01503cas a2200241 a 4500 AALejournalIMF011671 230101c9999 xx r poo 0 0eng d 5.00 USD 9781463940423 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Peru : Selected Issues Paper. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (44 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Peru's fiscal framework embedded in the Fiscal Responsibility and Transparency Law (FRTL) has proved to be effective in reducing debt. The FRTL embodies some countercyclical elements in response to output or commodity price shocks. The combination of a provision for a moderate deficit on the downside, and a current expenditure cap on the upside, allows for some countercyclical policy. It still has pockets of procyclicality in the face of large shocks to output or commodity prices. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2012/027 Full text available on IMF http://elibrary.imf.org/view/journals/002/2012/027/002.2012.issue-027-en.xml IMF e-Library