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¿Está aprovechando América Latina el potencial de la política fiscal como herramienta para el desarrollo?
Latin American Economic Outlook 2009 (LEO)
Are Latin American governments maximising the potential of fiscal policy as a development tool? This 2009 edition of the annual OECD Latin American Economic Outlook analyses the progress governments in the region have achieved in the fiscal realm during the last dec
Despite considerable progress in many areas, there remains substantial scope for making government operations more cost-effective. Brazil spends a high share of GDP on selected government financed programmes in relation to many OECD countries and its emerging-market peers, but outcome indicators are often comparatively poor. As a result, in the absence of efficiency gains, further increases in spending would need to be financed
Brazil has not been left unscathed by the unfolding global crisis. But economic fundamentals are strong, and the macroeconomic policy responses have been appropriate. Longer-term challenges remain, including the need for tax reform and to make government operations more cost-effective.
Brazil’s economic fundamentals have improved considerably in the ten years following the abandonment of exchange rate management in 1999 and adoption of a policy framework combining inflation targeting, rules based fiscal management and a flexible exchange rate. The economy is therefore weathering the effects of the unfolding global financial and economic crisis rather well, and an incipient recovery is getting under way. The policy
Despite the current problems related to the global financial and economic crisis, ongoing macroeconomic adjustment continues to bear fruit. Attainment of the primary budget surplus targets has delivered falling public debt-to-GDP ratios since 2003. Prudent debt management has reduced refinancing risk and external vulnerabilities. The forward looking conduct of monetary policy within a framework combining inflation targeting with a
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