dEjournals Home Page
Competitio
Online ready Current Most Read Archives Search
Register Login

Competitio

Vol. 11 No. 2 (2012)
PhD student papers

Analysis of Fiscal Policy in the Countries of the PaCifiCa

Published:
2012-12-17
DOI Linkhttps://doi.org/10.21845/comp/2012/2/7
Author
Andrea Postenyi
View
PDF (Hungarian)
Keywords
fiscal policy PaCifiCa Latin America
How To Cite
Selected Style: APA
Postenyi, A. (2012). Analysis of Fiscal Policy in the Countries of the PaCifiCa. Competitio, 11(2), 109-126. https://doi.org/10.21845/comp/2012/2/7
Abstract

Volatility has been a main factor in Latin America for decades, but these countries have managed to eliminate it more or less successfully by a series of reforms over the last few decades. Regional integrations have emerged in response to the challenges of globalisation. The most recently created integration is the PaCifiCa, and it is worth analyzing the current fiscal situation of its member states, which largely determines the success of future cooperation. Although the four countries observed managed to survive the 2007-2009 crisis with stable fundamentals, the downturn drew attention to the differences between these countries: while Chile and Peru are able to react easily to cyclical swings by applying countercyclical policy, the economies of Colombia and Mexico are much more vulnerable. The assessment of the welfare systems shows that although Chile has an extensive welfare system, the countries in the region still significantly lag behind the traditional concept of welfare state.

Journal of Economic Literature (JEL) code: H50, H60

References
  1. Bagattini, G. Y. (2011): The Political Economy of Stabilisation Funds: Measuring their Success in Resource-Dependent Countries. IDS Working Paper, 356, January.
  2. Bárcena, A. (2010): Structural constraints on development in Latin America and the Caribbean: a post-crisis reflection. Cepal Review No. 100:7–29.
  3. Benczes István – Kutasi Gábor (2010): Költségvetési pénzügyek. Akadémia Kiadó, Budapest.
  4. Cornia, G. A. – Gómez-Sabaini, J. C. – Martorano, B. (2011): A New Fiscal Pact, Tax policy Changes and Income Inequality. UNU World Institute for Development Economics Research Working Paper, No. 2011/70, November.
  5. Darvas Zsolt – Rose, A. K. – Szapáry György (2005): A fiskális divergencia és a konjunktúraciklusok együttmozgása – a felelőtlen fiskális politika az aszimmetrikus sokkok forrása. Közgazdasági Szemle, Vol. 52, No. 12:937–959.
  6. ECLAC (2008): Preliminary Overview of the Economies of Latin America and the Caribbean. Briefing Paper.
  7. ECLAC (2009): Latin America and the Caribbean in the World Economy 2008-2009: Crisis and opportunities for regional cooperation. Briefing Paper.
  8. ECLAC (2011a): Preliminary Overview of the Economies of Latin America and the Caribbean 2010. Briefing Paper.
  9. ECLAC (2011b): Latin America and the Caribbean in the World Economy 2010-2011: The region in the decade of the emerging economies. Briefing Paper.
  10. Economist (2011): The Pacific players go to market. http://www.economist.com/node/18529807, Letöltve: 2012.02.13.
  11. Erdey László (2006): Adósságválságtól a NAFTA első évtizedéig – Mexikó gazdaságfejlődésének kérdőjelei. Competitio, Vol. 5, No. 3:43–65.
  12. ENSZ (2011): World Economic Situation and Prospects. United Nations, New York.
  13. Frankel, J. (2010): How Can Commodity Producers Make Fiscal & Monetary Policy Less Procyclical? High Level Seminar on Natural Resources, Finance and Development, IMF Institute and Central Bank
  14. of Algeria, Algiers.
  15. Gavin, M. – Hausmann, R. – Perotti, R. – Talvi, E. (1996): Managing Fiscal Policy in Latin America and the Caribbean: Volatility, Procyclicality, and Limited Creditworthiness. Inter-American Development Bank,
  16. Working paper 326, March.
  17. IMF (2010a): Mexico: Selected Issues Paper. IMF Country Report, No. 10/70, March.
  18. IMF (2010b): Peru: Selected Issues. IMF Country Report, No. 10/99, April.
  19. IMF (2011): Government Finance Statistics Yearbook 2010.
  20. InflationData (2012): Historical crude oil prices. http://inflationdata.com/inflation/inflation_rate/historical_oil_prices_table.asp, Letöltve: 2012.09.04.
  21. Kacef, O. – López-Monti, R. (2010): Latin America, from boom to crisis: macroeconomic policy challenges. Cepal Review No. 100:41–67.
  22. Kumar, M. – Baldacci, E. – Schaechter, A. (2009): Fiscal rules – Anchoring Expectations for Sustainable Public Finances. IMF, Washington D.C., December.
  23. Lindert, K. – Skoufisa, E. – Shapiro, J. (2006): Redistributing Income to the Poor and the Rich: Public Transfers in Latin America and the Caribbean. The Word Bank, SP Discussion Paper, No. 0605, August.
  24. Lozano, I. – Rincón, H. – Sarmiento, M. – Ramos, J. (2008): Regla fiscal cuantitativa para consolidary blindar las finanzas públicas de Colombia. Revista de Economía Institucional, Vol. 10, No. 19:311–352.
  25. Moller, L. C. (2012): Fiscal Policy in Colombia: Tapping Its Potential for a More Equitable Society. The World Bank, Policy Research Working Paper, 6092, June.
  26. Ocampo, J. A. (2007): The macroeconomics of the Latin American economic boom. Cepal Review No 93:7–28.
  27. Ocampo, J. A. (2009): Latin America and the Global Financial Crisis. Cambridge Journal of Economics, Vol. 33, No. 4:703–724.
  28. Ocampo, J. A. (2011): Macroeconomy for development: countercyclical policies and production sector transformation. Cepal Review No. 104:7–35.
  29. Perry, G. (2003): Can fiscal Rules Help Reduce Macroeconomic Volatility in the Latin America and the Caribbean Region? World Bank Policy Research Working Paper, 3080, June.
  30. Porzecanski, A. C. (2009): Latin America: The Missing Financial Crisis. MPRA Paper, 18974, October.
  31. Restrepo, J. E. – Rincón, H. (2006): Identifying Fiscal Shocks in Chile and Colombia. Central Bank of Chile, Working Papers, No. 370, August.
  32. Secretaría de Economía (2012): Tratados comerciales: Qué es la Alianza Pacífico? http://www.economia.gob.mx/economia-para-todos-rss/30-tema-de-la-semana/7090-tratados-comerciales-que-es-laalianza-
  33. pacifico, Letöltve: 2012.03.19.
  34. Segura-Ubiergo, A. (2007): The Political Economy of the Welfare State in Latin America: Globalization, Democracy, and Development. Cambridge University Press, Cambridge.
  35. Stiglitz, J. E. (2000): A kormányzati szektor gazdaságtana. KJK-Kerszöv, Budapest.
  36. The Guardian (2011): IMF loans: which country owes the most? http://www.guardian.co.uk/news/datablog/2011/may/24/imf-loans-dominique-strauss-kahn, Letöltve: 2012.04.14.
Most read articles by the same author(s)