis OECD Economic Surveys: Chile 2021 by : OECD
Download or read book OECD Economic Surveys: Chile 2021 written by OECD and published by OECD Publishing. This book was released on 2021-02-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decades, Chile has made tremendous progress towards greater economic prosperity and lower poverty. Per capita income more than doubled over the past 20 years and is now the highest in Latin America. These progresses have now come to a halt. Since October 2019 Chile has faced two unprecedented shocks, the social protests and the COVID 19 outbreak.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis Chile: A Role Model of Export Diversification Policies? by : Mr. Gonzalo Salinas
Download or read book Chile: A Role Model of Export Diversification Policies? written by Mr. Gonzalo Salinas and published by International Monetary Fund. This book was released on 2021-05-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Largely because of its vast copper reserves, Chile’s exports are highly concentrated on this low complexity product and this is often cited as a major drawback of its economic policy framework. However, its exogenous copper abundance conceals the country’s success in developing non-mineral and complex exports. This achievement is remarkable considering its remoteness from the large international economic centers, which limits its integration to global value chains. As suggested in this paper, this accomplishment reflects Chile’s strength in policy areas that foster non-mineral exports (including complex exports), making the country a role model in export diversification and complexity policies among emerging market countries.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1498310974 Total Pages :71 pages Book Rating :4.4/5 (983 download)
Book Synopsis Chile by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Chile written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2014-07-22 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.
Author :Organization for Economic Cooperation and Development Publisher :Organization for Economic Co-Operation & Development ISBN 13 :9789264279032 Total Pages :0 pages Book Rating :4.2/5 (79 download)
Book Synopsis Making Decentralisation Work in Chile by : Organization for Economic Cooperation and Development
Download or read book Making Decentralisation Work in Chile written by Organization for Economic Cooperation and Development and published by Organization for Economic Co-Operation & Development. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides a comprehensive analysis of the challenges confronting Chile's centralised growth model and recommendations towards developing a more integrated territorial approach, capable of mobilising regional productivity catch-up potential in order to strengthen the role of regions and municipalities. The Chilean government has launched an ambitious decentralisation agenda, aimed at empowering municipalities by providing them with the legitimacy, financial resources, human capacities and tools required to improve their autonomy and performance. This study seeks to assist the government by covering several dimensions, looking at municipal responsibilities, fiscal and human resources, equalisation mechanisms, local public service performance, citizen participation, and co-ordination mechanisms across levels of government.
