By Luis Serven, William Easterly
Over the Eighties and Nineteen Nineties, so much Latin American international locations witnessed a retrenchment of the general public region from infrastructure provision and a gap up of infrastructure actions to the non-public zone. This publication analyzes the results of those coverage adjustments from views. First, it reports in a comparative framework the main traits in infrastructure provision in Latin the USA during the last twenty years. moment, it evaluates the implication of those traits for fiscal development and public deficits within the zone. The e-book indicates that during so much international locations inner most participation didn't totally offset the general public zone retrenchment. the outcome used to be a slowdown in infrastructure accumulation, which entailed an important progress fee and weakened the meant influence of the infrastructure spending cuts on public region insolvency.
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Additional info for The Limits of Stabilization: Infrastructure, Public Deficits and Growth in Latin America (Latin America and Caribbean Studies)
To do this assessment, the chapter considers the three components of the link between public infrastructure spending and public sector solvency: the effect of infrastructure spending on stock accumulation, the contribution of stock accumulation to output growth, and the impact of growth on the primary deficit. These three ingredients are then combined to gauge the contribution of infrastructure cuts to public solvency—or, to put it differently, the extent to which the short-run favorable effect of spending cuts on public finances is offset by declining long-term revenue collection capacity caused by reduced growth.
A. Not applicable. Source: Authors’ calculations using the sources described in appendix 2A. 38 THE LIMITS OF STABILIZATION and showed virtually no change in Colombia. Comparison of columns one and two in the table reveals that in Bolivia, Brazil, and Chile, public infrastructure investment fell by more than total public investment, implying that noninfrastructure capital spending actually rose. The third column shows that the primary fiscal surplus rose in eight of nine countries considered (all except República Bolivariana de Venezuela).
Crisis and Reform in Latin America: From Despair to Hope. August. : World Bank. Eichengreen, Barry, and Charles Wyplosz. 1998. ” Economic Policy: A European Forum 13 (26): 65–113. European Commission. 1998. Euro 1999: 25 March 1998: Report on Progress Towards Convergence and the Recommendation with a View to the Transition to the Third Stage of Economic and Monetary Union. Brussels. 20 THE LIMITS OF STABILIZATION Gyamfi, Peter, Luis Gutierrez, and Guillermo Yepes. 1992. Infrastructure Maintenance in LAC: The Costs of Neglect and Options for Improvement.