Fiscal Responsibility Laws for Subnational Discipline PDF Download
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Author: Steven B. Webb
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Webb discusses fiscal responsibility laws in Latin America, with special attention to their provisions for fiscal discipline by subnational governments. He discusses why and when such laws might be useful - to help resolve the coordination problem in getting diverse governments to avoid overusing the common national credit market and to help individual governments make a time-consistent commitment for fiscal prudence. The author examines the cases of Argentina, Brazil, Colombia, and Peru, as well as the case of Mexico where other types of laws and regulations aim to achieve the same objectives of solidifying incentives for fiscal discipline at all levels of government. Fiscal responsibility laws are found to be useful in some cases, although the experience is not long enough to be certain, but they are clearly not necessary in every case, nor always sufficient to assure fiscal stability.This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the dynamics of fiscal policy in a federal context.
Author: Steven B. Webb
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Webb discusses fiscal responsibility laws in Latin America, with special attention to their provisions for fiscal discipline by subnational governments. He discusses why and when such laws might be useful - to help resolve the coordination problem in getting diverse governments to avoid overusing the common national credit market and to help individual governments make a time-consistent commitment for fiscal prudence. The author examines the cases of Argentina, Brazil, Colombia, and Peru, as well as the case of Mexico where other types of laws and regulations aim to achieve the same objectives of solidifying incentives for fiscal discipline at all levels of government. Fiscal responsibility laws are found to be useful in some cases, although the experience is not long enough to be certain, but they are clearly not necessary in every case, nor always sufficient to assure fiscal stability.This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the dynamics of fiscal policy in a federal context.
Author: Steven Benjamin Webb
Publisher: World Bank Publications
ISBN:
Category : Local finance
Languages : en
Pages : 19
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Book Description
Author: Steven Benjamin Webb
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: Mr.Manmohan S. Kumar
Publisher: International Monetary Fund
ISBN: 158906609X
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.
Author: Eduardo Lora
Publisher: World Bank Publications
ISBN: 0821365762
Category : Political Science
Languages : en
Pages : 474
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Book Description
Latin America suffered a profound state crisis in the 1980s, which prompted not only the wave of macroeconomic and deregulation reforms known as the Washington Consensus, but also a wide variety of institutional or 'second generation' reforms. 'The State of State Reform in Latin America' reviews and assesses the outcomes of these less studied institutional reforms. This book examines four major areas of institutional reform: a. political institutions and the state organization; b. fiscal institutions, such as budget, tax and decentralization institutions; c. public institutions in charge of sectoral economic policies (financial, industrial, and infrastructure); and d. social sector institutions (pensions, social protection, and education). In each of these areas, the authors summarize the reform objectives, describe and measure their scope, assess the main outcomes, and identify the obstacles for implementation, especially those of an institutional nature.
Author: Christian Y. Gonzalez
Publisher: World Bank Publications
ISBN:
Category : Economic stabilization
Languages : en
Pages : 36
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Book Description
Recent experiences in Argentina, Brazil, Colombia, and Mexico.
Author: Organisation for Economic Co-operation and Development
Publisher: OECD
ISBN:
Category : Business & Economics
Languages : en
Pages : 172
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Book Description
Despite considerable progress made by Latin America’s biggest economies in putting their finances in order, numerous challenges remain. Public spending needs to incorporate more flexibility, ageing populations and social demands threaten future pressures on expenditure, and social and infrastructure spending need to be more cost-effective. At the same time, tax bases need to broaden to reduce reliance on distortionary taxes on financial transactions and enterprise turnover, and overall tax administration must be improved. Finally and foremost, the fiscal authorities need to keep public debt at sustainable levels, paving the way for faster, more resilient growth. This volume discusses progress made to date in Argentina, Brazil, Chile and Mexico, and points out the road ahead. It provides an overview of trends and highlights the diversity of fiscal adjustment processes in Latin American countries. It also describes the financial market perspective and role of sovereign debt ratings. The chapter on Argentina debunks the view that fiscal management in the 1990s was irresponsible, arguing instead that the financial crisis was caused by a confluence of costly pension reforms, Brady debt restructuring and the recognition of fiscal “skeletons” in the closet. The chapter on Brazil makes a case for a more entrenched culture of fiscal austerity to make the current achievements sustainable. The Chile chapter describes the role of political cohesiveness following the return of democracy in driving the economy to fiscal rectitude. Finally, the chapter on Mexico discusses different scenarios for debt dynamics and the country’s efforts to contain expenditure pressures.
Author: Vicente Fretes Cibils
Publisher: Inter-American Development Bank
ISBN: 1597822124
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
This book analyzes the reasons for lackluster performance selected Latin American countries in mobilizing subnational own-source revenues and explores policy options to increase these revenues as efficiently and equitably as possible. Seven case studies--Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, and Venezuela--span a wide range of characteristics, including federal and unitary countries, different geographical sizes, levels of economic development, and degrees of revenue decentralization. In this book, subnational governments include both intermediate and local levels of government, which are distinguished in the case studies. Together, the case studies provide a reasonably representative picture of the challenges faced throughout Latin America in mobilizing subnational own-source revenues in a manner that supports equitable growth.
Author: Eduardo Wiesner Durán
Publisher: IDB
ISBN: 9781931003483
Category : Business & Economics
Languages : en
Pages : 156
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Book Description
This text helps Latin American policymakers meet the challenge of decentralization to improve public sector performance at all levels of government by appropriately assigning jurisdiction over public goods, services, tax authority and user charges.
Author: Mario Sanginés
Publisher: Inter-American Development Bank
ISBN: 1597821691
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
The Fiscal Institutions of Tomorrow, the first publication in the series Institutions for People, addresses issues of public management that are key to economic development in Latin America and the Caribbean. It presents the challenges that the countries in the region face to strengthen fiscal institutions with a view to the future and with policy recommendations. This publication serves as reference material for policymakers and economic analysts interested in studying the evolution of fiscal institutions in the region and identifying areas to improve governance.
