Reforms of fiscal institutions and fiscal rules are motivated by several objectives: strengthening fiscal solvency and sustainability, contributing to macroeconomic stabilization, and making fiscal policy more resilient to government corruption and private-sector lobby. These objectives are...

This paper reviews the design and operation of the Chilean fiscal rule in the past 30 years. Using different empirical approaches, we assess its impact on fiscal procyclicality, public debt, and public investment. While there has been substantial progress in building a modern institutional...

The paper examines the experience in structural reform in five areas- international trade, financial markets, labor markets, and the generation and use of public resources- countries of Latin America and the Caribbean. It develops quantitative indicators for the policy reforms and for their...