Privatization programs can generate substantial sums. This paper argues that, as a general rule, the proceeds of privatization should be treated as financing (and so put "below the line") and not as revenue. Unlike taxation, privatization never reduces private sector wealth. In exceptional...

The major economic, financial, and administrative issues that confront social security systems in Latin America are surveyed. The larger systems have contributed substantially to public sector financial disequilibria. Expenditures of the systems with more limited coverage could increase...

Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of...