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9780821370841

Fiscal Policy, Stabilization, and Growth Prudence or Abstinence?

by ; ;
  • ISBN13:

    9780821370841

  • ISBN10:

    0821370847

  • Format: Paperback
  • Copyright: 2007-10-19
  • Publisher: World Bank Publications

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Summary

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. 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 amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.

Table of Contents

Overview: Fiscal Policy, Economic Fluctuations, and Growthp. 1
Procyclical Fiscal Policy and Volatility
Fiscal Discipline, Volatility, and Growthp. 43
The Size and Effectiveness of Automatic Fiscal Stabilizers in Latin Americap. 75
Fiscal Federalism and Procyclical Spending: The Cases of Argentina and Brazilp. 121
Fiscal Rules and Procyclicalityp. 159
Fiscal Policy and Growth
Fiscal Discipline, Public Investment, and Growthp. 195
Incentives for Public Investment under Fiscal Rulesp. 225
Improving the Stability and Growth Pact through Proper Accounting of Public Investmentp. 259
Accrual Accounting, Long-Term Fiscal Projections, and Public Investmentp. 273
Growth and Fiscal Effects of Infrastructure Investment in Brazilp. 297
Table of Contents provided by Blackwell. All Rights Reserved.

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