Is Latin America on the Right Track? An Analysis of Medium-Term Frameworks and the Budget Process

Carlos Scartascini and Gabriel Filc

No 4659, Research Department Publications from Inter-American Development Bank, Research Department

Abstract: Medium Term Fiscal Frameworks (MTFs) have become one of the most popular reforms to the budgetary process in Latin America during the last decade, and introducing MTFs seemed to be the magic solution for most fiscal ailments. Nonetheless, there has been no comprehensive evaluation of their impact. This document discusses the normative merits of using MTFs, provides a characterization of the different types of MTF, and describes their development in the Latin American region based on extensive field work. As a first approximation for understanding how they are working, this document explores in detail the cases of Argentina, Colombia and Peru. While an unambiguous diagnosis is not possible, this document lays the groundwork for progress toward comprehensive impact evaluations and, eventually, to the consolidation of MTFs in the region.

Keywords: Latin America; Medium-Term Fiscal Frameworks; Medium-Term Expenditure Frameworks; Budget Process; Fiscal Outcomes; Fiscal Reforms (search for similar items in EconPapers)
JEL-codes: H00 H61 H68 (search for similar items in EconPapers)
Date: 2010-03
New Economics Papers: this item is included in nep-lam
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Citations: View citations in EconPapers (3)

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Working Paper: Is Latin America on the Right Track?: An Analysis of Medium-Term Frameworks and the Budget Process (2010)
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