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Fiscal Policy, Stabilization, and Growth: Prudence or Abstinence?

Edited by Guillermo E. Perry, Luis Servén, Rodrigo Suescún
Price: $35.00   *Geographic discounts available!

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Latin American Development Forum
English; Paperback; 350 pages; 6x9
Published October 19, 2007 by World Bank
ISBN: 978-0-8213-7084-1; SKU: 17084


Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth.

Fiscal Policy, Stabilization, and Growth explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.


  • Shipping Weight: 1.22 lbs (0.55 kgs)



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