Article

The Political Economy of Public Spending and Fiscal Deficits: Lessons for Latin America

Marcela Eslava

in The Oxford Handbook of Latin American Political Economy

Published in print May 2012 | ISBN: 9780199747504
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199747504.013.0019

Series: Oxford Handbooks

 The Political Economy of Public Spending and Fiscal Deficits: Lessons for Latin America

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This article focuses on the way in which the peculiarities of politics in Latin America affect fiscal policy, as a result of both the common pool problem of public spending and electoral budget cycles. The article is organized as follows. Section 2 discusses the implications of the common pool problem of fiscal policy, including the different dimensions of political fragmentation that lead to overspending, as well as how budget institutions can alleviate their effect. Section 3 presents the recent literature on political budget cycles, with special emphasis on the case of young democracies. Section 4 focuses on features common to both debates.

Keywords: Latin American politics; fiscal policy; public spending; electoral budget; overspending

Article.  13235 words. 

Subjects: Economics ; Public Economics ; Macroeconomics and Monetary Economics

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