Macroeconomic and fiscal policy is at the brink of a transformative shift due to the integration of artificial intelligence (AI), which is poised to revolutionize fiscal governance and policy formulation in Latin America and the Caribbean (LAC). The technology’s potential to enhance the precision of economic forecasts, optimize budget allocations, and streamline tax … [Read more...] about Leveraging AI to Transform Macroeconomic and Fiscal Policymaking in Latin America and the Caribbean
Oscar Valencia
Oscar Valencia is a Lead Economist in the IDB's Fiscal Division and head of the platform FISLAC – Fiscal Sustainability for Latin America and the Caribbean. Prior to joining the IDB, Oscar was the General Director of Macroeconomic Policy at the Colombian Ministry of Finance. He has served as technical secretary of the Independent Committee for Fiscal Rule in Colombia and as a member of several boards of directors in Colombian organizations, including Colpensiones (defined pension system), Coljuegos (gambling regulator) as well as an Interim General Director of Fogafin (guarantee fund of financial institutions). He also worked as a researcher at Colombia’s Central Bank and the Colombian National Planning Department. Previously, he also worked as a consultant in the IDB's Research Department. Oscar's research agenda focuses on fiscal policy and macroeconomics, mainly in emerging economies. He has published in different academic journals on topics related to macroeconomic policy. He holds a Ph.D. with Honors in Economics from the Toulouse School of Economics (TSE), a Master's in Mathematical Economics from the same university and a Bachelor's and Master's with Honors in Economics from the Universidad Nacional de Colombia.
First Year of FISLAC: Transforming Fiscal Sustainability in Latin America and the Caribbean
Amid the unprecedented challenges unleashed by the COVID-19 pandemic worldwide, Latin America and the Caribbean (LAC) faced a pressing need: have intelligent tools to anticipate and manage risks threatening the economic and fiscal stability of the region. In response to this need, FISLAC (Fiscal Sustainability for Latin American and Caribbean Countries) was born, an … [Read more...] about First Year of FISLAC: Transforming Fiscal Sustainability in Latin America and the Caribbean
New Index Helps Governments Design Better Escape Clauses to Bridge Fiscal Rigidity with Crisis Adaptability
In recent years, the global economic landscape has been marked by unprecedented upheavals, including the Global Financial Crisis, the disruptions caused by the COVID-19 pandemic, and, more recently, geopolitical tensions. These crises have tested the resilience of fiscal frameworks, highlighting the pressing need for greater adaptability to navigate unforeseen challenges … [Read more...] about New Index Helps Governments Design Better Escape Clauses to Bridge Fiscal Rigidity with Crisis Adaptability
How to Prevent Debt from Hurting Economic Growth
Three years after the onset of the COVID-19 pandemic, countries in Latin America and the Caribbean (LAC) are still dealing with its economic consequences. Currently, one of the main points of concern is the excessive level of public indebtedness and the risk it represents to economic stability and economic growth. This year the IDB published its flagship study … [Read more...] about How to Prevent Debt from Hurting Economic Growth
Complying with Fiscal Rules in Latin America and the Caribbean: From Promises to Action
Fiscal rules have become a common policy tool to promote the sustainability of public finances, as the number of countries with at least one fiscal rule has grown from ten in 1991 to more than 100 by 2021. Although fiscal rules promise to support fiscal discipline and maintain debt sustainability, their track record is often mixed, as simply adopting a fiscal rule does not … [Read more...] about Complying with Fiscal Rules in Latin America and the Caribbean: From Promises to Action