Fiscal Responsibility Law of Chile
E616461
The Fiscal Responsibility Law of Chile is a key Chilean statute that establishes rules for prudent public financial management, including saving windfall revenues and stabilizing fiscal policy over the economic cycle.
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
Chilean statute
ⓘ
public finance law ⓘ |
| aimsTo |
allow greater public spending during economic downturns
ⓘ
limit excessive public spending during economic booms ⓘ protect the budget from commodity price volatility ⓘ smooth public expenditure over the business cycle ⓘ |
| appliesOver | economic cycle ⓘ |
| appliesTo | central government of Chile ⓘ |
| concerns |
budget balance targets
ⓘ
management of fiscal deficits ⓘ management of fiscal surpluses ⓘ public sector savings ⓘ |
| country | Chile ⓘ |
| defines |
framework for countercyclical fiscal policy
ⓘ
guidelines for structural fiscal balance ⓘ rules for saving windfall revenues ⓘ |
| field |
fiscal policy
ⓘ
macroeconomic policy ⓘ public finance ⓘ |
| hasEffect |
constrains discretion of fiscal authorities
ⓘ
improves predictability of fiscal policy ⓘ reduces volatility of public spending ⓘ supports macroeconomic stability ⓘ |
| hasKeyConcept |
countercyclical fiscal policy
ⓘ
fiscal stabilization ⓘ long-term fiscal sustainability ⓘ public debt management ⓘ saving windfall revenues ⓘ |
| involves |
accumulation of financial assets in good times
ⓘ
creation of fiscal savings funds ⓘ use of accumulated savings in bad times ⓘ |
| jurisdiction | Republic of Chile NERFINISHED ⓘ |
| legalForm | law ⓘ |
| legalSystem | civil law system of Chile ⓘ |
| policyType |
countercyclical fiscal rule
ⓘ
rules-based fiscal framework ⓘ |
| purpose |
ensure long-term fiscal sustainability
ⓘ
improve management of public revenues from natural resources ⓘ promote prudent public financial management ⓘ reduce procyclicality of fiscal policy ⓘ stabilize fiscal policy over the economic cycle ⓘ |
| regulates |
fiscal savings rules
ⓘ
fiscal stabilization mechanisms ⓘ management of public revenues ⓘ public expenditure policy ⓘ use of windfall revenues ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.