Reforming Budgetary Institutions in Latin America: The Case for a National Fiscal Council

Barry Eichengreen, Ricardo Hausmann and Juergen von Hagen

Open Economies Review, 1999, vol. 10, issue 4, 415-442

Abstract: Latin America's economies have made tremendous improvements in recent years. Following the lost decade of the 1980s, economic growth has resumed. But the fruits of this progress remain to be consolidated. The political consensus supporting reform is fragile, and the economies of the region are still susceptible to destabilizing shocks, as recent events have underscored. Even well-devised economic policy strategies can be thrown off course by disturbances. This article proposes an institutional reform—a National Fiscal Council—designed to allow Latin American countries to break out of this vicious circle. Copyright Kluwer Academic Publishers 1999

Keywords: the commons problem; fiscal policy; institutional reforms (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1023/A:1008337818753

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