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deficits, but by 2011 had come to feel constrained by inherited debt to withdraw fiscal stimulus. Chile has achieved … so. Chile has a rule that targets a structural budget balance. But rules are not credible by themselves. In Europe and … the U.S., official forecasts are overly optimistic in booms; so revenue is spent rather than saved. Chile avoids such …
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A large literature has documented that fiscal policy is procyclical in emerging markets and developing economies and acyclical/countercyclical in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. It first shows that the degree of fiscal...
Persistent link: https://www.econbiz.de/10014312610
A large literature has documented that fiscal policy is procyclical in emerging markets and developing economies and acyclical/countercyclical in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. It first shows that the degree of fiscal...
Persistent link: https://www.econbiz.de/10014322818
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