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The macroeconomy of Central America / edited by Robert Rennhack and Erik Offerdal.
- Format:
- Book
- Language:
- English
- Subjects (All):
- Monetary policy.
- Commercial policy.
- Expenditures, Public.
- Taxation.
- Fiscal policy.
- Economic policy.
- Central America--Economic policy--Congresses.
- Central America.
- Fiscal policy--Central America--Congresses.
- Taxation--Central America--Congresses.
- Central America--Appropriations and expenditures--Congresses.
- Central America--Commercial policy--Congresses.
- Monetary policy--Central America--Congresses.
- Genre:
- Conference papers and proceedings.
- Physical Description:
- xviii, 221 pages : illustrations ; 23 cm
- Place of Publication:
- Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2004.
- Contents:
- 1 Fiscal Sustainability / Erik Offerdal 1
- What are the factors behind recent developments in debt in Central America? 5
- What level of public debt? 12
- Potential fiscal vulnerabilities and policy flexibility 18
- How would adverse shocks impact on the need for fiscal adjustment? 26
- Would fiscal rules be useful? 30
- Appendix 1.1 The accounting framework 35
- 2 Tax Reform: Trends and Possibilities / Janet G. Stotsky, Asegedech WoldeMariam 41
- Structure of tax system in Central America 44
- Domestic taxes on goods and services 51
- Taxes on income and profits and taxes on wealth 58
- Administrative issues 82
- Regional tax harmonization 83
- Looking to the future 84
- 3 Public Expenditure and Governance / Ana Corbacho, Hamid R. Davoodi 87
- Economic growth, poverty, and inequality 88
- Level and composition of government spending 93
- Investment in education and health 97
- Provision of education 98
- Returns to investment in education 98
- Trends in educational attainment 101
- Indicators of the quality and quantity of education inputs 104
- Government spending on education 105
- Teacher salaries and teacher quality 110
- Student-teacher ratios and schooling time 113
- Provision of health services 113
- Health quality indicators 117
- Social safety nets 121
- Governance 125
- Summary and policy conclusions 134
- 4 Trade Structure and Policy / Guillermo Perry, Daniel Lederman, Rodrigo Suescun 142
- Trade structure 143
- Trade policies 148
- Tariff and nontariff barriers 148
- The impact of NAFTA in Central America 151
- Policy reforms and economic growth 153
- The United States and Central America trade relation: further trade integration 155
- A trade agreement between Central America and the United States 156
- The 2002 US farm bill 157
- Central America and the United States: beyond trade 159
- Some other features of Central American countries 162
- Implications for monetary arrangements 163
- 5 Choice of Exchange Rate Regimes / Robert Rennhack, Erik Offerdal, Valerie Mercer-Blackman 169
- Theoretical considerations in the choice of exchange regime 170
- Overview of the economic structure of the CAC countries 171
- An econometric approach to assessing exchange regimes 180
- An index approach 182
- Appendix 5.3 The construction of the index of suitability for a peg 190
- 6 Financial Dollarization: What to Do About It? / Alain Ize 194
- Financial dollarization in Central America 194
- Dollarization: types and roots 196
- Risks and drawbacks of financial dollarization 198
- Is there a way out? 200.
- Notes:
- Includes bibliographical references and index.
- Papers from a conference held by the Central American Monetary Council and the Western Hemisphere Department of the IMF from July 25-26, 2002, in Antigua, Guatemala.
- ISBN:
- 1403936528
- OCLC:
- 54529550
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