The Fiscal Vulnerability of Social Public Expenditure: Is Latin America Different?
This paper uses a panel of 50 countries for the period 1985-2003 to evaluate the vulnerability of public social spending (on education and health) to fiscal variables and public debt in Latin America as compared with the rest of the developing world. Social spending is significantly lower in Latin America (although it absorbs a larger proportion of primary spending) and is more vulnerable to higher debt interest payments but less affected by variations in other public spending. As in other developing countries, social spending declines as public debt increases, and more so if the debt is with multilateral banks. Unlike the rest of the world, when Latin American fails to meet its debt payments, social spending declines as a share of total public spending.
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| Date of creation: | Jan 2007 |
| Handle: | RePEc:idb:wpaper:4505 |
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References listed on IDEAS
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- Dany Jaimovich & Ugo Panizza, 2010.
"Public debt around the world: a new data set of central government debt,"
Applied Economics Letters,
Taylor & Francis Journals, vol. 17(1), pages 19-24, January.
- Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," IDB Publications (Working Papers) 6710, Inter-American Development Bank.
- Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," Research Department Publications 4461, Inter-American Development Bank, Research Department.
- Eduardo Lora, 2007. "Public Investment in Infrastructure in Latin America: Is Debt the Culprit?," Research Department Publications 4502, Inter-American Development Bank, Research Department.
- Eduardo Lora, 2007. "Public Investment in Infrastructure in Latin America: Is Debt the Culprit?," IDB Publications (Working Papers) 6727, Inter-American Development Bank.
- Lora, Eduardo & Olivera, Mauricio, 2007. "Public debt and social expenditure: Friends or foes?," Emerging Markets Review, Elsevier, vol. 8(4), pages 299-310, December.
- Eduardo Lora & Mauricio Olivera, 2006. "Public Debt and Social Expenditure: Friends or Foes?," Research Department Publications 4465, Inter-American Development Bank, Research Department.
- Eduardo Lora & Mauricio Olivera, 2006. "Public Debt and Social Expenditure: Friends or Foes?," IDB Publications (Working Papers) 43578, Inter-American Development Bank.
- Mahdavi, Saeid, 2004. "Shifts in the Composition of Government Spending in Response to External Debt Burden," World Development, Elsevier, vol. 32(7), pages 1139-1157, July.
- Mauro, Paolo, 1998. "Corruption and the composition of government expenditure," Journal of Public Economics, Elsevier, vol. 69(2), pages 263-279, June. Full references (including those not matched with items on IDEAS)
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