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Fiscal policy and external constraints: state credibility, taxation, public goods and the budget

Lewis, Colin M. (2008) Fiscal policy and external constraints: state credibility, taxation, public goods and the budget. In: Sanchez-Ancochea, Diego and Morgan, Iwan, (eds.) The Political Economy of the Public Budget in the Americas. Institute for the Study of the Americas, London, UK, pp. 33-59. ISBN 9781900039949

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Abstract

This volume draws together the work of political economy specialists from Latin America, the United States and Europe. Its innovative approach provides a multi-disciplinary comparison of fiscal and tax policies in Latin America and the United States. The contributors identify the common budgetary problems of the nations of the Americas in terms of their status as ‘small fiscal states’ 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 United States 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 volume therefore 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.

Item Type: Book Section
Official URL: http://americas.sas.ac.uk/publications.htm
Additional Information: © 2009 Institute for the Study of the Americas
Library of Congress subject classification: H Social Sciences > HJ Public Finance
Sets: Departments > Economic History
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 16 Dec 2009 14:24
URL: http://eprints.lse.ac.uk/26337/

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