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This paper analyzes Central America's track record on inequality, poverty, and quality of fiscal adjustment in relation to economic growth; health and education outcomes; adequacy of social safety nets; and governance. It then assesses the degree to which the track record can be traced to reforms in public expenditure and governance. Despite the considerable heterogeneity among the countries in the region, there are some policies that all countries need to pursue. Sustained growth and a better quality of fiscal adjustment are needed, as well as policies aimed at increasing individuals' productivity and improving governance.

Macroeconomics --- Public Finance --- Poverty and Homelessness --- Health, Education, and Welfare: General --- Economywide Country Studies: Latin America --- Caribbean --- Comparative Studies of Countries --- Health: General --- Education: General --- Aggregate Factor Income Distribution --- Welfare, Well-Being, and Poverty: General --- National Government Expenditures and Health --- Health economics --- Education --- Poverty & precarity --- Public finance & taxation --- Health --- Income inequality --- Poverty --- Health care spending --- National accounts --- Expenditure --- Income distribution --- Expenditures, Public --- Costa Rica

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The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Monetary policy --- Thailand --- Banks and Banking --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Financial Crises --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Monetary Policy --- Economic & financial crises & disasters --- Finance --- Banking --- Currency --- Foreign exchange --- Monetary economics --- Financial crises --- Macroprudential policy --- Inflation --- Foreign exchange intervention --- Financial sector policy and analysis --- Financial sector stability --- Prices --- Global financial crisis of 2008-2009 --- Economic policy --- Banks and banking --- Financial services industry

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There are now increasing concerns about the need to upgrade public infrastructure, improve the delivery of public services, and explore new options for partnering with the private sector. This book looks at ways of strengthening the efficiency of public investment and managing the fiscal risks of public-private partnerships.

PPS --- 440 Openbare werken --- 400 Overheid --- Public investments. --- Public-private sector cooperation. --- Infrastructure (Economics) --- Investissements publics --- Partenariat public-privé --- Infrastructures de transport --- Capital, Social (Economics) --- Economic infrastructure --- Social capital (Economics) --- Social infrastructure --- Social overhead capital --- Private-public partnerships --- Private-public sector cooperation --- Public-private partnerships --- Public-private sector collaboration --- Government investments --- Investments, Public --- Economic development --- Human settlements --- Public goods --- Public works --- Capital --- Cooperation --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Finance --- Banks and banking. --- Welfare economics. --- Macroeconomics. --- Economics. --- Social Choice/Welfare Economics/Public Choice. --- Macroeconomics/Monetary Economics//Financial Economics. --- Banking. --- Economics --- Economic policy --- Social policy --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Public investments --- Public-private sector cooperation --- Social Choice/Welfare Economics/Public Choice/Political Economy.

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In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote fiscal discipline in a credible, predictable and transparent manner. Still, results on the effectiveness of these laws remain tentative. In this paper, we test empirically whether fiscal performance, measured as the level of primary fiscal balances and their volatility, indeed improved after the implementation of Fiscal Responsibility Laws in a sample of Latin American and advanced economies. We show that traditional econometric approaches, which rely on the use of dummies in time series or panel regressions, yield biased estimates. In contrast, our empirical strategy recognizes that, a priori, the timing of the effect of these laws on fiscal performance is unknown, while controlling for the impact of the business and commodity cycles on fiscal outcomes. Overall, we find limited empirical evidence in support of the view that Fiscal Responsibility Laws have had a distinguishable effect on fiscal performance. However, Fiscal Responsibility Laws could still have other positive effects on the conduct of fiscal policy not analyzed here, for instance, through enhanced transparency and guidance in the budget process and lower risk premia.

Finance, Public --- Fiscal policy. --- Law and legislation. --- Tax policy --- Taxation --- Economic policy --- Government policy --- Law --- Econometrics --- Macroeconomics --- Public Finance --- Production and Operations Management --- Fiscal Policy --- Public Administration --- Public Sector Accounting and Audits --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Macroeconomics: Production --- Financial administration & public finance law --- Econometrics & economic statistics --- PFM legal and regulatory frameworks --- Fiscal stance --- Markov-switching models --- Output gap --- Fiscal policy --- Law and legislation --- Econometric models --- Production --- Economic theory --- New Zealand --- Pfm legal and regulatory frameworks

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This exciting new volume provides an up-to-date overview of the current state of taxation in the Latin America and Caribbean (LAC) region, its main reform needs, and possible reform strategies that take into account the likely economic, institutional, and political constraints on the reform process.