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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]

This paper analyzes the relationship between the financial instability generated by shortterm capital flows in the absence of control mechanisms and the restrictions facing the implementation of counter-cyclical fiscal policies in the inflation-targeting regime, using as a springboard the recent financial crises in, specifically, Brazil, Chile, Colombia, Mexico, and Peru, showing how an increase in the issuance of public bonds to, via interventions in the exchange rate market, sterilize the effects of short-term capital flows on the monetary base is a source of endogenous instability, because this mechanism entails risks for the exchange rate and interest rate. [ABSTRACT FROM AUTHOR]

This paper analyzes the role of fundamentals and the net positions of speculators in determining the Brazilian exchange rate from April 2002 to August 2012. Based on a cointegrated svar model, we found empirical evidence to support our hypothesis that the microeconomic approach (Evans and Lyons, 2002) and the monetary model (Bilson, 1978) to determine the exchange rate are consistent with one another. Unlike in other empirical studies, our analysis demonstrates that the net positions of speculators and economic fundamentals constitute two channels (one liquidity-related, the other information-related) that can contribute to explaining the dynamics of the Brazilian exchange rate in the short and long term. [ABSTRACT FROM AUTHOR]

This paper analyzes how environmental conditions have influenced the level of development in the local population of the State of Bahía, given the growing importance of environmental issues and the lack of information on these issues in the State. To this end, the Index of Socio-Environmental Development --IDSA-- is innovative in introducing the Index of Human Development --IDH--, variables representing the environmental quality of the State municipalities. The IDSA average was 0.26, a value 0.4 points below that of the idh. Thus the study concludes that environmental quality is a significant factor in reducing the level of human development in Bahía. This has occurred principally as a result of the poor quality and availability of sanitation services provided by the State. [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]

The low levels of education in Brazil are associated with poverty and social inequality. The present paper based on the educational determinants emphasizes the way in which poverty reduces opportunities and makes it difficult to obtain higher education levels. It briefly traces the development of poverty, inequality and educational levels. We see that poverty exists, but with sharp regional differences. Within education there exist great disparities between the private and public schools, exacerbating the inequalities and the widening of income disparities. Basic universal education has been achieved, but with a very low quality. The latest policy has centered on this question, but it is necessary to strengthen the conditions and stimulate the demand for education. This complex framework shows the need for public action, both in promoting a greater demand for education and the provision of quality education in the public sector. [ABSTRACT FROM AUTHOR]