In shifting to decentralized public finances, a country's central government faces certain fiscal management problems. First, during and soon after the transition, unless it reduces pending or increases its own tax resources, the central government tends to have higher deficits as it shifts...

Colombia's political geography contrasts sharply with its economy. Physical characteristics and guerilla war fragment the country geographically, yet it has a long tradition of political centrism and macroeconomic stability. Recently, with political and economic decentralization, there has been...

Para celebrar el vigésimo aniversario del Informesobre Desarrollo Humano, el Programa de lasNaciones Unidas para el Desarrollo (PNUD) acabade publicar una edición especial en la que se ofreceuna panorámica del desarrollo humano en el mundo,en las dos décadas pasadas, y se presenta unaserie...

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects...