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Fiscal rules and economic size in Latin America and the Caribbean /
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 th...
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| Main Authors: | , , , |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, DC :
World Bank Group,
[2020]
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| Series: | Latin American development forum.
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| Subjects: | |
| Online Access: |
Full text (Wentworth users only) |
| Local Note: | ProQuest Ebook Central |
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| 100 | 1 | |a Cossio, Fernando Andrés Blanco, |e author. | |
| 245 | 1 | 0 | |a Fiscal rules and economic size in Latin America and the Caribbean / |c Fernando Blanco, Pablo Saavedra, Friederike Koehler-Geib, and Emilia Skrok. |
| 264 | 1 | |a Washington, DC : |b World Bank Group, |c [2020] | |
| 300 | |a 1 online resource (xxiii, 120 pages) : |b color illustrations. | ||
| 336 | |a text |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a Latin American development forum | |
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Front Cover -- Contents -- Preface -- Acknowledgments -- About the Authors -- Abbreviations -- Overview -- Setting the Scene -- Fiscal Rules and Economic Size -- Small Countries: Structural Features, Business Cycles, and Recent Economic Performance -- A Snapshot of Fiscal Rules -- Fiscal Rules in Practice: Presence, Compliance, and Effectiveness -- Designing Effective Fiscal Rules in Smaller Countries -- Annex OA. Smaller Countries in the World, by Population Size and Land Area -- Notes -- References -- 1 Structural Features and Business Cycles in Smaller Countries -- Introduction | |
| 505 | 8 | |a Structural Characteristics of Small Economies -- Business Cycles in Smaller Economies -- Summary of Findings -- Notes -- References -- 2 The Impact of Fiscal Rules on Fiscal Performance -- Introduction -- Taxonomy of Fiscal Rules -- Presence of Fiscal Rules -- Compliance with Fiscal Rules and Contributing Factors -- Performance of Fiscal Rules -- Summary of Findings -- Notes -- References -- 3 Designing Effective Fiscal Rules in Smaller Countries -- Introduction -- Objectives of Fiscal Rules -- Comparing the Welfare Effects of Fiscal Rules in Smaller Economies -- Summary of Findings -- Notes | |
| 505 | 8 | |a Figure O.4: Growth and Volatility of GDP per Capita and Private Consumption in LAC and the World, by Country Size, 2000-17 -- Figure O.5: Structural Features of Countries in LAC and the World, by Country Size -- Figure O.6: Losses Due to Natural Disasters in LAC and the World, by Country Size -- Figure O.7: A Basic Taxonomy of Fiscal Rules -- Figure O.8: Number of Fiscal Rules, by Type of Rule, 1985-2015 -- Figure O.9: Number of National or Supranational Fiscal Rules in LAC, 1985-2019 -- Figure O.10: Use of Fiscal Rules, by Type of Rule, Region, and Country Size, 2015 | |
| 505 | 8 | |a Figure O.11: Compliance with Fiscal Rules, by Country Size and Region, 2000-15 -- Figure O.12: Compliance with Fiscal Rules in LAC and the World, by Type of Rule and Country Size, 2000-15 -- Figure O.13: Fiscal Rule Strength Index (FSRI), by Type of Rule and Compliance, 1985-2013 -- Figure O.14: Impact of Fiscal Rules on the Responsiveness of the Primary Balance to Changes in the Stock of Debt, by Type of Rule and Country Size -- Figure O.15: Impact of Fiscal Rules on Public Debt Levels and Fiscal Balances, by Type of Rule and Country Characteristics | |
| 520 | |a 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. | ||
| 588 | |a Description based on resource, viewed October 30, 2020. | ||
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Fiscal policy |z Latin America. | |
| 650 | 0 | |a Fiscal policy |z Caribbean Area. | |
| 650 | 0 | |a Financial crises |x Government policy |z Latin America. | |
| 650 | 0 | |a Financial crises |x Government policy |z Caribbean Area. | |
| 700 | 1 | |a Saavedra, Pablo, |e author. | |
| 700 | 1 | |a Koehler-Geib, Friederike, |e author. | |
| 700 | 1 | |a Skrok, Emilia, |e author. | |
| 758 | |i has work: |a Fiscal rules and economic size in Latin America and the Caribbean (Text) |1 https://id.oclc.org/worldcat/entity/E39PCH3vrFMBBjqtDhRBBwjxQq |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Cossio, Fernando Andrés Blanco, |t Fiscal rules and economic size in Latin America and the Caribbean |z 9781464813825 |w (OCoLC)1197754611 |
| 830 | 0 | |a Latin American development forum. | |
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