Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile

This paper sets forth a framework for analysing fiscal sustainability in the Chilean economy. It starts by making an ex post calculation of indicators of vulnerability and fiscal sustainability, based on the estimation of a sustainable debt level, with public finances considered in stationary state....

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Autores principales:	Villena, Mauricio G., Gamboni, Cristóbal, Tomaselli, Andrés
Formato:	Texto
Lenguaje:	English
Publicado:	2018
Materias:	ADMINISTRACION FISCAL POLITICA FISCAL HACIENDA PUBLICA MACROECONOMIA DEUDA PUBLICA INDICADORES ECONOMICOS TENDENCIAS ECONOMICAS TAX ADMINISTRATION FISCAL POLICY PUBLIC FINANCE MACROECONOMICS PUBLIC DEBT ECONOMIC INDICATORS ECONOMIC TRENDS
Acceso en línea:	http://hdl.handle.net/11362/43959
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spelling	oai-11362-439592020-03-06T16:50:27Z Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile Villena, Mauricio G. Gamboni, Cristóbal Tomaselli, Andrés ADMINISTRACION FISCAL POLITICA FISCAL HACIENDA PUBLICA MACROECONOMIA DEUDA PUBLICA INDICADORES ECONOMICOS TENDENCIAS ECONOMICAS TAX ADMINISTRATION FISCAL POLICY PUBLIC FINANCE MACROECONOMICS PUBLIC DEBT ECONOMIC INDICATORS ECONOMIC TRENDS This paper sets forth a framework for analysing fiscal sustainability in the Chilean economy. It starts by making an ex post calculation of indicators of vulnerability and fiscal sustainability, based on the estimation of a sustainable debt level, with public finances considered in stationary state. It then develops an ad hoc dynamic fiscal sustainability model for Chile’s public finances, which for the first time incorporates the dynamic of the Pension Reserve Fund (FRP) with its accumulation and disbursement rules, together with the cyclically adjusted balance policy. Lastly, the study simulates the path of the budgetary central government’s net debt up to 2025, using the projections made in the 2018 Public Finance Report, under a macroeconomic trend scenario and another adverse scenario, all framed by the cyclically adjusted balance rule. 2018-08-15T18:04:57Z 2018-08-15T18:04:57Z 2018-04 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/43959 LC/PUB.2018/5-P 10 en CEPAL Review CEPAL Review 124 .pdf application/pdf CHILE CHILE
institution	Cepal
collection	Cepal
language	English
topic	ADMINISTRACION FISCAL POLITICA FISCAL HACIENDA PUBLICA MACROECONOMIA DEUDA PUBLICA INDICADORES ECONOMICOS TENDENCIAS ECONOMICAS TAX ADMINISTRATION FISCAL POLICY PUBLIC FINANCE MACROECONOMICS PUBLIC DEBT ECONOMIC INDICATORS ECONOMIC TRENDS
spellingShingle	ADMINISTRACION FISCAL POLITICA FISCAL HACIENDA PUBLICA MACROECONOMIA DEUDA PUBLICA INDICADORES ECONOMICOS TENDENCIAS ECONOMICAS TAX ADMINISTRATION FISCAL POLICY PUBLIC FINANCE MACROECONOMICS PUBLIC DEBT ECONOMIC INDICATORS ECONOMIC TRENDS Villena, Mauricio G. Gamboni, Cristóbal Tomaselli, Andrés Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
description	This paper sets forth a framework for analysing fiscal sustainability in the Chilean economy. It starts by making an ex post calculation of indicators of vulnerability and fiscal sustainability, based on the estimation of a sustainable debt level, with public finances considered in stationary state. It then develops an ad hoc dynamic fiscal sustainability model for Chile’s public finances, which for the first time incorporates the dynamic of the Pension Reserve Fund (FRP) with its accumulation and disbursement rules, together with the cyclically adjusted balance policy. Lastly, the study simulates the path of the budgetary central government’s net debt up to 2025, using the projections made in the 2018 Public Finance Report, under a macroeconomic trend scenario and another adverse scenario, all framed by the cyclically adjusted balance rule.
format	Texto
author	Villena, Mauricio G. Gamboni, Cristóbal Tomaselli, Andrés
author_facet	Villena, Mauricio G. Gamboni, Cristóbal Tomaselli, Andrés
author_sort	Villena, Mauricio G.
title	Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
title_short	Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
title_full	Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
title_fullStr	Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
title_full_unstemmed	Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
title_sort	fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for chile
publishDate	2018
url	http://hdl.handle.net/11362/43959
work_keys_str_mv	AT villenamauriciog fiscalsustainabilityandthecyclicallyadjustedbalancepolicymethodologyandanalysisforchile AT gambonicristobal fiscalsustainabilityandthecyclicallyadjustedbalancepolicymethodologyandanalysisforchile AT tomaselliandres fiscalsustainabilityandthecyclicallyadjustedbalancepolicymethodologyandanalysisforchile
_version_	1718442008990711808

Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile

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