May 13, 2024

Governments have a variety of policy instruments through which they implement their economic policies and reach some desired or stated objectives. When considering the different initiatives, the traditional starting point is to focus on the impact of the policy as well as the effects of the financing of the initiative in question. One criterion used to select the financing alternative is the impact of the different instruments on the economy’s incentive structure, to identify the combinations of instruments that yield the same incentive structure. Once the equivalences are established then the policymakers must consider the disincentive effects generated, the ease of implementation and the overall cost effectiveness of the different alternatives and choose the option deemed most desirable.

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