Publication:
How Much Room Does Latin America and the Caribbean Have for Implementing Counter-Cyclical Fiscal Policies?

dc.contributor.author Calderón, Cesar
dc.contributor.author Fajnzylber, Pablo
dc.date.accessioned 2012-08-13T13:47:46Z
dc.date.available 2012-08-13T13:47:46Z
dc.date.issued 2009-04
dc.description.abstract Latin America's government debt has exhibited a clear downward trend since 2003. While this has been partly due to rapidly increasing commodity prices, more sustainable fiscal policies have also been a contributing factor. In effect, in a significant break with the past, cyclically adjusted government balances have raised (fallen) in response to increases (reductions) in debt levels. However, Latin governments have continued to under?save in good times and therefore fiscal policy has remained pro-cyclical, thus weakening the ability to protect the poor and maintain infrastructure investments during bad times. Financing and institutional constraints to more counter?cyclical fiscal policies still remain in most countries. They are lowest in Chile, followed by Brazil and Colombia, and highest in Ecuador and Venezuela. Looking forward, long?term sustainability considerations cannot be ignored as decisions are made regarding the size, composition and targeting of fiscal stimulus packages. en
dc.identifier http://documents.worldbank.org/curated/en/2009/04/11954156/much-room-latin-america-caribbean-implementing-countercyclical-fiscal-policies-much-room-latin-america-caribbean-implementing-counter-cyclical-fiscal-policies
dc.identifier.uri http://hdl.handle.net/10986/10988
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Latin America and the Caribbean Region (LCR) Crisis Briefs
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCESS TO CREDIT
dc.subject ACCESS TO FINANCE
dc.subject ACCESS TO FUNDS
dc.subject ADJUSTMENT PROGRAMS
dc.subject ARBITRAGE
dc.subject BANK POLICY
dc.subject BARRIER
dc.subject BASIS POINTS
dc.subject BOND
dc.subject BOND MARKETS
dc.subject BORROWING COSTS
dc.subject BUDGETARY INSTITUTIONS
dc.subject BUSINESS CYCLE
dc.subject BUSINESS CYCLES
dc.subject CAPITAL FLOWS
dc.subject CAPITAL INFLOWS
dc.subject CENTRAL BANKS
dc.subject COMMODITY
dc.subject COMMODITY PRICES
dc.subject CREDIT CONSTRAINTS
dc.subject CREDIT LINE
dc.subject CREDIT MARKETS
dc.subject CREDITWORTHINESS
dc.subject CURRENCY
dc.subject CURRENT ACCOUNT
dc.subject CURRENT ACCOUNT SURPLUSES
dc.subject DEBT BURDEN
dc.subject DEBT LEVELS
dc.subject DEBT MANAGEMENT
dc.subject DEBT MARKETS
dc.subject DEBT SUSTAINABILITY
dc.subject DEVELOPING COUNTRIES
dc.subject DEVELOPMENT BANK
dc.subject DISCRETIONARY MEASURES
dc.subject DISCRETIONARY POLICY
dc.subject DOMESTIC MARKET
dc.subject ECONOMIC ACTIVITY
dc.subject ECONOMIC FLUCTUATIONS
dc.subject ECONOMIC SLOWDOWN
dc.subject EMERGING MARKET
dc.subject EMERGING MARKET ECONOMIES
dc.subject EXISTING DEBT
dc.subject EXPENDITURE
dc.subject EXPENDITURES
dc.subject EXPORTERS
dc.subject EXTERNAL BORROWING
dc.subject EXTERNAL CAPITAL
dc.subject EXTERNAL FINANCING
dc.subject FINANCIAL BURDEN
dc.subject FINANCIAL CRISIS
dc.subject FINANCIAL DEPTH
dc.subject FINANCIAL POLICY
dc.subject FINANCING COSTS
dc.subject FISCAL ADJUSTMENT
dc.subject FISCAL ADJUSTMENTS
dc.subject FISCAL BALANCES
dc.subject FISCAL CONSOLIDATION
dc.subject FISCAL CONTRACTION
dc.subject FISCAL DISCIPLINE
dc.subject FISCAL EXPANSIONS
dc.subject FISCAL POLICIES
dc.subject FISCAL POLICY
dc.subject FISCAL RULES
dc.subject FISCAL STIMULUS
dc.subject FISCAL SUSTAINABILITY
dc.subject GOVERNMENT DEBT
dc.subject GOVERNMENT EXPENDITURES
dc.subject GOVERNMENT REVENUES
dc.subject GOVERNMENT SOLVENCY
dc.subject INCOME
dc.subject INCOME TAXES
dc.subject INDUSTRIAL COUNTRIES
dc.subject INFRASTRUCTURE INVESTMENTS
dc.subject INSTITUTIONAL BARRIERS
dc.subject INSTITUTIONAL CONSTRAINTS
dc.subject INSTRUMENT
dc.subject INTEREST PAYMENTS
dc.subject INTERNATIONAL CAPITAL
dc.subject INTERNATIONAL CAPITAL MARKETS
dc.subject INTERNATIONAL ECONOMICS
dc.subject INTERNATIONAL FINANCE
dc.subject INTERNATIONAL FINANCIAL MARKETS
dc.subject INTERNATIONAL MONETARY FUND
dc.subject INVESTMENT PROJECTS
dc.subject LIMITED ACCESS
dc.subject LIQUIDITY
dc.subject LIQUIDITY CONSTRAINTS
dc.subject LOCAL CURRENCY
dc.subject LONG TERM DEBT
dc.subject MACROECONOMIC POLICIES
dc.subject MACROECONOMIC POLICY
dc.subject MACROECONOMIC STABILITY
dc.subject MATURITY
dc.subject MONETARY POLICY
dc.subject OIL PRICES
dc.subject OUTPUT
dc.subject OUTPUT GAP
dc.subject POLICY RESPONSES
dc.subject PORTFOLIO
dc.subject PRIMARY BALANCE
dc.subject PRIMARY EXPENDITURE
dc.subject PRIMARY SPENDING
dc.subject PRIMARY SURPLUS
dc.subject PRIVATE CREDIT
dc.subject PUBLIC DEBT
dc.subject PUBLIC DEFICITS
dc.subject PUBLIC INVESTMENT
dc.subject PUBLIC INVESTMENTS
dc.subject PUBLIC SECTOR
dc.subject RESERVES
dc.subject SAFETY NETS
dc.subject SOCIAL PROTECTION
dc.subject SOCIAL SAFETY NETS
dc.subject SOCIAL SECURITY
dc.subject SOLVENCY
dc.subject SWAP
dc.subject TAX
dc.subject TAX COLLECTION
dc.subject TOTAL DEBT
dc.subject TRACK RECORD
dc.subject VOLATILITY
dc.title How Much Room Does Latin America and the Caribbean Have for Implementing Counter-Cyclical Fiscal Policies? en
dspace.entity.type Publication
okr.doctype Publications & Research :: Brief
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2009/04/11954156/much-room-latin-america-caribbean-implementing-countercyclical-fiscal-policies-much-room-latin-america-caribbean-implementing-counter-cyclical-fiscal-policies
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Finance and Markets
okr.globalpractice Trade and Competitiveness
okr.identifier.externaldocumentum 000333038_20100317030540
okr.identifier.internaldocumentum 11954156
okr.identifier.report 53540
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/03/17/000333038_20100317030540/Rendered/PDF/535400BRI0lcr0110LCR0Crisis0Briefs1.pdf en
okr.region.administrative Latin America & Caribbean
okr.topic Finance and Financial Sector Development :: Debt Markets
okr.topic Macroeconomics and Economic Growth :: Fiscal Adjustment
okr.topic Macroeconomics and Economic Growth :: Economic Stabilization
okr.topic Private Sector Development :: Emerging Markets
okr.topic Finance and Financial Sector Development :: Access to Finance
okr.unit Chief Economist (LCRCE)
okr.volume 1 of 1
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