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Challenges to Fiscal Adjustment in Latin America: The Cases of Argentina, Brazil, Chile and Mexico (Edition complète ‐ ISBN 9264022074 ‐ en angl. seulement)

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This volume discusses progress made to date in Argentina, Brazil, Chile and Mexico in putting their finances in order and points out the challenges ahead. It provides an overview of trends and highlights the diversity of fiscal adjustment processes in Latin American countries. It also describes the financial market perspective and role of sovereign debt ratings.

The chapter on Argentina debunks the view that fiscal management in the 1990s was irresponsible, arguing instead that the financial crisis was caused by a confluence of costly pension reforms, Brady debt restructuring and the recognition of fiscal "skeletons" in the closet. The chapter on Brazil makes a case for a more entrenched culture of fiscal austerity to make the current achievements sustainable. The Chile chapter describes the role of political cohesiveness following the return of democracy in driving the economy to fiscal rectitude. Finally, the chapter on Mexico discusses different scenarios for debt dynamics and the country's efforts to contain expenditure pressures.

Executive SummaryChapter 1. Fiscal Adjustment in Latin America: Trends and Stylised Fact by Luiz de Mello and Nanno MulderChapter 2. Perspectives for Fiscal Adjustment in Latin America by Lisa M. SchinellerChapter 3. Argentina's Fiscal Policy in the 1990s: A Tale of Skeletons and Suddon Stops by Pablo E. GuidottiChapter 4. The Brazilian Fiscal Adjustment: Structural Change and Policy Continuity 1995‐2004 by Fabio Giambiagi and Marcio RonciChapter 5. Structural Change in Chile: From Fiscal Deficits to Surpluses by Jose Pablo ArellanoChapter 6. Challenges of Mexican Fiscal Policy by Rogelio Arellano Cadena and Fausto Hernandez Trillo
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Document Type: Review Article

Publication date: February 1, 2006

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