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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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Pereira, Ricardo Antônio de Castro & Ferreira, Pedro Cavalcanti Gomes, 2007. "Efeitos de Crescimento e Bem-estar da Lei de Parceria Público-Privada no Brasil," Economics Working Papers (Ensaios Economicos da EPGE), FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) 648, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  2. William Easterly & Sergio Rebelo, 1993. "Fiscal Policy and Economic Growth: An Empirical Investigation," NBER Working Papers, National Bureau of Economic Research, Inc 4499, National Bureau of Economic Research, Inc.
  3. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, Elsevier, vol. 23(2), pages 177-200, March.
  4. Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series, The World Bank 2390, The World Bank.
  5. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment: Updates and Implications," CID Working Papers, Center for International Development at Harvard University 42, Center for International Development at Harvard University.
  6. Roberto Perotti, 2004. "Public investment: another (different) look," Working Papers, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University 277, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  7. 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), FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) 441, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  8. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers, National Bureau of Economic Research, Inc 3541, National Bureau of Economic Research, Inc.
  9. 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.
  10. Jérôme Creel & Francesco Saraceno & Paola Veroni, 2007. "Has the Golden Rule of Public Finance Made a difference in the UK," Sciences Po publications, Sciences Po 2007-13, Sciences Po.
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Citations

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Cited by:
  1. Eric M. Leeper, 2009. "Anchors Away: How Fiscal Policy Can Undermine “Good” Monetary Policy," Caepr Working Papers, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington 2009-021, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
  2. Eric M. Leeper, 2011. "Anchors Aweigh: How Fiscal Policy Can Undermine “Good” Monetary Policy," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, 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. Jimena Zúñiga & Marcelo Capello & Inés Butler & Nester Grión, 2013. "A Cycle-Adjusted Fiscal Rule for Sustainable and More Equitable Growth in Argentina," IDB Publications, Inter-American Development Bank 82358, Inter-American Development Bank.
  4. Woo, Jaejoon, 2011. "Growth, income distribution, and fiscal policy volatility," Journal of Development Economics, Elsevier, Elsevier, vol. 96(2), pages 289-313, November.

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