Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis
Staff Discussion Notes, April 30, 2015
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- Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis
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Bibliographic details
- Authors: Oya Celasun, Francesco Grigoli, Keiko Honjo, Javier Kapsoli, Alexander D Klemm, Bogdan Lissovolik, Jan Luksic, Marialuz Moreno Badia, Joana Pereira, Marcos Poplawski Ribeiro, Baoping Shang, Yulia Ustyugova
- Published: April 30, 2015
- Series: Staff Discussion Notes
- DOI: https://doi.org/10.5089/9781498304412.006
Overview
- Publication type: Staff Discussion Notes.
- Title: "Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis".
- Authors: Oya Celasun, Francesco Grigoli, Keiko Honjo, Javier Kapsoli, Alexander D Klemm, Bogdan Lissovolik, Jan Luksic, Marialuz Moreno Badia, Joana Pereira, Marcos Poplawski Ribeiro, Baoping Shang, Yulia Ustyugova.
- Date: April 30, 2015.
- Pages: 37.
- Series: Staff Discussion Notes No. 2015/006.
- Issue: 006.
- Volume: 2015.
- DOI: https://doi.org/10.5089/9781498304412.006.
- ISBN: 9781498304412.
- ISSN: 2617-6750.
Key questions addressed
- 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?
Major findings and themes
- Latin America implemented a bold fiscal policy reaction to the global financial crisis that was hailed as a sign the region had overcome its procyclical fiscal past.
- Despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis, most countries in the region have not yet rebuilt their fiscal space.
- The paper uses the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay to examine lessons and legacies of the crisis.
Subjects and keywords
- Subject: Expenditure, Fiscal governance, Fiscal policy, Fiscal stance, Public debt.
- Keywords: emerging market, financial crisis, Fiscal governance, fiscal institutions, fiscal policy, Fiscal stance, Global, IMF country, IMF staff calculation, Latin America, output gap, real GDP, SDN, sovereign wealth fund.
Policy implications and institutional focus
- The paper highlights the need to identify and address shortcomings in fiscal policy frameworks exposed by the crisis.
- It emphasizes the requirement for institutional reforms to provide enduring anchors for fiscal policy.
- It raises the priority question of how much rebuilding of fiscal buffers is needed going forward.
Staff Discussion Notes 2015, 006 — "Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis".
Content in this bundle
- _sdn1506 — Executive Summary
- _sdn1506techapx - REFERENCES
- _sdn1506s
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