Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective
This report by the Office of the Chief Economist for Latin America and the Caribbean (LAC) of the World Bank studies the region’s fiscal policies. After reviewing LAC’s growth performance, Chapter 1 provides an accounting of its financing needs during the 21st Century to understand how such a divers...
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World Bank, Washington, DC
2017
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| Online Access: | http://hdl.handle.net/10986/26364 |
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okr-10986-263642021-04-23T14:04:35Z Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective Vegh, Carlos Lederman, Daniel Bennett, Federico R. GROWTH HOUSEHOLD INCOME INEQUALITY LABOR FORCE PARTICIPATION LABOR INCOME INEQUALITY LATIN AMERICA SLOWDOWN ELASTICITY INEQUALITY TERMS OF TRADE UNEMPLOYMENT GOVERNMENT FINANCING NEEDS BUSINESS CYCLES COUNTERCYCLICALITY PROCYCLICALITY COUNTERCYCLICAL POLICY FISCAL POLICY VOLATILITY This report by the Office of the Chief Economist for Latin America and the Caribbean (LAC) of the World Bank studies the region’s fiscal policies. After reviewing LAC’s growth performance, Chapter 1 provides an accounting of its financing needs during the 21st Century to understand how such a diverse region ended up with fiscal deficits across the board in 2016. Chapter 2 goes back to the 1960s and assesses the cyclical properties of fiscal policies. LAC, like most developing countries and in contrast with most developed economies, exhibited procyclical fiscal policies. Good news arrived in the 2000s: one in three economies became countercyclical, which helped improve credit ratings. Yet fiscal policy is complicated by our inability to know if current economic conditions are temporary or permanent. The report argues for a prudent stance that would err on the side of saving too much during upswings and perhaps borrowing too little during downturns. 2017-04-13T19:03:29Z 2017-04-13T19:03:29Z 2017-04 Serial 978-1-4648-1094-7 http://hdl.handle.net/10986/26364 English en_US LAC Semiannual Report;April 2017 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Publication Latin America & Caribbean Caribbean Latin America |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
GROWTH HOUSEHOLD INCOME INEQUALITY LABOR FORCE PARTICIPATION LABOR INCOME INEQUALITY LATIN AMERICA SLOWDOWN ELASTICITY INEQUALITY TERMS OF TRADE UNEMPLOYMENT GOVERNMENT FINANCING NEEDS BUSINESS CYCLES COUNTERCYCLICALITY PROCYCLICALITY COUNTERCYCLICAL POLICY FISCAL POLICY VOLATILITY |
| spellingShingle |
GROWTH HOUSEHOLD INCOME INEQUALITY LABOR FORCE PARTICIPATION LABOR INCOME INEQUALITY LATIN AMERICA SLOWDOWN ELASTICITY INEQUALITY TERMS OF TRADE UNEMPLOYMENT GOVERNMENT FINANCING NEEDS BUSINESS CYCLES COUNTERCYCLICALITY PROCYCLICALITY COUNTERCYCLICAL POLICY FISCAL POLICY VOLATILITY Vegh, Carlos Lederman, Daniel Bennett, Federico R. Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| geographic_facet |
Latin America & Caribbean Caribbean Latin America |
| relation |
LAC Semiannual Report;April 2017 |
| description |
This report by the Office of the Chief Economist for Latin America and the Caribbean (LAC) of the World Bank studies the region’s fiscal policies. After reviewing LAC’s growth performance, Chapter 1 provides an accounting of its financing needs during the 21st Century to understand how such a diverse region ended up with fiscal deficits across the board in 2016. Chapter 2 goes back to the 1960s and assesses the cyclical properties of fiscal policies. LAC, like most developing countries and in contrast with most developed economies, exhibited procyclical fiscal policies. Good news arrived in the 2000s: one in three economies became countercyclical, which helped improve credit ratings. Yet fiscal policy is complicated by our inability to know if current economic conditions are temporary or permanent. The report argues for a prudent stance that would err on the side of saving too much during upswings and perhaps borrowing too little during downturns. |
| format |
Serial |
| author |
Vegh, Carlos Lederman, Daniel Bennett, Federico R. |
| author_facet |
Vegh, Carlos Lederman, Daniel Bennett, Federico R. |
| author_sort |
Vegh, Carlos |
| title |
Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| title_short |
Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| title_full |
Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| title_fullStr |
Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| title_full_unstemmed |
Leaning Against the Wind : Fiscal Policy in Latin America and the Caribbean in a Historical Perspective |
| title_sort |
leaning against the wind : fiscal policy in latin america and the caribbean in a historical perspective |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://hdl.handle.net/10986/26364 |
| _version_ |
1764461800022081536 |