The Fiscal Institutions of Tomorrow, the first publication in the series Institutions for People, addresses issues of public management that are key to economic development in Latin America and the Caribbean. It presents the challenges that the countries in the region face to strengthen fiscal...

Las instituciones fiscales del mañana, título inaugural de la serie Instituciones para la gente, aborda temas de gestión pública clave para el desarrollo económico de América Latina y el Caribe. Presenta los desafíos que enfrentan los países de la región para consolidar instituciones...

This publication contains a collection of papers presented within the framework of the Public Policy Management and Transparency Network: Development Effectiveness and Results-Based Budget Management, of the Regional Policy Dialogue and the PRODEV initiative. The paper topics cover four central...

The initial stages of exchange rate-based stabilizations have been generally characterized by a consumption boom, a deterioration of the trade balance and the current account, and an appreciation of the real exchange rate. It is only at the later stages that the economy falls into recession. Tax...

Latin America is volatile--about two to three times as volatile as the industrial economies. It is more volatile than any region other than Africa and the Middle East. Latin America's access to international financial markets is sporadic, and often disappears just when it would be most valuable.

This paper offers an alternative explanation for t he fall of Argentina's Convertibility Program based on the country's vulnerability to Sudden Stops in capital flows. Sudden Stops are typically accompanied by a substantial increase in the real exchange rate that wreaks havoc in countries that...

This paper considers whether institutional factors, in this instance electoral systems and procedures, affect Latin American countries' fiscal performance as measured by the size of the public sector, fiscal deficits, the size of the public debt, and the degree of procyclality of fiscal policy....

The countries of Latin America and the Caribbean (LAC) are on the verge of a paradigm shift. Just a few short years ago, the region's name was blemished by its associations with "the debt crisis," "volatility," and "fiscal adjustment." Yet, in the present day, many of the region's countries have...

Latin America is growing fast and fundamentals look healthier. Are these achievements here to stay? Strong commodity prices may not last forever and a US recession could have major repercussions in the region. Should countries prepare now for tomorrow's crisis? What is the top-ten list on the...

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...