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This paper analyzes debt securitization in underdeveloped countries, using the case of Argentina, Mexico, and Brazil. We argue that the three countries have had a significant increase in the issuance of debt securities. However, the nature of the securities issued is different in each nation. In the case of Argentina, the increase in international debt securities in circulation has to do with the issuance of government securities. In Mexico, the increase is more related to the new financing needs of Mexican non-financial corporations. While in Brazil, the increase in the issuance of debt securities is due to a combination of both factors. [ABSTRACT FROM AUTHOR]

The objective of this paper is to examine the relationship between fiscal and monetary policy coordination and fiscal multipliers in Argentina, Brazil, Chile, and Mexico. To do so, we first look at the theoretical framework of the New Consensus Macroeconomics (NCM), and then analyze the trends in the four countries for variables including consumption, investment, government spending, and interest rates. Finally, we present an estimate of the spending and monetary multipliers with proxy variables. The contribution of this paper consists of one, showing the inexistence of the crowding out effect, and two, quantifying the multipliers for the aforementioned countries. [ABSTRACT FROM AUTHOR]

The paper examines the relationship between the performance of Latin American stock markets with their real economies, applying seven econometric models for the cases of Argentina, Brazil, Chile and Mexico. The relationship between stock market yields in these countries and their respective GDPS is examined and compared, applying to the series for each country unit root tests, cointegration analysis, error correction model analysis, Granger causality modeling, self-regression vector analysis, stimulus and response functions, and variance decomposition analysis. The series comprise the following stock markets: Argentina's MERVAL, Brazil's BOVESPA, Chile's IGPA, and Mexico's IPC, as compiled by Economática. The GDP series were obtained from the Cepalstat data base. The series are monthly and are for the period 1993-2005. [ABSTRACT FROM AUTHOR]