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

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dc.contributor.authorCalderón, Cesar
dc.contributor.authorFajnzylber, Pablo
dc.date.accessioned2012-08-13T13:47:46Z
dc.date.available2012-08-13T13:47:46Z
dc.date.issued2009-04
dc.description.abstractLatin 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.identifierhttp://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.doi10.1596/10988
dc.identifier.urihttps://hdl.handle.net/10986/10988
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesLatin America and the Caribbean Region (LCR) Crisis Briefs
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO FUNDS
dc.subjectADJUSTMENT PROGRAMS
dc.subjectARBITRAGE
dc.subjectBANK POLICY
dc.subjectBARRIER
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBOND MARKETS
dc.subjectBORROWING COSTS
dc.subjectBUDGETARY INSTITUTIONS
dc.subjectBUSINESS CYCLE
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCENTRAL BANKS
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT LINE
dc.subjectCREDIT MARKETS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENCY
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT BURDEN
dc.subjectDEBT LEVELS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MARKETS
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDISCRETIONARY MEASURES
dc.subjectDISCRETIONARY POLICY
dc.subjectDOMESTIC MARKET
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC FLUCTUATIONS
dc.subjectECONOMIC SLOWDOWN
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEXISTING DEBT
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORTERS
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL CAPITAL
dc.subjectEXTERNAL FINANCING
dc.subjectFINANCIAL BURDEN
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEPTH
dc.subjectFINANCIAL POLICY
dc.subjectFINANCING COSTS
dc.subjectFISCAL ADJUSTMENT
dc.subjectFISCAL ADJUSTMENTS
dc.subjectFISCAL BALANCES
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL CONTRACTION
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL EXPANSIONS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL RULES
dc.subjectFISCAL STIMULUS
dc.subjectFISCAL SUSTAINABILITY
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT SOLVENCY
dc.subjectINCOME
dc.subjectINCOME TAXES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTITUTIONAL BARRIERS
dc.subjectINSTITUTIONAL CONSTRAINTS
dc.subjectINSTRUMENT
dc.subjectINTEREST PAYMENTS
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL MONETARY FUND
dc.subjectINVESTMENT PROJECTS
dc.subjectLIMITED ACCESS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectLOCAL CURRENCY
dc.subjectLONG TERM DEBT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMATURITY
dc.subjectMONETARY POLICY
dc.subjectOIL PRICES
dc.subjectOUTPUT
dc.subjectOUTPUT GAP
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPRIMARY BALANCE
dc.subjectPRIMARY EXPENDITURE
dc.subjectPRIMARY SPENDING
dc.subjectPRIMARY SURPLUS
dc.subjectPRIVATE CREDIT
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEFICITS
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SECTOR
dc.subjectRESERVES
dc.subjectSAFETY NETS
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL SAFETY NETS
dc.subjectSOCIAL SECURITY
dc.subjectSOLVENCY
dc.subjectSWAP
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTOTAL DEBT
dc.subjectTRACK RECORD
dc.subjectVOLATILITY
dc.titleHow Much Room Does Latin America and the Caribbean Have for Implementing Counter-Cyclical Fiscal Policies?en
dspace.entity.typePublication
okr.date.doiregistration2025-04-29T10:30:21.512170Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://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.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid431791468224404915
okr.identifier.externaldocumentum000333038_20100317030540
okr.identifier.internaldocumentum11954156
okr.identifier.report53540
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/03/17/000333038_20100317030540/Rendered/PDF/535400BRI0lcr0110LCR0Crisis0Briefs1.pdfen
okr.region.administrativeLatin America & Caribbean
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Fiscal Adjustment
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitChief Economist (LCRCE)
okr.volume1 of 1
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