Managing in the public sector for investment and growth

This article will focus on the central role played by imperfect or incomplete markets in the spread and perpetuation of recessionary situations. It is a known fact that demand volatility perpetuates such situations, and this can only be mitigated by sustainable economic stimulus policies. Macrofiscal rules, which are important for enhancing the tarnished credibility of State action, need to combine two basic principles: responsibility and stability. This means preserving regulation mechanisms so that excessive macroeconomic fluctuations can be stabilized. The best thing the authorities can do …

Distributional impacts of low for long interest rates

This paper asks whether tepid inflation in Canada since the financial crisis can in part be explained by the effects of monetary policy on inequality. Using different structural vector autoregression models we show that expansionary monetary policy post-crisis has offset otherwise falling inequality through the shifting of resources away from lower-income individuals, which in general have higher marginal propensities to consume. As a result, aggregate demand has not risen as much as it otherwise would have, leading to a more muted inflationary response. Our results suggest that failure to acc…

Strategies for Post COVID-19 Recovery in the Caribbean

Call for papers - XIV JORNADAS IBEROAMERICANAS DE FINANCIACIÓN LOCAL

Los días 3 y 4 de septiembre de 2025 se realizará en Asunción (Paraguay) la decimocuarta versión de las Jornadas Iberoamericanas de Financiación Local (XIV-JIFL) organizadas por la Asociación Iberoamericana de Financiación Local (AIFIL), la Comisión Económica para América Latina (CEPAL), la División de Gestión Fiscal del Banco Interamericano de Desarrollo (BID), el Ministerio de Economía y Finanzas de Paraguay y la Facultad de Ciencias Económicas de la Universidad Nacional de Asunción (UNA).…

Demographic models for projections of social sector demand

Abstract This paper presents three demographic models useful for projections of social sector demand. The first model is a probabilistic national population forecast based on the collective experience of UN member states. It offers a set of probabilistic forecasts as a complement to the official UN scenario forecasts. The second model forecasts the population by age and educational level using data from a single census. Forecasts are presented for Chile which show dramatic changes in the educational composition of the elderly population and in the working-age population in the near future. The…

Options for retooling property taxation in Latin America

There is growing recognition that expanded reliance on property taxation would facilitate the achievement of sustainable development goals, providing adequate funding of local services and access to credit for infrastructure. It would also generate more incentives for more accountable local governance. However, this instrument has a large and unexploited revenue potential in Latin America. Ambitions and reform policies are confronted with political and administration obstacles. Also Governments tend to worry about the political costs of taxing property. The paper suggests ways to improve the w…

Preparing a public expenditure review a manual for Caribbean countries

Sustainable bioenergy: a framework for decision makers

PrefacioEn nuestro primer documento, ONUEnergía se centró en El desafío de la Energía para Alcanzar los Objetivos de Desarrollo del Milenio . Señalamos que los servicios energéticos disponibles no han logrado satisfacer las necesidades de los más pobres del mundo, con 2.400 millones de personas que recurren a la biomasa tradicional para sus necesidades energéticas, y 1.600 millones sin acceso alguno a la electricidad. Los compromisos básicos para la gente pobre no se pueden alcanzar sin un enfoque mucho más centrado hacia los servicios energéticos.Al mismo tiempo, se ha visto un fuerte au…

Conferencia será dictada por Carlos Végh, Economista del Banco Mundial para América Latina y el Caribe, en el marco de su visita a Chile

La Conferencia es titulada “Política fiscal a través del ciclo económico en países emergentes” (Fiscal policy over the business cycle in emerging markets)…