January 30, 2018
Chile: Proposals for a less procyclical, simpler and more transparent fiscal rule
Given how important the rule has been in generating fiscal discipline in Chile and the need to strengthen it, we propose reducing the procyclicality of the benchmarks, increasing controls over the projection of effective revenues, simplifying the calculation of the cyclically adjusted balance sheet (CAB) and redefining the CAB target and the convergence strategy.
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