Alberto AlesinaRicardo HausmannRudolf HommesErnesto Stein2026-03-222026-03-22199610.3386/w5586https://doi.org/10.3386/w5586https://andeanlibrary.org/handle/123456789/83636Citaciones: 135In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a `hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that `hierarchical' and transparent procedures have been associated with more fiscal discipline in Latin America in the eighties and early nineties.enLatin AmericansFiscal yearEconomicsFinancial systemPolitical sciencepreprint