Fiscal Policy, Stabilization, And Growth: Prudence Or Abstinence?

Business & Finance, Accounting, Taxation, Finance & Investing
Cover of the book Fiscal Policy, Stabilization, And Growth: Prudence Or Abstinence? by Serven Luis; Perry Guillermo E.; Suescun Rodrigo, World Bank
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Author: Serven Luis; Perry Guillermo E.; Suescun Rodrigo ISBN: 9780821370841
Publisher: World Bank Publication: October 19, 2007
Imprint: Language: English
Author: Serven Luis; Perry Guillermo E.; Suescun Rodrigo
ISBN: 9780821370841
Publisher: World Bank
Publication: October 19, 2007
Imprint:
Language: English
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.
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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.

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