Fiscal Policy Challenges For Latin America During The Next Stages Of The Pandemic The Need For A Fiscal Pact

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Fiscal Policy Challenges for Latin America During the Next Stages of the Pandemic: The Need for a Fiscal Pact

International Monetary Fund
Fiscal Policy Challenges for Latin America During the Next Stages of the Pandemic The Need for a Fiscal Pact Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 43,5 Mb
Release : 2021-03-18
Category : Business & Economics
ISBN : 9781513574332

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Fiscal Policy Challenges for Latin America During the Next Stages of the Pandemic: The Need for a Fiscal Pact by International Monetary Fund Pdf

The fiscal policy response to the COVID-19 shock in most LAC countries was much larger than during the GFC, suggesting fiscal space was not as tight as expected. We argue that it is feasible and desirable, though not without risks, to embark in a more gradual consolidation path than currently envisaged by several countries in the region. Avoiding an early withdrawal of support in 2021 and 2022 is important given that countries are still facing high rates of contagion and deaths, vaccination will take place very slowly, the economic recovery is partial, uncertain and not strong enough to help those most affected by the twin public health and economic crisis. At the center of this discussion is our conviction that fiscal space is not set in stone and it is endogenous to the medium-term targets and commitments undertaken by governments and congresses throughout the region. Also, revisions to fiscal responsibility frameworks should help anchor fiscal sustainability, as well as improve their effectiveness and flexibility. In this context, low-for-long interest rates and easy market access is generating a situation that, in spite of higher debt levels, interest cost on public debt will remain contained in the foreseeable future. Especially if, as argued in this paper, a more gradual fiscal consolidation path is accompanied with stronger commitments and institutional frameworks that ensure debt is put on a credible downward trajectory once the pandemic is under control. Catalyzing these changes, as well as initiating the debate to design other fiscal reforms to strengthen social protection and increase the progressivity of public finances, would require a broad social consensus and political cohesion around several crucial dimensions of public finances: a fiscal pact. On the other hand, if this agenda is neglected the continuation of low growth, social discontent, and political polarization could drive Latin America towards a very dangerous path of institutional and economic decay.

Fiscal Rules and Economic Size in Latin America and the Caribbean

Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok
Fiscal Rules and Economic Size in Latin America and the Caribbean Book PDF

Author : Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok
Publisher : World Bank Publications
Page : 198 pages
File Size : 48,6 Mb
Release : 2020-10-10
Category : Business & Economics
ISBN : 9781464815812

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Fiscal Rules and Economic Size in Latin America and the Caribbean by Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok Pdf

Following the collapse of commodity prices in Latin America and the Caribbean (LAC) in 2014-15, many countries in the region were unable to cushion the impact of the shock in order to experience a more gradual adjustment, to a large extent because they had not built adequate fiscal buffers during the commodities’ windfall from 2010-14. Many LAC countries entered 2020 and the COVID-19 crisis in an even more difficult position, with rising debt and limited fiscal space to smooth the negative impacts of the pandemic and adequately support their economies. Fiscal policy in most LAC countries has been procyclical. Public expenditure and debt levels have expanded in good times and contracted in severe downswings due to insufficient fiscal buffers, making crises deeper. Fiscal rules represent a promising policy option for these and other economies. If well-designed and implemented, they can help build buffers during periods of strong economic performance that will be available during rainy days to smooth economic shocks. This book—which was prepared before the COVID-19 crisis—reviews the performance and implementation of different fiscal rules in the region and world. It provides analytical and practical criteria for policy makers for the design, establishment, and feasible implementation of fiscal rules based on each country's business cycle features, external characteristics, type of shocks faced, initial fiscal conditions, technical and institutional capacities, and political context. While establishing new fiscal rules would not help to attenuate the immediate effects of this pandemic crisis, higher debt levels in the aftermath of COVID-19 will demand rebuilding better and stronger institutional frameworks of fiscal policy in LAC and emerging economies globally. Having stronger fiscal mechanisms that include fiscal rules can help countries prepare for the next crisis and should be on the front burner for policy makers in coming years. The findings and lessons discussed apply to economies of different sizes, with some differences under certain scenarios in terms of the technical design and criteria needed for implementation. In this book, policy makers will find that fiscal rules, if tailored to country characteristics, can work and be an essential fiscal tool for larger and particularly smaller economies.

Emerging from the Pandemic Tunnel with Faster Growth and Greater Equity: A Strategy for a New Social Compact in Latin America and the Caribbean

Alejandro Izquierdo,Philip Keefer,Allen Blackman,Matías Busso,Eduardo Cavallo,Gregory Elacqua,Ana María Ibañez,Julián Messina,Mauricio Moreira,Carlos Scartascini,Norbert Schady,Tomás Serebrisky
Emerging from the Pandemic Tunnel with Faster Growth and Greater Equity A Strategy for a New Social Compact in Latin America and the Caribbean Book PDF

Author : Alejandro Izquierdo,Philip Keefer,Allen Blackman,Matías Busso,Eduardo Cavallo,Gregory Elacqua,Ana María Ibañez,Julián Messina,Mauricio Moreira,Carlos Scartascini,Norbert Schady,Tomás Serebrisky
Publisher : Inter-American Development Bank
Page : 61 pages
File Size : 43,7 Mb
Release : 2020-07-30
Category : Political Science
ISBN : 8210379456XXX

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Emerging from the Pandemic Tunnel with Faster Growth and Greater Equity: A Strategy for a New Social Compact in Latin America and the Caribbean by Alejandro Izquierdo,Philip Keefer,Allen Blackman,Matías Busso,Eduardo Cavallo,Gregory Elacqua,Ana María Ibañez,Julián Messina,Mauricio Moreira,Carlos Scartascini,Norbert Schady,Tomás Serebrisky Pdf

While the pandemic lasts, Latin America and the Caribbean (LAC) will go through a tunnel full of uncertainty. It is not known especially how long it is: how long until therapies or a vaccine emerge, or until best practices are known to control the pandemic to live with a virus of unknown lethality. This note describes policy options on how countries can expand their possibilities to meet the economic challenges of the crisis, with an emphasis on growth and equity. These options are based on the assumption that the fiscal situation of the region and its access to sovereign credit markets are much more restricted than in previous crises, which forces to think about policy reforms beyond fiscal ones to accelerate the Economic recovery. The options are ambitious, but the ambition meets the need. This document is part of a series of 3 IDB monographs on public policies in the context of COVID-19. The other documents can be consulted at the following links: Public Policy to Tackle COVID-19: Recommendations for Latin America and the Caribbean: https://publications.iadb.org/en/public-policy-to-tackle-covid-19-recommendations-for--latin-america-and-the-caribbean From Lockdown to Reopening: Strategic Considerations for the Resumption of Activities in Latin America and the Caribbean within the framework of Covid-19 https://publications.iadb.org/en/from-lockdown-to-reopening-strategic-considerations-for-the-resumption-of-activities-in-latin-america-and-the-caribbean-within-the-framework-of-covid-19

COVID-19 and Economic Development in Latin America

Monika Meireles,Bruno De Conti,Diego Guevara
COVID 19 and Economic Development in Latin America Book PDF

Author : Monika Meireles,Bruno De Conti,Diego Guevara
Publisher : Taylor & Francis
Page : 151 pages
File Size : 46,5 Mb
Release : 2023-07-06
Category : Business & Economics
ISBN : 9781000907568

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COVID-19 and Economic Development in Latin America by Monika Meireles,Bruno De Conti,Diego Guevara Pdf

The impact of the COVID-19 pandemic on the global economy, just as with the Great Recession a decade earlier, has served to reinforce the fact that the world is hierarchically organized and the distribution of power between countries is distinctly asymmetric. Gathering multiple viewpoints of Latin American researchers, this book explores the impacts of the pandemic, including unequal access to vaccines and recovery finance, on economies in the region. The book is organised in three substantial sections: the first brings together conceptual work which rethinks the fundamental categories for critical thinking on the challenges for Latin American development in a post-pandemic scenario. In the second part, the chapters focus on studying the Latin American financial reconfiguration that is being driven by the pandemic, particularly through a comparison of the experience of countries of the world economy’s core and periphery. Finally, the third part evaluates the concrete experiences of different Latin American countries in this very specific historical moment, emphatically analyzing the economic policy responses that the governments are adopting to deal with the current sanitary emergency and its economic and social effects. From this, the book suggests keystone elements for the relaunch of development strategies in the region as it recovers from the pandemic. This book will be of particular interest to readers of critical or heterodox perspectives on the economics of the pandemic, Latin American development and emerging economies.

Government at a Glance: Latin America and the Caribbean 2024

OECD
Government at a Glance Latin America and the Caribbean 2024 Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 200 pages
File Size : 46,9 Mb
Release : 2024-03-13
Category : Electronic
ISBN : 9789264667754

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Government at a Glance: Latin America and the Caribbean 2024 by OECD Pdf

The 2024 edition of Government at a Glance Latin America and the Caribbean provides the latest available evidence on public administrations and their performance in the LAC region and compares it to OECD countries.

Tax Policy for Inclusive Growth in Latin America and the Caribbean

Santiago Acosta-Ormaechea,Samuel Pienknagura,Carlo Pizzinelli
Tax Policy for Inclusive Growth in Latin America and the Caribbean Book PDF

Author : Santiago Acosta-Ormaechea,Samuel Pienknagura,Carlo Pizzinelli
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,9 Mb
Release : 2022-01-21
Category : Electronic
ISBN : 9781616358297

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Tax Policy for Inclusive Growth in Latin America and the Caribbean by Santiago Acosta-Ormaechea,Samuel Pienknagura,Carlo Pizzinelli Pdf

Tax Policy for Inclusive Growth in Latin America and the Caribbean

Fiscal Panorama of Latin America and the Caribbean 2018

Economic Commission for Latin America and the Caribbean
Fiscal Panorama of Latin America and the Caribbean 2018 Book PDF

Author : Economic Commission for Latin America and the Caribbean
Publisher : United Nations
Page : 129 pages
File Size : 54,5 Mb
Release : 2018-04-11
Category : Political Science
ISBN : 9789210586214

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Fiscal Panorama of Latin America and the Caribbean 2018 by Economic Commission for Latin America and the Caribbean Pdf

This edition of Fiscal Panorama of Latin America and the Caribbean coincides with an important milestone: the thirtieth anniversary of the Regional Seminar on Fiscal Policy organized by the Economic Commission for Latin America and the Caribbean (ECLAC). Over the past 30 years, this seminar has become a key fixture on the agenda of fiscal policy events in the region.Throughout these three decades, the successive editions of the seminar have served as a forum for national authorities, tax experts and officials from international organizations to discuss the performance, challenges and opportunities of fiscal policy,and it has enhanced policy design and management in the individual countries.

Regional Economic Outlook, October 2021, Western Hemisphere: A Long and Winding Road to Recovery

INTERNATIONAL MONETARY FUND.
Regional Economic Outlook October 2021 Western Hemisphere A Long and Winding Road to Recovery Book PDF

Author : INTERNATIONAL MONETARY FUND.
Publisher : International Monetary Fund
Page : 51 pages
File Size : 50,8 Mb
Release : 2021-10-21
Category : Business & Economics
ISBN : 9781513593838

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Regional Economic Outlook, October 2021, Western Hemisphere: A Long and Winding Road to Recovery by INTERNATIONAL MONETARY FUND. Pdf

An economic recovery is underway in Latin America and the Caribbean (LAC) but the pandemic still casts shadows on much of the region. The recovery was robust in the first quarter of 2021 but lost momentum in some countries in the second quarter, reflecting the rebound in COVID-19 cases. Real GDP is projected to grow by 6.3 percent in 2021, followed by a more moderate growth of 3 percent in 2022, but would not catch up with pre-pandemic trends in the medium term as persistent weakness in labor markets raises risks of scarring. Broadly favorable external conditions, high commodity prices, and pent-up demand support short-term growth, while monetary and fiscal policy reversals work in the other direction. Risks to the outlook are tilted downward. Main downside risks are the emergence of more transmissible and deadlier COVID-19 variants, tightening of global financial conditions, sovereign debt rollover risks, and social unrest as a year with heavy election schedule looms. Fiscal policy should allocate sufficient resources for health spending, including vaccination, and continue to support households and firms in a more targeted fashion while the pandemic persists, backed by credible assurances of medium-term debt sustainability to maintain access to finance. Monetary policy has started to address inflationary pressures but should continue to support economic activity insofar as the dynamics of inflation expectations permit. If rising inflation threatens to de-anchor inflation expectations, central banks should tighten monetary policy to signal a commitment to inflation targets and avoid persistent increases in inflation. Preemptive and decisive action should be accompanied with clear and transparent communication. Financial policy should shift from blanket support to targeted support of viable firms, to ensure that necessary labor and capital reallocations are not hindered. Supply-side policies should foster inclusive growth, including through progressive and growth-friendly tax reforms and measures to intensify climate change adaptation and mitigation.

New Approaches to Closing the Fiscal Gap

World Bank
New Approaches to Closing the Fiscal Gap Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 68 pages
File Size : 40,6 Mb
Release : 2022-10-04
Category : Business & Economics
ISBN : 9781464819292

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New Approaches to Closing the Fiscal Gap by World Bank Pdf

As the COVID†?19 crisis recedes, Latin America and the Caribbean (LAC) is back to work and looking forward. Reported deaths related to the pandemic are low and have plausibly converged to global levels. Yet low vaccination rates in some countries leave them vulnerable to new variants. In most countries, gross domestic product (GDP) and employment have fully recovered their 2019 levels, although forecasted growth rates might be said to be “resiliently mediocre†?: banking systems appear sound, and rising debt burdens are manageable so far, but growth is not expected to exceed the low levels of the 2010 decade. Poverty in terms of income (monetary poverty) has largely receded with the economic recovery, but the longer†?term scars of the pandemic in terms of education and health have planted deep seeds of future inequality. Redressing these problems and undertaking the structural reforms needed to reach higher levels of growth and reduce poverty remain central on the policy agenda. The new and unwelcome entrant in the policy space is inflation. While comparable to advanced country levels and well managed by regional monetary authorities, inflation nonetheless is being propelled by forces that may give it more staying power than originally hoped. Finally, public deficits induced by the pandemic and the need to finance critical government programs and directions have opened a fiscal gap and led to constrained fiscal space. The need to close the fiscal gap, put debt on a sustainable footing, and generate fiscal space to finance necessary physical and social investments has led to a search for new revenues and in particular to pressure to increase income taxes. In looking at any tax hike, concerns center on the possible depressive effects on growth, overall progressivity, and possible incentives for informality. This report presents new evidence on these effects for value added taxes (VAT) and income taxes. It also advocates for steps to cut wasteful government spending and increase government efficiency—both to generate substantial resources and as an entry point to a broader agenda of state modernization and generating public trust.

How to Finance Sustainable Development

Economic Commission for Latin America and the Caribbean
How to Finance Sustainable Development Book PDF

Author : Economic Commission for Latin America and the Caribbean
Publisher : Unknown
Page : 30 pages
File Size : 49,5 Mb
Release : 2022
Category : Electronic
ISBN : 9789210016384

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How to Finance Sustainable Development by Economic Commission for Latin America and the Caribbean Pdf

Global asymmetries influence policies for recovery in Latin America and the Caribbean. Nearly 30 years after the Earth Summit and the global adoption of an international development agenda, in practical terms the environmental pillar of the 2030 Agenda for Sustainable Development has not been taken into consideration in recovery policies in the region. This has created major problems in terms of the medium- and long-term direction of regional economies. On balance, recovery measures --which have focused on maintaining consumption or offsetting falls in it-- have weakened non-health public services, territorial monitoring, and social and governmental monitoring functions. Transfers to support consumption strengthen an unsustainable development pattern and recovery measures prolong the anchoring to an approach that results in high vulnerability to environmental impacts, with unchanged or increased dependence on fossil fuels. The region is squandering the opportunity to use the recovery effort to enhance production and consumption patterns and improve the quality and coverage of public services, which the coronavirus disease (COVID-19) pandemic has shown to be very important. This Special Report is the thirteenth in a series prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) on the evolution and impacts of the COVID-19 pandemic in Latin America and the Caribbean.

Fiscal Policy in Latin America

Oya Celasun,Francesco Grigoli,Ms. Keiko Honjo,Mr. Javier Kapsoli,Mr. Alexander Klemm,Mr. Bogdan Lissovolik,Jan Luksic,Ms. Marialuz Moreno Badia,Miss Joana Pereira,Marcos Poplawski-Ribeiro,Baoping Shang,Ms. Yulia Ustyugova
Fiscal Policy in Latin America Book PDF

Author : Oya Celasun,Francesco Grigoli,Ms. Keiko Honjo,Mr. Javier Kapsoli,Mr. Alexander Klemm,Mr. Bogdan Lissovolik,Jan Luksic,Ms. Marialuz Moreno Badia,Miss Joana Pereira,Marcos Poplawski-Ribeiro,Baoping Shang,Ms. Yulia Ustyugova
Publisher : International Monetary Fund
Page : 37 pages
File Size : 54,6 Mb
Release : 2015-04-30
Category : Business & Economics
ISBN : 9781475569575

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Fiscal Policy in Latin America by Oya Celasun,Francesco Grigoli,Ms. Keiko Honjo,Mr. Javier Kapsoli,Mr. Alexander Klemm,Mr. Bogdan Lissovolik,Jan Luksic,Ms. Marialuz Moreno Badia,Miss Joana Pereira,Marcos Poplawski-Ribeiro,Baoping Shang,Ms. Yulia Ustyugova Pdf

Latin America’s bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet rebuilt their fiscal space, despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis. Using the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, this paper examines the lessons and legacies of the crisis by addressing the following questions, among others: How much did the 2009 fiscal stimulus help growth? What shortcomings were revealed in the fiscal policy frameworks? What institutional reforms are now needed to provide enduring anchors for fiscal policy? How much rebuilding of buffers is needed going forward?

World Public Sector Report 2023

Department of Economic and Social Affairs
World Public Sector Report 2023 Book PDF

Author : Department of Economic and Social Affairs
Publisher : Stylus Publishing, LLC
Page : 267 pages
File Size : 53,5 Mb
Release : 2023-10-25
Category : Political Science
ISBN : 9789213585689

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World Public Sector Report 2023 by Department of Economic and Social Affairs Pdf

This report examines the role that national institutional and governance innovations and changes that emerged during the COVID-19 pandemic can play in advancing progress towards the 2030 Agenda for Sustainable Development. The consequences of the pandemic threaten to derail progress and make the Sustainable Development Goals (SDGs) more difficult to achieve. Yet the pandemic also sparked rapid innovation in government institutions and public administration that could be capitalized on. Against this backdrop, the report focuses on how governments can reshape their relationship with people and other actors to enhance trust and promote the changes required for more sustainable and peaceful societies. How they can assess competing priorities and address difficult policy trade-offs that have emerged since 2020. And what assets and innovations they can mobilize to transform the public sector and achieve the SDGs.

Fiscal Panorama of Latin America and the Caribbean 2021

United Nations
Fiscal Panorama of Latin America and the Caribbean 2021 Book PDF

Author : United Nations
Publisher : UN
Page : 0 pages
File Size : 42,7 Mb
Release : 2023-11-30
Category : Political Science
ISBN : 9211220718

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Fiscal Panorama of Latin America and the Caribbean 2021 by United Nations Pdf

In 2021, Latin America and the Caribbean faces an economic and social context that will remain complex and uncertain. The coronavirus disease (COVID-19) pandemic continues to impact the region, with a fresh wave of cases that has led to the implementation of new public health measures to curb the spread of the virus. Vaccination campaigns, which are a priority, have been hampered by unequal access to vaccines globally and challenges in vaccine production and distribution. In this complex and uncertain context, the Fiscal Panorama of Latin America and the Caribbean, 2021 analyses the challenges for fiscal policy in the region as it continues to tackle the emergency and bring about a transformative post-pandemic recovery. Maintaining an expansionary fiscal policy will be key, and will require the support of international cooperation through development financing. The report also reflects on the need to promote tax policies that expand fiscal space, improve income distribution and maintain the sustainability of spending trajectories. Lastly, it examines progress in the mainstreaming of a gender perspective in fiscal policies in the region.

Fiscal Policy in Latin America

Oya Celasun
Fiscal Policy in Latin America Book PDF

Author : Oya Celasun
Publisher : Unknown
Page : 37 pages
File Size : 46,9 Mb
Release : 2015
Category : Expenditures, Public
ISBN : 1484337662

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Fiscal Policy in Latin America by Oya Celasun Pdf

Latin America's bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet rebuilt their fiscal space, despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis. Using the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, this paper examines the lessons and legacies of the crisis by addressing the following questions, among others: How much did the 2009 fiscal stimulus help growth? What shortcomings were revealed in the fiscal policy frameworks? What institutional reforms are now needed to provide enduring anchors for fiscal policy? How much rebuilding of buffers is needed going forward?

Fiscal Panorama of Latin America and the Caribbean 2022

United Nations
Fiscal Panorama of Latin America and the Caribbean 2022 Book PDF

Author : United Nations
Publisher : UN
Page : 0 pages
File Size : 42,7 Mb
Release : 2023-11-17
Category : Political Science
ISBN : 9211220866

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Fiscal Panorama of Latin America and the Caribbean 2022 by United Nations Pdf

The region is facing a complex economic situation, marked by slowing growth, rising inflation, interest rate hikes and volatility in international markets. This context puts pressure on public finances, compounded by increasing demands for social welfare, investment and environmental sustainability, which pose fiscal policy challenges. The Fiscal Panorama of Latin America and the Caribbean, 2022 proposes a fiscal policy design that would help to drive sustainable development, by strengthening tax collection and making tax structures more progressive, and giving a strategic orientation to public spending to turn it into an instrument of development. The report analyses the fiscal trends observed in 2021, which included an upturn in tax receipts and a slowdown in public spending that resulted in smaller fiscal deficits. It also examines fiscal rules and the mechanisms used to ease them during the pandemic, proposing a rethink of these rules aimed at pro-growth fiscal policy. Lastly, it studies the fiscal frameworks applied to hydrocarbon production and mining with a view to maximizing their contribution to the implementation of the 2030 Agenda for Sustainable Development.