Building a consensus for fiscal reform: The Chilean case

Mario Marcel and Marcelo Tokman

OECD Journal on Budgeting, 2003, vol. 2, issue 3, 35-55

Abstract: The financial crisis that started in Asia in 1997 brought up a renewed concern over public finances in emerging economies. As most observers failed to detect creeping fiscal disequilibria, large public contingent liabilities, vulnerable asset-liability structures and time inconsistencies of fiscal policy, international financial institutions committed themselves to promote higher transparency and efficiency in the management of public finances. This has resulted in a stream of transparency codes, guidelines and best practice reports over the last couple of years that intend to prevent such failures in the future...

Date: 2003
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