This paper describes the adoption and application of the structural fiscal balance rule in Chile, evaluates its outcomes after the first 10 years, and draws 10 lessons from the experiences that may be useful for the further development of fiscal policy in Chile, as well as for the implementation...

This paper discusses the merits of alternative definitions of the structural budget in the context of their use in the design and implementation of fiscal rules. To this end, the paper argues that there are three different purposes behind the notion of a structural budget balance: (a) separating...

In a number of countries that depend on the export of oil and other nonrenewable resources, governments have put in place fiscal rules or fiscal guidelines and/or nonrenewable resource funds in the expectation that these institutional mechanisms might help in the implementation of fiscal policy....

This paper discusses Argentina's preparedness to implement a structural fiscal balance (SFB) rule. The authors conclude that the country does not yet have the conditions required to consider establishing an SFB rule. From the 11 preconditions outlined, Argentina only meets two of them -debt...

This paper discusses whether the preconditions for implementing a fiscal rule that includes a structural fiscal balance component are met in Costa Rica. It concludes that from the 11 preconditions, the country does not meet one, and three others are fulfilled only partially: Costa Rica needs a...

This paper analyzes the convenience of adopting a structural fiscal balance rule in Mexico, and whether the necessary conditions exist in the country for the adoption of such a rule. Adjustments are made for cyclical factors and other sources of volatility, both on the revenue and the...

This paper presents an estimation of the structural fiscal balance for Trinidad and Tobago, and discusses the current situation of the country in meeting the preconditions for the establishment of a structural fiscal balance target. The authors makes some recommendations, which include a...

Fiscal policy has been at the center of Brazil's economic dynamics and performance for more than 30 years. In this line, the approval and implementation of a Fiscal Responsibility Law in 2000 was a key step in supporting fiscal sustainability and the transparency of fiscal accounts. Despite...