In recent years, the countries of Latin America have embraced reforms in public financial management and have made many important advances-however, many challenges remain. This book brings together IMF and IDB staff and representatives from 16 governments in the region to document these reforms,...

Medium Term Fiscal Frameworks (MTFs) have become one of the most popular reforms to the budgetary process in Latin America during the last decade, and introducing MTFs seemed to be the magic solution for most fiscal ailments. Nonetheless, there has been no comprehensive evaluation of their...

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a `hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that...