CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

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The Fiscal Covenant in Guatemala: Lessons learned from the negotiations

Guatemala’s recent experience in negotiating a fiscal covenant, together with other efforts –some more successful than others– to achieve social covenants on fiscal policy, may serve as a lesson or suggest key elements for a fiscal covenant. This article analyses the Guatemalan experience in the light of the main determining factors of a number of successful or failed fiscal covenants in countries as diverse as Chile, Indonesia, Poland, the Russian Federation, Sweden, the United Kingdom and the United States. In conclusion, the authors identify 10 key components of a successful fiscal covenant, based on Guatemala’s experience and that of the other countries mentioned above.

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