Budget Rigidity In Latin America And The Caribbean

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Budget Rigidity in Latin America and the Caribbean

Author : Santiago Herrera
Publisher : World Bank Publications
ISBN 13 : 1464815208
Total Pages : 73 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Budget Rigidity in Latin America and the Caribbean by : Santiago Herrera

Download or read book Budget Rigidity in Latin America and the Caribbean written by Santiago Herrera and published by World Bank Publications. This book was released on 2020-04-23 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible--wages, pensions, transfers to subnational governments, and debt service--and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the ratio of structural spending to total spending, with a higher value indicating that spending is driven mostly by factors out of the policy makers’ control. This concept of rigidity was applied to 120 countries for the years 2000†“17 and produced several interesting results: • Advanced economies and developing countries in other regions have higher levels of rigidity than countries in LAC. • The sources of rigidity vary by country. • Higher rigidity is associated with higher spending levels, higher tax rates, higher public debt, and lower efficiency of public spending. • Rigidity has pervasive effects on fiscal sustainability, increasing the country’s financing needs and reducing the probability of the country starting a fiscal adjustment. Given these pervasive effects of spending rigidity, the report concludes by discussing several policies to contain the sources of rigidity in the long term, ranging from the importance of deepening the pension reform process to the need of establishing strong fiscal institutions promoting medium-term fiscal planning.

Budget Rigidity in Latin America and the Caribbean

Author : Santiago Herrera
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (115 download)

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Book Synopsis Budget Rigidity in Latin America and the Caribbean by : Santiago Herrera

Download or read book Budget Rigidity in Latin America and the Caribbean written by Santiago Herrera and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy makers in Latin America and the Caribbean often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible-- wages, pensions, transfers to subnational governments, and debt service-- and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the ratio of structural spending to total spending, with a higher value indicating that spending is driven mostly by factors out of the policy makers' control. This concept of rigidity was applied to 120 countries and produced several interesting results: • Advanced economies and developing countries in other regions have higher levels of rigidity than countries in LAC. • The sources of rigidity vary by country. • Higher rigidity is associated with higher spending levels, higher tax rates, higher public debt, and lower efficiency of public spending. • Rigidity has pervasive effects on fiscal sustainability, increasing the country's financing needs and reducing the probability of the country starting a fiscal adjustment. Given these pervasive effects of spending rigidity, the report concludes by discussing several policies to contain the sources of rigidity in the long term, ranging from the importance of deepening the pension reform process to the need of establishing strong fiscal institutions promoting medium-term fiscal planning.

Fiscal Rules and Economic Size in Latin America and the Caribbean

Author : Fernando Blanco
Publisher : World Bank Publications
ISBN 13 : 146481581X
Total Pages : 198 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Fiscal Rules and Economic Size in Latin America and the Caribbean by : Fernando Blanco

Download or read book Fiscal Rules and Economic Size in Latin America and the Caribbean written by Fernando Blanco and published by World Bank Publications. This book was released on 2020-10-10 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Rigidities and Fiscal Space in Latin America

Author : Oscar Centrángolo
Publisher : United Nations Publications
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.3/5 (126 download)

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Book Synopsis Rigidities and Fiscal Space in Latin America by : Oscar Centrángolo

Download or read book Rigidities and Fiscal Space in Latin America written by Oscar Centrángolo and published by United Nations Publications. This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper begins with a conceptual overview and comparative analysis of the cases studied in Latin America. First, there is an analysis and review of the theoretical justifications and arguments used in the political debate which underlies the emergence and persistence of rigidities in countries of the region, following a typology which allows for the classification of the reasons for rigidities. Based on the case studies the potential effects of fiscal rigidities on public budgets and their impact on fiscal-policy management are evaluated. The ultimate goal of this comparative study is to provide a set of recommendations to help guide future improvements in the management of public budgets.

Better Spending for Better Lives

Author : Alejandro Izquierdo
Publisher : Inter-American Development Bank
ISBN 13 : 1597823317
Total Pages : 453 pages
Book Rating : 4.5/5 (978 download)

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Book Synopsis Better Spending for Better Lives by : Alejandro Izquierdo

Download or read book Better Spending for Better Lives written by Alejandro Izquierdo and published by Inter-American Development Bank. This book was released on 2018-09-16 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can this puzzle of larger demands and fiscal strengthening be solved? This edition of the development in the Americas (DIA) report focuses precisely on this question. The book suggests that the answer is about fiscal efficiency and smart spending rather than the standard solution of across-the-board spending cuts to achieve fiscal sustainability— sometimes at great cost for society. It is about doing more with less. · Analysis of government spending in Latin America and the Caribbean reveals widespread waste and inefficiencies that could be as large as 4.4 percent of the region’s GDP, showing there is ample room to improve basic services without necessarily spending more resources. · The publication argues against across-the-board cuts. It looks at whether countries spend too much or too little on different priorities, whether they invest enough to ensure a better future, and whether those expenditures make inequality better or worse. · Along with the diagnosis, the report offers several policy recommendations on how to improve the efficiency of government spending.

A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean

Author : Mr.Antonio David
Publisher : International Monetary Fund
ISBN 13 : 1484353056
Total Pages : 67 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean by : Mr.Antonio David

Download or read book A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean written by Mr.Antonio David and published by International Monetary Fund. This book was released on 2018-04-26 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new database of fiscal consolidations for 14 Latin American and Caribbean economies during 1989-2016. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and long-term fiscal health and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, central bank reports, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation for these economies

Better Spending for Better Lives

Author : Alejandro Izquierdo
Publisher :
ISBN 13 : 9781597823302
Total Pages : pages
Book Rating : 4.8/5 (233 download)

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Book Synopsis Better Spending for Better Lives by : Alejandro Izquierdo

Download or read book Better Spending for Better Lives written by Alejandro Izquierdo and published by . This book was released on 2018-08-31 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Government at a Glance: Latin America and the Caribbean 2017

Author : Collectif
Publisher : OECD
ISBN 13 : 9264265562
Total Pages : 188 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Government at a Glance: Latin America and the Caribbean 2017 by : Collectif

Download or read book Government at a Glance: Latin America and the Caribbean 2017 written by Collectif and published by OECD. This book was released on 2016-12-06 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of Government at a Glance: Latin America and the Caribbean provides the latest available data on public administrations in the LAC region and compares it to OECD countries. It contains new indicators on public finances, centres of government, regulatory governance, open government, digital government and public procurement. This edition also includes a special feature on health budgeting. After a decade of sustained economic growth reinforced by high commodity prices, economic conditions are deteriorating in the LAC region. In this context, LAC governments are expected to design and deliver more inclusive, transparent and efficient policies. This report provides policy makers with performance measurements and offers comparative perspective. Good indicators are needed more than ever to help governments make informed decisions and tough choices, in order to maintain progress and improvements in the region.

Electoral Budget Cycles in Latin America and the Caribbean

Author : Moritz Kraemer
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Electoral Budget Cycles in Latin America and the Caribbean by : Moritz Kraemer

Download or read book Electoral Budget Cycles in Latin America and the Caribbean written by Moritz Kraemer and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Rethinking Infrastructure in Latin America and the Caribbean

Author : Marianne Fay
Publisher : World Bank Publications
ISBN 13 : 1464811024
Total Pages : 121 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Rethinking Infrastructure in Latin America and the Caribbean by : Marianne Fay

Download or read book Rethinking Infrastructure in Latin America and the Caribbean written by Marianne Fay and published by World Bank Publications. This book was released on 2017-08-02 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America and the Caribbean (LAC) does not have the infrastructure it needs, or deserves, given its income. Many argue that the solution is to spend more; by contrast, this report has one main message: Latin America can dramatically narrow its infrastructure service gap by spending efficiently on the right things. This report asks three questions: what should LAC countries’ goals be? How can these goals be achieved as cost-effectively as possible? And who should pay to reach these goals? In doing so, we drop the ‘infrastructure gap’ notion, favoring an approach built on identifying the ‘service gap’. Benchmarking Latin America in this way reveals clear strengths and weaknesses. Access to water and electricity is good, with the potential for the region’s electricity sector to drive competitive advantage; by contrast, transport and sanitation should be key focus areas for further development. The report also identifies and analyses some of the emerging challenges for the region—climate change, increased demand and urbanization—that will put increasing pressure on infrastructure and policy makers alike. Improving the region’s infrastructure performance in the context of tight fiscal space will require spending better on well identified priorities. Unlike most infrastructure diagnostics, this report argues that much of what is needed lies outside the infrastructure sector †“ in the form of broader government issues—from competition policy, to budgeting rules that no longer solely focus on controlling cash expenditures. We also find that traditional recommendations continue to apply regarding independent, well-performing regulators and better corporate governance, and highlight the critical importance of cost recovery where feasible and desirable, as the basis for future commercial finance of infrastructure services. Latin America has the means and potential to do better; and it can do so by spending more efficiently on the right things.

Tackling Corruption in Latin America

Author : Guillaume Fontaine
Publisher : Springer Nature
ISBN 13 : 3031380851
Total Pages : 302 pages
Book Rating : 4.0/5 (313 download)

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Book Synopsis Tackling Corruption in Latin America by : Guillaume Fontaine

Download or read book Tackling Corruption in Latin America written by Guillaume Fontaine and published by Springer Nature. This book was released on 2023-12-09 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines anti-corruption policies in Latin America. It compares best practices in public procurement and state budgets in order to provide new insights into policy design for governments, civil society organisations and international organisations engaged in the fight against corruption. The book assesses how a paradigm shift toward transparency in global governance has led to major changes in public policies in the region since the late 1990s. Using Uruguay and Chile as case studies, it then demonstrates the causal mechanisms linking transparency institutionalisation to corruption control. The book also offers recommendations for research and practice about the importance of coherent public accountability systems, that combine citizen oversight over government with government responsibility towards non-state actors. It will appeal to scholars and students of public policy, public administration and governance in Latin America, as well as those interested in political corruption.

The State of State Reforms in Latin America

Author : Eduardo Lora
Publisher : World Bank Publications
ISBN 13 : 0821365762
Total Pages : 474 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis The State of State Reforms in Latin America by : Eduardo Lora

Download or read book The State of State Reforms in Latin America written by Eduardo Lora and published by World Bank Publications. This book was released on 2006-10-23 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America suffered a profound state crisis in the 1980s, which prompted not only the wave of macroeconomic and deregulation reforms known as the Washington Consensus, but also a wide variety of institutional or 'second generation' reforms. 'The State of State Reform in Latin America' reviews and assesses the outcomes of these less studied institutional reforms. This book examines four major areas of institutional reform: a. political institutions and the state organization; b. fiscal institutions, such as budget, tax and decentralization institutions; c. public institutions in charge of sectoral economic policies (financial, industrial, and infrastructure); and d. social sector institutions (pensions, social protection, and education). In each of these areas, the authors summarize the reform objectives, describe and measure their scope, assess the main outcomes, and identify the obstacles for implementation, especially those of an institutional nature.

Falling Long-Term Growth Prospects

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464820015
Total Pages : 703 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Falling Long-Term Growth Prospects by : M. Ayhan Kose

Download or read book Falling Long-Term Growth Prospects written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2024-03-06 with total page 703 pages. Available in PDF, EPUB and Kindle. Book excerpt: A structural growth slowdown is under way across the world: at current trends, the global rate of potential growth is expected to fall to a three-decade low over the remainder of the 2020s. Nearly all the forces that have powered growth and prosperity since the early 1990s have weakened. In addition, a series of shocks has affected the global economy over the past three years. A persistent and broad-based decline in long-term growth prospects imperils the ability of emerging market and developing economies to combat poverty, tackle climate change, and meet other key development objectives. The challenges presented by this potential inability call for an ambitious policy response at the national and global levels. This book presents the first detailed analysis of the growth slowdown and a rich menu of policy options to deliver better growth outcomes. ------------------------------------------------------------------------------------------------------------- This book presents a sobering analysis of the secular growth slowdown based on the most comprehensive database of potential growth estimates available to date. With nearly all the forces that have driven growth and prosperity in recent decades now weakened, the book argues that a prolonged period of weakness is under way, with serious implications for emerging market and developing economies. The authors call for bold policy actions at both the national and global levels to lift growth prospects. The book is essential reading for policy makers, economists, and anyone concerned about the future of the global economy. Beatrice Weder di Mauro Professor of International Economics, Geneva Graduate Institute, and President of the Centre for Economic Policy Research (CEPR) Economic policy making is becoming increasingly complicated in the 2020s. In addition to tackling traditional trade-offs in aggregate demand management and improving efficiency on the supply side, policy makers need to address new priorities and challenges, from addressing climate change and its impacts to improving income distribution, all in the context of lower growth rates, waning productivity growth, and flattening of the globalization process that has brought unprecedented prosperity across the globe and lifted more than a billion people out of poverty. In Falling Long-Term Growth Prospects, the authors do a phenomenal job of assessing these trends at the global and regional levels, identifying and unpacking salient twenty-first-century policy challenges, and providing thoughtful and evidence-based policy prescriptions for leaders in advanced, emerging market, and developing economies. Importantly, the book underscores that these challenges tend to be global and, hence, global cooperation at all levels is necessary to achieve optimal results. Alas, we seem to be going in the opposite direction; this book offers a road map to put us back on the path to creating a more integrated, prosperous, and equitable global community. Michael G. Plummer Director, SAIS Europe and ENI Professor of International Economics, The Johns Hopkins University

OECD Economic Surveys: Brazil 2023

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264495576
Total Pages : 126 pages
Book Rating : 4.2/5 (644 download)

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Book Synopsis OECD Economic Surveys: Brazil 2023 by : OECD

Download or read book OECD Economic Surveys: Brazil 2023 written by OECD and published by OECD Publishing. This book was released on 2023-12-18 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Brazilian economy rebounded strongly after the Covid-19 pandemic. Resilient domestic demand, supported by social transfers, continues to drive growth. Inflation is decreasing, providing room for further monetary policy easing. However, public debt remains high, calling for a credible fiscal framework and improved spending efficiency.

Government at a Glance: Latin America and the Caribbean 2017

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264265554
Total Pages : 192 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Government at a Glance: Latin America and the Caribbean 2017 by : OECD

Download or read book Government at a Glance: Latin America and the Caribbean 2017 written by OECD and published by OECD Publishing. This book was released on 2016-12-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of Government at a Glance: Latin America and the Caribbean provides the latest available data on public administrations in the LAC region and compares it to OECD countries.

A Moment of Equality for Latin America?

Author : Prof Dr Barbara Fritz
Publisher : Ashgate Publishing, Ltd.
ISBN 13 : 1472446747
Total Pages : 285 pages
Book Rating : 4.4/5 (724 download)

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Book Synopsis A Moment of Equality for Latin America? by : Prof Dr Barbara Fritz

Download or read book A Moment of Equality for Latin America? written by Prof Dr Barbara Fritz and published by Ashgate Publishing, Ltd.. This book was released on 2015-10-28 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other regions around the world, several Latin American countries have managed to reduce income inequality over the last decade. Higher growth rates and growing employment, but also innovative wage policies and social programs, have contributed to reducing poverty and narrow income disparities. Yet, despite this progress, nation-states in the region demonstrate little capacity to substantially change their patterns of deeply rooted inequalities. Focusing on the limits and challenges of redistributive policies in Latin America, this volume synthesizes and updates the discussion of inequality in the region, introducing the perspective of global and transnational interdependencies. The book explores the extent to which redistributive policies have been interlinked with the provision and quality of public goods as well as with structural changes of the productive sector. Inspired by structuralist and neostructuralist thinking of Latin American economists, such as Raúl Prebisch and Celso Furtado, authors question the redistributive impact of the interplay of recent macroeconomic, fiscal and social policies, particularly under left and center-left administrations committed to greater equality. Bringing together experts in social, fiscal and macroeconomic policies to investigate the interdependent and global character of inequalities, this book will appeal to scholars of sociology, economics, development and politics with interests in Latin America, inequality and public policy.

A Moment of Equality for Latin America?

Author : Barbara Fritz
Publisher : Routledge
ISBN 13 : 1317187571
Total Pages : 284 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis A Moment of Equality for Latin America? by : Barbara Fritz

Download or read book A Moment of Equality for Latin America? written by Barbara Fritz and published by Routledge. This book was released on 2016-03-09 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other regions around the world, several Latin American countries have managed to reduce income inequality over the last decade. Higher growth rates and growing employment, but also innovative wage policies and social programs, have contributed to reducing poverty and narrow income disparities. Yet, despite this progress, nation-states in the region demonstrate little capacity to substantially change their patterns of deeply rooted inequalities. Focusing on the limits and challenges of redistributive policies in Latin America, this volume synthesizes and updates the discussion of inequality in the region, introducing the perspective of global and transnational interdependencies. The book explores the extent to which redistributive policies have been interlinked with the provision and quality of public goods as well as with structural changes of the productive sector. Inspired by structuralist and neostructuralist thinking of Latin American economists, such as Raúl Prebisch and Celso Furtado, authors question the redistributive impact of the interplay of recent macroeconomic, fiscal and social policies, particularly under left and center-left administrations committed to greater equality. Bringing together experts in social, fiscal and macroeconomic policies to investigate the interdependent and global character of inequalities, this book will appeal to scholars of sociology, economics, development and politics with interests in Latin America, inequality and public policy.