This paper reviews the international experience of developed and underdeveloped economies in reducing the pro-cyclicality and deficit bias of fiscal policies and promoting the adoption of effective countercyclical fiscal policy actions. The paper draws lessons and best international practices...

This paper reviews the international experience of developed and underdeveloped economies in reducing the pro-cyclicality and deficit bias of fiscal policies and promoting the adoption of effective countercyclical fiscal policy actions. The paper draws lessons and best international practices...

Latin America is a volatile, crisis-prone region, with limited and inadequate social insurance. Therefore, the long-term as well as the recent poor suffer significantly during crises. Furthermore, social spending is procyclical in the region, but less so than total spending, indicating that the...