From Volatility to Stabilization: Cyclicality of Fiscal Policy in Latin America over the Last Decades

Bruno Martorano ()

Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: Latin American countries experienced important changes over the last decade. The implementation of fiscal reforms, public debt reduction and the high level of accumulated reserves gave them more policy space than in the past. As a result, Latin American countries were able to implement countercyclical policies to face the negative economic and social consequences associated with the recent macroeconomic shock. Some countries performed better than others. In particular, Social Democratic and Centrist governments enjoyed more fiscal space; they had realized larger budget surpluses over the good years and were able to cope with the crisis without impairing their fiscal conditions.

Keywords: fiscal policy; fiscal space; countercyclical policy; policy regime; Latin America (search for similar items in EconPapers)
JEL-codes: E62 E63 O23 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2014
New Economics Papers: this item is included in nep-lam and nep-mac
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Citations: View citations in EconPapers (2)

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