The Political Economy of the Public Budget in the Americas

Overview

This volume provides a multidisciplinary comparison of fiscal and tax policies in Latin America and the United States by political economy specialists from Latin America, the U.S., and Europe. The contributors identify the common budgetary problems of the nations of the Americas in terms of their status as "small fiscal states" —ones that have failed to generate adequate tax resources to fund the responsibilities of modern government. They also consider the differing effect of capital inflows on the autonomy of ...

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Overview

This volume provides a multidisciplinary comparison of fiscal and tax policies in Latin America and the United States by political economy specialists from Latin America, the U.S., and Europe. The contributors identify the common budgetary problems of the nations of the Americas in terms of their status as "small fiscal states" —ones that have failed to generate adequate tax resources to fund the responsibilities of modern government. They also consider the differing effect of capital inflows on the autonomy of the public sector in the U.S. and Latin America. While the former has been able to operate large budgetary and trade deficits without adverse reaction from global financial markets, the latter has experienced the disciplining effect of these external forces to maintain low public deficits. The book offers a timely assessment of hemispheric fiscal developments on the eve of the greatest crisis for the world economy since the depression of the 1930s.

Contributors includeWerner Baer (University of Illinois), Dennis S. Ippolito (Southern Methodist University), Colin M. Lewis (London School of Economics & Political Science and
ISA), Roberto Machado (ECLAC), Andrew H. Mitchell (UCLA Center for Economic History),
Iwan Morgan (ISA), Diego Sánchez-Ancochea (University of Oxford), Aaron Schneider (Tulane University), Carlos E. Schonerwald (Universidade do Vale do Rio dos Sinos and ECLAC), and Matías Vernengo (University of Utah).

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Product Details

  • ISBN-13: 9781900039949
  • Publisher: Institute for the Study of the Americas
  • Publication date: 3/26/2009
  • Pages: 280
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.70 (d)

Meet the Author

Diego Sánchez-Ancochea is University Lecturer in Political Economy of Latin America St.Antony's College, University of Oxford. His recent publications include Responding to
Globalization:The Political Economy of Hemispheric Integration in the Americas
, (Palgrave MacMillan, 2008), coedited with Kenneth Shadlen; and Transnational Corporations and Development Policy, coedited with Eric Rugraff and Andrew Sumner (Palgrave McMillan, 2008). Iwan Morgan is professor of U.S. Studies and head of U.S. Programs at the Institute for the Study of the Americas. His most recent publication is Right On? Political Change and Continuity in George W. Bush's America, coedited with Philip Davies (ISA, 2006).

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Table of Contents

Figures and Tables vii

Notes on Contributors xi

Part I Introduction 1

1 Introduction: The Political Economy of the Budgets in Comparative Perspective Diego Sanchez-Ancochea Iwan Morgan 3

Part II Public Budgets: Internal and External Determinants 31

2 Fiscal Credibility, Public Good and the Budget: The Struggle Over Federal Taxing and Spending in the Argentine During the Late Twentieth Century Colin M. Lewis Andrew H. Mitchell 33

3 Fiscal Sustainability and Deficit Politics in the United States Dennis S. Ippolito 60

4 The Public Budget and the US Current Account Deficit Iwan Morgan 82

5 Foreign Exchange and the Dynamics of Public Debt in Latin America Carlos E. Schonerwald da Silva Matias Vernengo 104

6 Fiscal Policy and Equity: The Dilemmas Facing Brazil's Labour Government Edmund Amann Werner Baer 124

Part III Tax Reforms and Other Policy Issues 145

7 The Struggle for Tax Reform in Central America Manuel R. Agosin Roberto Machado Aaron Schneider 147

8 Socio-economic Change and Fiscal Challenges in Central America: Globalisation, Democratisation, and the Politics of Reform Aaron Schneider 163

9 Equity, Growth and Balanced Budgets: Tax Policy in the United States Dennis S. Ippolito 200

10 Public Budgets and Income Inequality in Latin America: A Comparative Perspective Diego Sanchez-Ancochea 227

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