In this paper detailed information on the budget institutions of Latin American countries is collected. These institutions are classified on a hierarchical/collegial scale, as a function of the existence of constraints on the deficit and voting rules.

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.

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a `hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that...

In this paper detailed information on the budget institutions of Latin American countries is collected. These institutions are classified on a hierarchical/collegial scale, as a function of the existence of constraints on the deficit and voting rules

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