Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy

Latin America is a volatile, crisis-prone region, with limited and inadequate social insurance. Therefore, the long-term as well as the recent poor suffer significantly during crises. Furthermore, social spending is procyclical in the region, but less so than total spending, indicating that the effe...

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Detalles Bibliográficos
Autores principales: Braun, Miguel, Di Gresia, Luciano Mario
Formato: Articulo Documento de trabajo
Lenguaje:Inglés
Publicado: 2003
Materias:
Economía
Fiscal policy
Social policy
Procyclicality
Latin America
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/128637
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-128637
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Economía
Fiscal policy
Social policy
Procyclicality
Latin America
spellingShingle Economía
Fiscal policy
Social policy
Procyclicality
Latin America
Braun, Miguel
Di Gresia, Luciano Mario
Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
topic_facet Economía
Fiscal policy
Social policy
Procyclicality
Latin America
description Latin America is a volatile, crisis-prone region, with limited and inadequate social insurance. Therefore, the long-term as well as the recent poor suffer significantly during crises. Furthermore, social spending is procyclical in the region, but less so than total spending, indicating that the effectiveness of compensatory social policies designed to protect those vulnerable to crises is constrained by adjustments during recessions. The causes of procyclical fiscal policy lie in the political constraints on saving during expansions, combined with limited creditworthiness during recessions, and enhanced by economic volatility and a low share of automatic stabilizers in the budget. We evaluate policy options to reduce procyclicality of fiscal policy, such as stabilization funds, fiscal rules and reform of budget institutions, and argue in favor of integrated policy proposals based on more country-specific analysis, such as the Fiscal Responsibility Law in Brazil.
format Articulo
Documento de trabajo
author Braun, Miguel
Di Gresia, Luciano Mario
author_facet Braun, Miguel
Di Gresia, Luciano Mario
author_sort Braun, Miguel
title Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
title_short Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
title_full Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
title_fullStr Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
title_full_unstemmed Towards Effective Social Insurance in Latin America : The Importance of Countercyclical Fiscal Policy
title_sort towards effective social insurance in latin america : the importance of countercyclical fiscal policy
publishDate 2003
url http://sedici.unlp.edu.ar/handle/10915/128637
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