TITLE

FISCAL POLICY RULES : AN EVALUATION BASED ON CHILEAN ECONOMY EXPERIENCE

AUTHOR(S)
Piasecki, Ryszard; Wulf B., Erico
PUB. DATE
June 2013
SOURCE
Global Conference on Business & Finance Proceedings;2013, Vol. 8 Issue 2, p224
SOURCE TYPE
Conference Proceeding
DOC. TYPE
Article
ABSTRACT
Resource-rich countries in general (like copper-rich Chile), are at a critical juncture, facing the challenge of revamping their fiscal policy institutions and their conduct on the road towards financial stability, economic growth and socio-economic development. A budget surplus arises in a country when the total revenue earnings surpass expenditure in a particular financial year. Budget surplus is very important in the sense that at the time of covering the budget deficit it brings about a decrease in the net public debt. With high copper prices, public revenues increase which ignite expectations about future higher spending. However, this additional spending pressure the fundamentals to such extent that it will not take too long to increase inflationary pressures. From that situation on, it is when troubles begin. Fiscal rules instead means to kept spending discipline, no matter the higher public incomes, the whole performance of the economy and its positive impact on welfare ,will its main beneficiary.
ACCESSION #
89496821

 

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