Meny
 

Fiscal Policy, Stabilization and Growth

Prudence or Abstinence?

Fiscal policy in Latin America has been largely designed and implemented around short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence. Until recently, very little attention had been paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Les mer
Vår pris
412,-

(Paperback) Fri frakt!
Leveringstid: Sendes innen 21 dager
På grunn av Brexit-tilpasninger og tiltak for å begrense covid-19 kan det dessverre oppstå forsinket levering.

Paperback
Legg i
Paperback
Legg i
Vår pris: 412,-

(Paperback) Fri frakt!
Leveringstid: Sendes innen 21 dager
På grunn av Brexit-tilpasninger og tiltak for å begrense covid-19 kan det dessverre oppstå forsinket levering.

Om boka

Fiscal policy in Latin America has been largely designed and implemented around short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence. Until recently, very little attention had been paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Instead, attention focused almost exclusively on the levels of public debt and the fiscal deficit. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often contributed to lower growth and to amplify cyclical fluctuations.This volume is concerned with the conduct of fiscal policy in Latin America, and its consequences for macroeconomic stability and long-term growth. In particular, the book examines the extent of the procyclical and anti-investment biases embedded in the region's fiscal policies, their causes and macroeconomic consequences, as well as their possible solutions.

Fakta

Innholdsfortegnelse






































































































Acknowledgmentsxvii
Acronyms and Abbreviationsxix




1 OVERVIEW: FISCAL POLICY, ECONOMIC FLUCTUATIONS, AND GROWTH

1




Guillermo E. Perry, Luis Servén, Rodrigo Suescún, and Timothy Irwin

PART I: PROCYCLICAL FISCAL POLICY AND VOLATILITY




2 FISCAL DISCIPLINE, VOLATILITY, AND GROWTH

43




Antonio Fatás and Ilian Mihov





3 THE SIZE AND EFFECTIVENESS OF AUTOMATIC FISCAL STABILIZERS IN LATIN AMERICA

75




Rodrigo Suescún





4 FISCAL FEDERALISM AND PROCYCLICAL SPENDING: THE CASES OF ARGENTINA AND BRAZIL

121




Federico Sturzenegger and Rogério L.F. Werneck





5 FISCAL RULES AND PROCYCLICALITY

159




Guillermo E. Perry

PART II: FISCAL POLICY AND GROWTH




6 FISCAL DISCIPLINE, PUBLIC INVESTMENT, AND GROWTH

195




Luis Servén





7 INCENTIVES FOR PUBLIC INVESTMENT UNDER FISCAL RULES

225




Jack M. Mintz and Michael Smart





8 IMPROVING THE STABILITY AND GROWTH PACT THROUGH PROPER ACCOUNTING OF PUBLIC INVESTMENT

259




Olivier Blanchard and Francesco Giavazzi





9 ACCRUAL ACCOUNTING, LONG-TERM FISCAL PROJECTIONS, AND PUBLIC INVESTMENT

273




Timothy Irwin





10 GROWTH AND FISCAL EFFECTS OF INFRASTRUCTURE INVESTMENT IN BRAZIL

297




Pedro Cavalcanti Ferreira and Carlos Hamilton Vasconcelos Araújo

Index319