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Fiscal Policy, Stabilization, and Growth : Prudence or Abstinence

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Author Info

  • Guillermo Perry
  • Luis Servén
  • Rodrigo Suescún

Abstract

This volume covers the conduct of fiscal policy in Latin America, and its consequences for macroeconomic stability and long-term growth. The volume's chapters examine different aspects of these problems, ranging from the purely economic to the institutional and political economy dimensions. The book is organized as follows. This chapter offers an integrated overview of the themes covered in the rest of the volume. The chapter guides the reader through the rest of the volume, but it has been written as a self-standing essay for the benefit of those readers who may not have the time to indulge in the details of every chapter. The rest of the volume is organized in two parts. The first part deals with the pro-cyclical bias of fiscal policy, and the second part with the anti-investment bias of fiscal discipline -- popularly (albeit somewhat confusingly) known as the fiscal space problem. The rest of this introductory chapter consists of four sections. Section II examines recent trends in fiscal policy in the region and introduces the two main themes of the book. Sections III and IV present an overview of the topics covered in the two parts of the book, as well as the conclusions of the corresponding chapters. Section V summarizes the implications for future fiscal analysis and policy management.

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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 6818 and published in 2008.

ISBN: 978-0-8213-7084-1
Handle: RePEc:wbk:wbpubs:6818

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Postal: 1818 H Street, N.W., Washington, DC 20433
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Web page: https://openknowledge.worldbank.org
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Related research

Keywords: Public Sector Economics and Finance Economic Stabilization Transport Economics Policy and Planning Public Sector Expenditure Analysis and Management Public Sector Fiscal Adjustment;

References

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  1. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment Updates and Implications," NBER Working Papers 7911, National Bureau of Economic Research, Inc.
  2. Ferreira, Pedro Cavalcanti Gomes & Issler, João Victor & Pessoa, Samuel de Abreu, 2002. "Testing Production Functions Used in Empirical Growth Studies," Economics Working Papers (Ensaios Economicos da EPGE) 441, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  3. Pedro Cavalcanti Ferreira & Ricardo A. de castro Pereira, 2008. "Efeitos de Crescimento e Bem-estar da Lei de Parceria Público-Privada no Brasil," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 62(2), pages 207-219, October.
  4. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, Elsevier, vol. 23(2), pages 177-200, March.
  5. Roberto Perotti, 2004. "Public investment: another (different) look," Working Papers 277, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  6. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, Elsevier, vol. 32(3), pages 417-458, December.
  7. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(2), pages 407-37, May.
  8. Jérôme Creel & Francesco Saraceno & Paola Veroni, 2007. "Has the Golden Rule of Public Finance Made a difference in the UK," Sciences Po publications 2007-13, Sciences Po.
  9. Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series 2390, The World Bank.
  10. Alfredo M. Pereira & Maria de F�tima Pinho, 2006. "Public Investment, Economic Performance and Budgetary Consolidation: VAR Evidence for the 12 Euro Countries," Working Papers, Department of Economics, College of William and Mary 40, Department of Economics, College of William and Mary.
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Citations

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Cited by:
  1. Jimena Zúñiga & Marcelo Capello & Inés Butler & Nester Grión, 2013. "A Cycle-Adjusted Fiscal Rule for Sustainable and More Equitable Growth in Argentina," IDB Publications 82358, Inter-American Development Bank.
  2. Eric M. Leeper, 2011. "Anchors Aweigh: How Fiscal Policy Can Undermine “Good” Monetary Policy," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.), Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 11, pages 411-453 Central Bank of Chile.
  3. Eric Leeper, 2010. "Anchors Away: How Fiscal Policy Can Undermine "Good" Monetary Policy," Working Papers Central Bank of Chile, Central Bank of Chile 580, Central Bank of Chile.
  4. Woo, Jaejoon, 2011. "Growth, income distribution, and fiscal policy volatility," Journal of Development Economics, Elsevier, vol. 96(2), pages 289-313, November.

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