Fiscal Policy in Latin America : Lessons and Legacies of the Global Financial Crisis

Author/Editor:

Alexander D Klemm ; Baoping Shang ; Bogdan Lissovolik ; Francesco Grigoli ; Jan Luksic ; Javier Kapsoli ; Joana Pereira ; Keiko Honjo ; Marcos Poplawski-Ribeiro ; Marialuz Moreno Badia ; Oya Celasun ; Yulia Ustyugova

Publication Date:

April 30, 2015

Electronic Access:

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Summary:

Latin America’s bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet rebuilt their fiscal space, despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis. Using the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, this paper examines the lessons and legacies of the crisis by addressing the following questions, among others: How much did the 2009 fiscal stimulus help growth? What shortcomings were revealed in the fiscal policy frameworks? What institutional reforms are now needed to provide enduring anchors for fiscal policy? How much rebuilding of buffers is needed going forward?

Series:

Staff Discussion Notes No. 15/6

Subject:

Notes:

Also Available in Spanish; Also see Technical Appendix in English; in Spanish

English

Publication Date:

April 30, 2015

ISBN/ISSN:

9781498304412/

Stock No:

SDNEA201506

Price:

$10.00 (Academic Rate:$10.00)

Format:

Paper

Pages:

37

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