Costa Rica:Technical Assistance Report-Upgrading the Rule-Based Fiscal Framework
Technical Assistance Report-Upgrading the Rule-Based Fiscal Framework
READ MORE...
Volume/Issue:
Volume 2023
Issue 097
Publication date: February 2023
ISBN: 9798400235016
$20.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
| English |
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book
This title contains information about the following subjects.
Click on a subject if you would like to see other titles with the same subjects.
Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , expenditure rule , government expenditure growth , expenditure growth , expenditure ceiling , IMF's Fiscal Affairs Department , fiscal rule , Fiscal rules , Budget planning and preparation , Current spending , Global , Central America , Caribbean
Summary
The fiscal rule that came into force in 2020 has bolstered fiscal discipline and served Costa Rica well. The rule sets ceilings on nominal expenditure growth for current and total expenditures linked to past nominal GDP growth and debt levels. The rule—explicitly identified in the Law 9635—is transparent, relatively simple, and allows flexibility in crises through an escape clause. The rule has been instrumental in the policy framework. It not only guides the fiscal policy in the budget, but also coalesces public opinion on the need for fiscal discipline. Along with other fiscal reforms, the government commitment to the fiscal rule has been instrumental to fiscal adjustment in 2021-22.
Copyright © 2010 - 2025
Powered by:
AIDC
