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portada Fiscal Rules and Economic Size in Latin America and the Caribbean (Latin American Development Forum)
Type
Physical Book
Publisher
Author
Year
2020
Language
English
Pages
143
Format
Paperback
ISBN13
9781464813825
Categories

Fiscal Rules and Economic Size in Latin America and the Caribbean (Latin American Development Forum)

World Bank; Fernando Blanco (Author) · World Bank Publications · Paperback

Fiscal Rules and Economic Size in Latin America and the Caribbean (Latin American Development Forum) - World Bank; Fernando Blanco

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Synopsis "Fiscal Rules and Economic Size in Latin America and the Caribbean (Latin American Development Forum) "

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.

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