There is now a general awareness among policymakers that additional reforms need to be undertaken if Latin American and Caribbean (LAC) economies are to grow at more than 6 percent a year―the growth rate required to reduce the number of people living in poverty in the region. This report offers a proposal for the discussion of such reforms. Chapter one identifies items in the reform agenda required to consolidate macroeconomic stability in the region, a necessary condition for sustaining high rates of growth. Chapters two and three addresses the additional structural reforms needed to accelerate growth in the medium and long term. Chapter four focuses on policies that may broaden the reach of economic growth in order to confront the challenge of poverty reduction in the LAC region.

The Long March: A Reform Agenda for Latin America and the Caribbean in the Next Decade (Spanish Edition)

Business & Money

World Bank

Guillermo E. Perry

Economics

<p>Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth.<br><br>'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.</p>

Fiscal Policy, Stabilization, and Growth: Prudence or Abstinence? (Latin American Development Forum)

Luis Serven

Rodrigo Suescun

World Bank Publications

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Books by Guillermo E. Perry