Decentralization in Latin America (Ter-Minassian & Jiménez)

Macroeconomic challenges of fiscal decentralization in Latin America in the aftermath of the global financial crisis by Teresa Ter-Minassian and Juan Pablo Jiménez (07/2011). “This paper discusses how fiscal decentralization is affecting macro-economic management in the main LA countries; and which reforms in the existing intergovernmental fiscal systems of those countries could help strengthen their fiscal sustainability, minimize the risk of pro-cyclicality at all levels of government, and create “fiscal space” for active countercyclical responses to economic shocks.”