Uruguay: Report on the Observance of Standards and Codes on Anti-Money Laundering and Combating the Financing of Terrorism International Monetary Fund

ISBN: 9786613865342

Published: December 12th 2006

ebook

22 pages


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Uruguay: Report on the Observance of Standards and Codes on Anti-Money Laundering and Combating the Financing of Terrorism  by  International Monetary Fund

Uruguay: Report on the Observance of Standards and Codes on Anti-Money Laundering and Combating the Financing of Terrorism by International Monetary Fund
December 12th 2006 | ebook | PDF, EPUB, FB2, DjVu, talking book, mp3, ZIP | 22 pages | ISBN: 9786613865342 | 8.40 Mb

1. While there is consensus that countries should aim at implementing neutral to countercyclical fiscal policy, it is common to see budgets that amplify economic cycles. Such procyclical policies can be seen during downturns-when governments, inMore1.

While there is consensus that countries should aim at implementing neutral to countercyclical fiscal policy, it is common to see budgets that amplify economic cycles. Such procyclical policies can be seen during downturns-when governments, in particular in emerging market countries, often cut spending or raise taxes to deal with financing constraints-as well as during upswings-when the sense of bonanza can make it hard for policymakers to resist pressures to spend temporary revenues. The absence of precise information regarding the fiscal stance stripped from cyclical and one-off effects contributes to the risk of procyclicality and can even jeopardize long-term sustainability.



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