Latin American fiscal rules 'have helped some countries'

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Fiscal rules deployed in Latin American countries have proved more useful in shaping fiscal sustainability than improving the capacity to respond to shocks, according to an occasional paper published by the Bank of Spain on November 12.

The study, by Juan Carlos Berganza, surveyed seven countries in the region and found that while nations pursue a variety of different rules, two main types stood out: numerical targets representing a commitment to fiscal sustainability – for example limits on

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