Fiscal Policy in Latin America and the European Union Carlos Vegh Johns Hopkins (SAIS) and Brookings Guillermo Vuletin Brookings Brookings Institution,

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Fiscal Policy in Latin America and the European Union Carlos Vegh Johns Hopkins (SAIS) and Brookings Guillermo Vuletin Brookings Brookings Institution, October 8, 2013

Graduation in developing countries Before After

Graduation in Latin American countries Before (av.=0.30) After (av.=0.17)

Who graduated and who did not

Greece

Food for thought Many LA governments still fail to save enough in good times … What will happen when the good times end? Eurozone countries’ fiscal contraction in bad times: repeating LA’s past mistakes or unavoidable, “market-driven,” adjustment? Role of IMF: can lending in bad times be tied to behavior in good times?