Changes in South-American Fiscal Rules in a Post-Pandemic Scenario: A Case-By-Case Analysis

IF 0.4 Q3 LAW

Law and Development Review Pub Date : 2024-02-12 DOI:10.1515/ldr-2024-0005

Gabriel Loretto Lochagin

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Abstract

Public finances have been extensively affected by the effects of the COVID-19 pandemic and the measures enacted to mitigate them. In South America, have these effects been permanent, or were fiscal rules solid enough to allow for flexibility and a later return to normality? The hypothesis in this paper is that Covid had a significant impact on the fiscal institutions of countries with previous difficulties in using norms as stabilization tools for public finance, but had only temporary effects for countries with a stronger tradition of implementing fiscal rules more effectively. The text is structured as follows: in the first part, a general panorama of the creation of fiscal rules in South America is presented to offer comparison patterns with their post-pandemic evolution. Secondly, a description of the possible structures of fiscal rules is analyzed, and these categories will be applied to the South American case. In the third and last part, the types of fiscal rules are classified according to each country, as well as the transformations observed after the COVID-19 pandemic. As a result, the paper will offer a consolidated approach to changes in fiscal rules in the region.

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大流行后南美财政规则的变化：个案分析

公共财政受到 COVID-19 大流行病的影响和为减轻影响而采取的措施的广泛影响。在南美洲，这些影响是否是永久性的，或者说财政规则是否足够稳固，以允许灵活性和日后恢复正常？本文的假设是，Covid 对那些以前难以利用规范作为公共财政稳定工具的国家的财政机构产生了重大影响，但对那些在更有效地执行财政规则方面具有较强传统的国家仅产生了暂时的影响。本文的结构如下：第一部分是南美洲财政规则制定的全景，以提供与大流行后演变的比较模式。其次，分析了财政规则的可能结构，并将这些类别应用于南美洲的情况。在第三部分，也是最后一部分，根据每个国家的情况对财政规则的类型进行分类，以及在 COVID-19 大流行后观察到的变化。因此，本文将为该地区财政规则的变化提供一种综合方法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Law and Development Review LAW-

CiteScore

0.90

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0.00%

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期刊介绍： Law and Development Review (LDR) is a top peer-reviewed journal in the field of law and development which explores the impact of law, legal frameworks, and institutions (LFIs) on development. LDR is distinguished from other law and economics journals in that its primary focus is the development aspects of international and domestic legal orders. The journal promotes global exchanges of views on law and development issues. LDR facilitates future global negotiations concerning the economic development of developing countries and sets out future directions for law and development studies. Many of the top scholars and practitioners in the field, including Professors David Trubek, Bhupinder Chimni, Michael Trebilcock, and Mitsuo Matsushita, have edited LDR issues and published articles in LDR. The journal seeks top-quality articles on law and development issues broadly, from the developing world as well as from the developed world. The changing economic conditions in recent decades render the law and development approach applicable to economic issues in developed countries as well as developing ones, and LDR accepts manuscripts on law and economic development issues concerning both categories of countries. LDR’s editorial board includes top scholars and professionals with diverse regional and academic backgrounds.