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Fiscal Policy, Stabilization, and Growth : Prudence or Abstinence

  • Guillermo Perry
  • Luis Servén
  • Rodrigo Suescún

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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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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  1. Easterly, William & Rebelo, Sérgio, 1994. "Fiscal Policy and Economic Growth: An Empirical Investigation," CEPR Discussion Papers 885, C.E.P.R. Discussion Papers.
  2. 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.
  3. Ferreira, Pedro Cavalcanti & Jaime Júnior, Pedro & Pessoa, Samuel de Abreu, 2003. "Testing production functions used in empirical growth studies," Economics Working Papers (Ensaios Economicos da EPGE) 507, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  4. Nouriel Roubini & Jeffrey Sachs, 1989. "Government Spending and Budget Deficits in the Industrial Economies," NBER Working Papers 2919, National Bureau of Economic Research, Inc.
  5. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
  6. Jérôme Creel & Francesco Saraceno & Paola Veroni, 2006. "Estimating the impact of public investment in the united Kingdom : Has the Golden Rule of Public Finance Made a Difference ?," Sciences Po publications info:hdl:2441/2681, Sciences Po.
  7. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
  8. Jérôme Creel & Paola Veroni & Francesco Saraceno, 2007. "Has the Golden Rule of Public Finance Made a difference in the UK," Working Papers hal-00972843, HAL.
  9. Pereira, Ricardo Antonio de Castro & Ferreira, Pedro Cavalcanti, 2007. "Efeitos de Crescimento e Bem-estar da Lei de Parceria Público-Privada no Brasil," Economics Working Papers (Ensaios Economicos da EPGE) 648, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  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 40, Department of Economics, College of William and Mary.
  11. Roberto Perotti, 2004. "Public investment: another (different) look," Working Papers 277, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  12. Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series 2390, The World Bank.
  13. repec:spo:wpecon:info:hdl:2441/2681 is not listed on IDEAS
  14. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  15. repec:oup:qjecon:v:107:y:1992:i:2:p:407-37 is not listed on IDEAS
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