El carácter procíclico de la política fiscal: notas sobre la ley de prudencia y transparencia fiscal
AbstractThis paper is aimed to describe the basic limitations of the current fiscal responsibility law to deal with the economic recession due to its pro cyclical character. Section 2 contains a theoretical model, which relates the aggregate demand to the pro cyclical fiscal rule. Two cases of static comparative analysis are developed in section 3: external shock and monetary policy shock; and the possibility of a fiscal and monetary policy mix to reactivate the economy is also analyzed. In section 4 contains the empirical evidence of the fiscal policy character in the last decade. Finally, a brief review on the application of the fiscal rules experiences is developed in the last section, and some changes on the law are suggested in order to make it more credible and efficient for public budget management.
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Bibliographic InfoArticle provided by Departamento de Economía - Pontificia Universidad Católica del Perú in its journal Revista Economía.
Volume (Year): (2003)
Issue (Month): 51-52 ()
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Other versions of this item:
- Felix Jimenez, 2002. "El carácter prociclico de la política fiscal: Notas sobre la ley de prudencia y transparencia fiscal," Documentos de Trabajo, Departamento de EconomÃa - Pontificia Universidad CatÃ³lica del PerÃº 2002-215, Departamento de Economía - Pontificia Universidad Católica del Perú.
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