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Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis

Oya Celasun, Francesco Grigoli, Keiko Honjo, Javier Kapsoli, Alexander Klemm, Bogdan Lissovolik, Jan Luksic, Marialuz Moreno Badia, Joana Pereira, Marcos Poplawski Ribeiro, Baoping Shang and Yulia Ustyugova
Authors registered in the RePEc Author Service: Marcos Poplawski-Ribeiro

No 2015/006, IMF Staff Discussion Notes from International Monetary Fund

Abstract: Latin America’s bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet rebuilt their fiscal space, despite buoyant commodity revenues and relatively strong growth in the aftermath of the crisis. Using the experience of Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, this paper examines the lessons and legacies of the crisis by addressing the following questions, among others: How much did the 2009 fiscal stimulus help growth? What shortcomings were revealed in the fiscal policy frameworks? What institutional reforms are now needed to provide enduring anchors for fiscal policy? How much rebuilding of buffers is needed going forward?

Keywords: SDN; IMF staff calculation; financial crisis; output gap; emerging market; fiscal policy; fiscal institutions; Latin America; sovereign wealth fund; real GDP; IMF country; Fiscal stance; Fiscal governance; Global (search for similar items in EconPapers)
Pages: 37
Date: 2015-04-30
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