This paper provides a synthesis of the four papers on the Latin American and Caribbean economies: Brazil, Chile, Costa …

years, pointing out that, except in the case of Chile, no mechanisms exist to ensure counter-cyclical fiscal policies. For … the potential gains from adopting counter cyclical rules, such as that introduced in Chile in 2000, are significant …. Finally, Martner describes Chile's successful experience with a rule requiring a surplus of 1 per cent of GDP on its …