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Fiscal Responsibility Laws for Subnational Discipline: The Latino Experience
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Laws of Fiscal Responsibility for Subnational Discipline:
The Latino Experience
by Steven B. Webb
World Bank
August 2003
Summary: This paper discusses Fiscal Responsibility Laws in Latin America, with special attention to their part concerning subnational governments. It discusses why and when such laws might be useful, and when they could be counterproductive. It examines the cases of Argentina, Brazil, and Colombia, as well as the case of Mexico where other types of laws and regulations aim to achieve the same objectives of solidifying incentives for fiscal discipline at all levels of government. FRLs are found to be useful in some cases, although the experience is not long enough to be certain, but they are clearly not necessary in every case, nor always sufficient to assure fiscal stability.
The paper evolved from an earlier one of which William McCarten and Mariano Tommasi were co-authors, and their contribution is gratefully recognized without any responsibility for errors that remain here. Comments and suggestions from Christian Gonzalez, George Kopits, Jonathan Rodden, David Rosenblatt, Mark Sundberg, and David Vetter are also acknowledged with gratitude and the usual disclaimer. Opinions here are those of the author and do not reflect official positions of the World Bank.
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Laws of Fiscal Responsibility for Subnational Discipline:
The Latino Experience
by Steven B. Webb
World Bank
August 2003
Summary: This paper discusses Fiscal Responsibility Laws in Latin America, with
special attention to their part concerning subnational governments. It discusses why and
when such laws might be useful, and when they could be counterproductive. It examines
the cases of Argentina, Brazil, and Colombia, as well as the case of Mexico where other
types of laws and regulations aim to achieve the same objectives of solidifying incentives
for fiscal discipline at all levels of government. FRLs are found to be useful in some
cases, although the experience is not long enough to be certain, but they are clearly not
necessary in every case, nor always sufficient to assure fiscal stability.
The paper evolved from an earlier one of which William McCarten and Mariano
Tommasi were co-authors, and their contribution is gratefully recognized without any
responsibility for errors that remain here. Comments and suggestions from Christian
Gonzalez, George Kopits, Jonathan Rodden, David Rosenblatt, Mark Sundberg, and
David Vetter are also acknowledged with gratitude and the usual disclaimer. Opinions
here are those of the author and do not reflect official positions of the World Bank.
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