Is%20Latin%20America%20on%20the%20Right%20Track%3F%20An%20Analysis%20of%20Medium%2DTerm%20Frameworks%20and%20the%20Budget%20Process

Working Papers

Is Latin America on the Right Track? An Analysis of Medium-Term Frameworks and the Budget Process


CODE: IDB-WP-160
AUTHOR(s): Filc, Gabriel , Scartascini, Carlos
PUBLISHED: March 2010
LANGUAGE: English
RELATED TOPICS: Macroeconomics
DOWNLOAD FILE IN: English

Abstract:

Medium Term Fiscal Frameworks (MTFs) have become one of the most popular reforms to the budgetary process in Latin America during the last decade, and introducing MTFs seemed to be the magic solution for most fiscal ailments. Nonetheless, there has been no comprehensive evaluation of their impact. This document discusses the normative merits of using MTFs, provides a characterization of the different types of MTF, and describes their development in the Latin American region based on extensive field work. As a first approximation for understanding how they are working, this document explores in detail the cases of Argentina, Colombia and Peru. While an unambiguous diagnosis is not possible, this document lays the groundwork for progress toward comprehensive impact evaluations and, eventually, to the consolidation of MTFs in the region.

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