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Peru: Selected Issues Paper
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2012: Issue 027
Language:
English
Publication Date:
01 Feb 2012
DOI:
https://doi.org/10.5089/9781463940423.002
ISBN:
9781463940423
ISSN:
1934-7685
Pages:
44
Keywords:
ISCR; CR; Peru; commodity price; GDP; central bank; poverty reduction; BoE executive; financial system; comparative advantage; trend output; Financial sector stability; Macroprudential policy; Fiscal stance; Commodity prices; Global; Africa; Caribbean
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Peru’s fiscal framework embedded in the Fiscal Responsibility and Transparency Law (FRTL) has proved to be effective in reducing debt. The FRTL embodies some countercyclical elements in response to output or commodity price shocks. The combination of a provision for a moderate deficit on the downside, and a current expenditure cap on the upside, allows for some countercyclical policy. It still has pockets of procyclicality in the face of large shocks to output or commodity prices.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund