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Últimas publicaciones del Programa de Política Fiscal

Towards effective social insurance in latin america. The importance of Countercuclical Fiscal Policy

Titulo Towards effective social insurance in latin america. The importance of Countercuclical Fiscal Policy
Resumen We evaluate policy options to reduce procyclicality of fiscal policy, such as stabilization funds, fiscal rules and reform of budget institutions, and argue in favor of integrated policy proposals based on more country specific analysis, such as the Fiscal Responsibility Law in Brazil.
Descripción
Latin America is a volatile, crisis-prone region, with limited and inadequate social insurance. Therefore, the long-term as well as the recent poor suffer significantly during crises. Furthermore, social spending is procyclical in the region, but less so than total spending, indicating that the effectiveness of compensatory social policies designed to protect those vulnerable to crises are constrained by adjustments during recessions. The causes of procyclical fiscal policy lie in the political constraints on saving during expansions, combined with limited creditworthiness during recessions, and enhanced by economic volatility and a low share of automatic stabilizers in the budget. 
We evaluate policy options to reduce procyclicality of fiscal policy, such as stabilization funds, fiscal rules and reform of budget institutions, and argue in favor of integrated policy proposals based on more country specific analysis, such as the Fiscal Responsibility Law in Brazil.
Autores Miguel Braun y Luciano Di Gresia
Area Área de Desarrollo Económico
Programa Política Fiscal
Año marzo de 2003

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