Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297776 
Year of Publication: 
2023
Series/Report no.: 
Serie Documentos de Trabajo No. 847
Publisher: 
Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA), Buenos Aires
Abstract (Translated): 
The existence of incomplete financial markets, in an environment of uncertainty, is one of the problems of the Latin American economies, that determines a suboptimal path of public spending, with the consequent loss of social welfare. The existence of a high degree of positive correlation between public expenditure and revenue, condemning economies, to having credit in good times and lacking it in bad times. The objective of the work is to find a second best option through the definition of anticyclical fiscal fund that compensates for the failure of capital market, in the face of a fall in public revenue, even with loss in welfare.
Subjects: 
Política Fiscal
Fondo Fiscal Anti cíclico
Ciclo-Tendencia
Ingresos Fiscales
Déficit y Superávit Público
JEL: 
E21
E30
E60
E62
E64
G28
H21
H62
Document Type: 
Working Paper

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