Caceres, Carlos; Medina, Leandro - International Monetary Fund (IMF) - 2012
several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high …. Fiscal vulnerabilities have increased as a consequence of the substantial spending packages that have been implemented in … recent years. This has raised break-even prices—that is, the price levels that ensure that fiscal accounts are in balance …