General government spending as share of GDP, excluding transfers already captured under fiscal.transfer_expansion to avoid double-counting.
Statutory and effective corporate tax rates, treatment of depreciation, and international competitiveness.
In response to a Jan 2022 spike in sovereign-yield spreads (10Y Salvadoran eurobonds > 24%) and Moody's / S&P / Fitch downgrades tied to Bitcoin-adoption fiscal-sustainability concerns, the Ministerio de Hacienda executed two tender offers (Sep 2022 and Apr 2023) to buy back upcoming Jan 2023 and Jan 2025 maturities at below-par prices funded by multilateral CABEI loans and domestic debt. The operations retired ~$650m of external debt at discount, eliminated the imminent-default narrative, and compressed spreads back to mid-high-yield range by mid-2023. Combined with the 2023 tax reform and 2023 Article IV engagement, the operations set the stage for the Dec 2024 IMF EFF. Debt-to-GDP peaked ~85% in 2020 on COVID fiscal response and declined toward ~75% by end-2024.
Per invariant 3, reforms are scored by what they did on each channel-separated axis, not by the party that enacted them. This fingerprint is how the policy-match engine finds historical analogues.
Explicit links are curated by the author. Inferred links are hypotheses in the library that test the same axes this policy moved — the framework's answer to "what does the data say about a policy like this?".
Ranked by axis-fingerprint overlap with this policy. Direction match bolded — those are the closest historical analogues. Shape of the match is what drives policy-outcome comparison, not the country or party label.