Chile’s fiscal rule as social insurance

Well before the Great Recession of 2009 put fiscal policy debates in the front burner commodity-exporting countries had to deal with important fiscal policy dilemmas stemming from revenue volatility and eventual depletion. Chilean policymakers have been at the forefront in this area since adopting a...

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Autores principales:	Engel, Eduardo, Neilson M., Christopher, Valdés, Rodrigo
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA FISCAL CRISIS ECONÓMICA 2008 PRODUCTOS BÁSICOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3791
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spelling	oai-20.500.12580-37912021-04-24T11:06:49Z Chile’s fiscal rule as social insurance Engel, Eduardo Neilson M., Christopher Valdés, Rodrigo POLÍTICA FISCAL CRISIS ECONÓMICA 2008 PRODUCTOS BÁSICOS Well before the Great Recession of 2009 put fiscal policy debates in the front burner commodity-exporting countries had to deal with important fiscal policy dilemmas stemming from revenue volatility and eventual depletion. Chilean policymakers have been at the forefront in this area since adopting a fiscal rule to guide government spending decisions a decade ago. This so-called structural balance rule (SBR) incorporates fluctuations in copper prices—the main source of volatility in fiscal revenues—and was instrumental in saving a large part of the windfall during the commodity boom of 2005–08. When the country went into recession in 2009 however the rule was essentially abandoned as authorities implemented a fiscal expansion beyond that suggested by the SBR. 2019-11-01T00:05:48Z 2019-11-01T00:05:48Z 2013 Artículo 978-956-7421-37-4 https://hdl.handle.net/20.500.12580/3791 eng Series on Central Banking Analysis and Economic Policies no. 17 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 393-425 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA FISCAL CRISIS ECONÓMICA 2008 PRODUCTOS BÁSICOS
spellingShingle	POLÍTICA FISCAL CRISIS ECONÓMICA 2008 PRODUCTOS BÁSICOS Engel, Eduardo Neilson M., Christopher Valdés, Rodrigo Chile’s fiscal rule as social insurance
description	Well before the Great Recession of 2009 put fiscal policy debates in the front burner commodity-exporting countries had to deal with important fiscal policy dilemmas stemming from revenue volatility and eventual depletion. Chilean policymakers have been at the forefront in this area since adopting a fiscal rule to guide government spending decisions a decade ago. This so-called structural balance rule (SBR) incorporates fluctuations in copper prices—the main source of volatility in fiscal revenues—and was instrumental in saving a large part of the windfall during the commodity boom of 2005–08. When the country went into recession in 2009 however the rule was essentially abandoned as authorities implemented a fiscal expansion beyond that suggested by the SBR.
format	Artículo
author	Engel, Eduardo Neilson M., Christopher Valdés, Rodrigo
author_facet	Engel, Eduardo Neilson M., Christopher Valdés, Rodrigo
author_sort	Engel, Eduardo
title	Chile’s fiscal rule as social insurance
title_short	Chile’s fiscal rule as social insurance
title_full	Chile’s fiscal rule as social insurance
title_fullStr	Chile’s fiscal rule as social insurance
title_full_unstemmed	Chile’s fiscal rule as social insurance
title_sort	chile’s fiscal rule as social insurance
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3791
work_keys_str_mv	AT engeleduardo chilesfiscalruleassocialinsurance AT neilsonmchristopher chilesfiscalruleassocialinsurance AT valdesrodrigo chilesfiscalruleassocialinsurance
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Chile’s fiscal rule as social insurance

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