Peru is experiencing a deep political and fiscal decentralization process, especially since 2002. The newly created regional governments now share power and resources with the existing municipal governments as well as with the national or central government. The national government has...

The aim of this document is to establish the relationship between fiscal policy and the level of economic activity. On the theoretical ground, this is done using a model that links fiscal policy with economic activity, mixing the contractive and/or expansionary effects of a fiscal expansion,...

This paper aims to discuss the so-called Guano era from a financial analysis perspective. The target is set on the “Dreyfus contractâ€, as far as it meant a “turning point†in Peruvian’s fiscal policy. The sad end of such story was the Pacific’s war. As a...