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The Reform of Fiscal Institutions in Latin America

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  • Eduardo Lora
  • Mauricio Cardenas

Abstract

(Document Available in Spanish) Fiscal deficits on average only 1. 4% of GDP; debt coefficients on the decline; early debt repayments to the International Monetary Fund and massive repurchases of Brady bonds that 15 years ago were the last salvation for overly endebted governments. This doesn`t look like Latin America, the region with the strongest tradition of macroeconomic instability in the world and the longest history of noncompliance with its public debt commitments. However, these are some of the fiscal events that have been occurring since the beginning of 2006, a particularly favorable time for the region.

Suggested Citation

  • Eduardo Lora & Mauricio Cardenas, 2006. "The Reform of Fiscal Institutions in Latin America," Research Department Publications 4457, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4457
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    References listed on IDEAS

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    1. Gordon, Roger & Li, Wei, 2009. "Tax structures in developing countries: Many puzzles and a possible explanation," Journal of Public Economics, Elsevier, vol. 93(7-8), pages 855-866, August.
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