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Rigidities And Fiscal Space In Latin America
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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.
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.
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.
Book Synopsis Commodity Cycles, Inequality, and Poverty in Latin America by : Mr. Ravi Balakrishnan
Download or read book Commodity Cycles, Inequality, and Poverty in Latin America written by Mr. Ravi Balakrishnan and published by International Monetary Fund. This book was released on 2021-04-26 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.
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.
Book Synopsis Globalization and Development by : José Antonio Ocampo
Download or read book Globalization and Development written by José Antonio Ocampo and published by Stanford University Press. This book was released on 2003 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].
Book Synopsis Boosting Fiscal Space by : Mr.Jonathan David Ostry
Download or read book Boosting Fiscal Space written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2018-03-14 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Noting that the aftermath of the global financial crisis has left many advanced economies with very high sovereign debt ratios and some emerging markets with high debt, this report considers whether there are ways to expand fiscal space that do not involve countries paying down debt or promising to do so in the future, to make fiscal consolidation more growth-friendly. It explains that policymakers argue that their fiscal space is limited and that it would be difficult to take advantage of the opportunity of low interest rates to undertake fiscal expansion, and it considers a ways to raise fiscal space that does not require contractionary fiscal policy and whether there is a way to make fiscal consolidation more growth-friendly to produce larger gains in fiscal space. It argues that debt management policies may provide an answer to expanding fiscal space for a given path of primary fiscal balances by reducing the risk that a sovereign may default in bad states and generate a payoff in terms of reduced to real borrowing costs. It describes two debt management policies: issuance of GDP-linked debt and issuance of longer maturity bonds, as opposed to short-term debt. It focuses on the effect of these debt management policies on real borrowing costs and default risk for the sovereign and details the literature on GDP-linked debt and the maturity structure and how the report fills gaps in the literature; how uncertainty affects fiscal space and how debt management can play a role in increasing it, with estimates and simulations of potential gains in fiscal space flowing from debt management; and the sensitivity of the findings to underlying assumptions and policy implications.
Book Synopsis Privatization in Latin America by : World Bank
Download or read book Privatization in Latin America written by World Bank and published by World Bank. This book was released on 2005 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the empirical evidence on the privatisation measures introduced in the Latin American region since the 1980s, in light of recent criticisms of the record of privatisation and allegations of corruption, abuse of market power and neglect of the poor. It includes case studies on the privatisation debate in Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru; and sets out recommendations for future reforms.
Book Synopsis Decentralisation and Reform in Latin America by : Giorgio Brosio
Download or read book Decentralisation and Reform in Latin America written by Giorgio Brosio and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis volume provides a splendid and wide-ranging collection of studies analyzing the political-economy of decentralization in Latin-America. ItÕs a fascinating story with numerous and profound insights into how fiscal decentralization actually works in the context of a variety of fiscal institutions and in a setting with a high degree of inequality in the distribution of income and territorial disparities.Õ Ð Wallace E. Oates, University of Maryland, US ÔThe volume on Decentralization and Reform in Latin America is an important addition to the growing literature on decentralization. Some of the issues in the implementation and effectiveness of decentralization are similar all over the world, but there are issues of particular salience to Latin America, a region where decentralization reforms have come sometimes in the wake of major political reforms. This volume pays special attention to the complexity of issues (both relating to equity and efficiency) arising in the context of vertical fiscal imbalance and inter-governmental transfers, in the delivery of social services or investment spending, in the sharing of rent from natural resources among social and regional groups and in macro-fiscal stabilization. I expect the volume to receive widespread attention.Õ Ð Pranab Bhardan, University of California, Berkeley, US ÔWhen it comes to fiscal decentralization in developing countries, Latin America has long led the way. In the two decades prior to the mid-1990s, some countries in the region extensively decentralized expenditures, especially social expenditures, and to a much lesser extent revenues to subnational governments. Some excesses and distortions resulted from these initial efforts and over the next decade major attempts were made to offset such problems, primarily by changing fiscal rules and transfer systems. The recent boom in natural resource revenues has again exacerbated pressure on the intergovernmental fiscal system in many countries, leading to further attempts to adjust the flow of finance between governments in order to maintain macroeconomic balance while achieving both more effective service delivery and greater social cohesion. This book, which provides both description and analysis of the rich Latin American experience, should be required reading not only for all those interested in the region but for scholars and policy-makers anywhere who are concerned with the complex and many-faceted issues associated with decentralization.Õ Ð Richard M. Bird, University of Toronto, Canada ÔGiorgio Brosio and Juan Pablo JimŽnez have made a remarkable job in preparing the best comprehensive treatment of comparative decentralization experiences in Latin America. The volume reviews all aspects of the decentralization process: its constitutional roots and its contribution to social cohesion; the provision of social services and infrastructure; taxation, sharing in natural resource revenues and the design of the intergovernmental transfers; and its macro-financial implications and associated fiscal rules. It will be essential reading for analysts of fiscal and local government issues in the region and a very useful tool for Latin Americanists in general.Õ Ð JosŽ Antonio Ocampo, Professor, Columbia University. Former Executive Secretary of the Economic Commission for Latin America and the Caribbean and Finance Minister of Colombia Decentralisation and Reform in Latin America analyses the process of intergovernmental reform in Latin America in the last two decades and presents a number of emerging issues. These include the impacts of decentralization and the response of countries in the region to challenge such as social cohesion, interregional and interpersonal disparities, the assignment of social and infrastructure expenditure, macrofinancial shocks, fiscal rules and the sharing of natural resources revenue. The main aim of the book is to assess the effective working of decentralized arrangements and institutions, with a view of suggesting corrections and reforms where the system is not working according to expectations. Policymakers, researchers and academics with an interest in subjects related to public policy, fiscal rules, intergovernmental relations, governance and decentralization will find this book invaluable.
Book Synopsis Creating Fiscal Space for Poverty Reduction in Ecuador by :
Download or read book Creating Fiscal Space for Poverty Reduction in Ecuador written by and published by World Bank Publications. This book was released on 2005-01-01 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication reviews Ecuador's fiscal management and public expenditure policies in the context of its development and poverty reduction goals. Findings include that the country's impressive fiscal performance of 2003 is encouraging but fragile, as several structural bottlenecks could impede fiscal discipline and recovery. Reversing poverty trends is critical for the country's stability, and this can only be achieved with well-targeted, effective and efficient pro-poor programmes.
Author :Mrs.Teresa Ter-Minassian Publisher :International Monetary Fund ISBN 13 :9781557756633 Total Pages :1146 pages Book Rating :4.7/5 (566 download)
Book Synopsis Fiscal Federalism in Theory and Practice by : Mrs.Teresa Ter-Minassian
Download or read book Fiscal Federalism in Theory and Practice written by Mrs.Teresa Ter-Minassian and published by International Monetary Fund. This book was released on 1997-09-10 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.
Book Synopsis Promoting Fiscal Discipline by : Mr.Manmohan S. Kumar
Download or read book Promoting Fiscal Discipline written by Mr.Manmohan S. Kumar and published by International Monetary Fund. This book was released on 2007-10-18 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.
Book Synopsis Decentralization and Reform in Latin America by : Giorgio Brosio
Download or read book Decentralization and Reform in Latin America written by Giorgio Brosio and published by Edward Elgar Pub. This book was released on 2012 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This volume provides a splendid and wide-ranging collection of studies analyzing the political-economy of decentralization in Latin-America. It's a fascinating story with numerous and profound insights into how fiscal decentralization actually works in the context of a variety of fiscal institutions and in a setting with a high degree of inequality in the distribution of income and territorial disparities.' - Wallace E. Oates, University of Maryland, US
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.
Book Synopsis Crisis and Reform in Latin America by : Sebastian Edwards
Download or read book Crisis and Reform in Latin America written by Sebastian Edwards and published by World Bank Publications. This book was released on 1995 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work provides a thorough analytical review of the processes that led to the transformation of many Latin American economies during the last decade. The author examines every aspect of adjustment and reform since 1980 and suggests alternative ways to consolidate the achievements.
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.
Download or read book Lessons from NAFTA written by Luis Serven and published by World Bank Publications. This book was released on 2004-11-15 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing the experience of Mexico under the North American Free Trade Agreement (NAFTA), 'Lessons from NAFTA' aims to provide guidance to Latin American and Caribbean countries considering free trade agreements with the United States. The authors conclude that the treaty raised external trade and foreign investment inflows and had a modest effect on Mexico's average income per person. It is likely that the treaty also helped achieve a modest reduction in poverty and an improvement in job quality. This book will be of interest to scholars and policymakers interested in international trade and development.
