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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 orthodox approach regarding the transformation of the fiscal system inherited from the Colony, favored the emergence of loaners that took advantage from federal government's necessities in order to speculate and impose usury conditions, this same approach impeded the use of paper currency necessary for propelling commercial activity and the national market unification. On other side, the heterodox position was favored by those whom saw the necessity of obtaining resources oriented towards the relief of public expenditure by using other sources: applying for loans from other countries and increase the tax base of existing bases, as was the case of tariffs and the use of sealed paper. [ABSTRACT FROM AUTHOR]

In Mexico, the rural sector financing is based on "Fideicomisos Instituidos en Relación a la Agricultura", and the "Financiera Rural". These entities are considered development banks and their essential purpose is the enhancement of the productive sector. This paper analyzes the financial outreach of the development bank in rural sector in dimensions of breadth, depth, scope and length. As a conclusion, the development bank in rural sector has prioritized its financial sustainability, focusing on the breadth and with few achievements in scope and depth which reflects a limited role as a development institution. [ABSTRACT FROM AUTHOR]

The official discourse of public organizations emphasizes what must be done to achieve the high degree of legitimacy in society; one of the mechanisms for the institutionalization of external images are the ceremonies, that contribute to the legitimacy of authority, representing a powerful tool to convey the true. Weaving a particular ideology that allows a highly effective exercise of power, a face that is away from the direct imposition or coercion. This article aims to analyze some of the approaches that are located within the official discourse of a public organization, where the political scene is cyclical, in this study case is presented the official discourse of the central mexican bank formerly known as Banco de Mexico. This paper is discussed from the study case perspective and in this sense intended to approach the understanding of the significance networks that are created around and within the mexican financial system. The Central Bank of México has the primary objective of inflation control, and in this sense tries to justify monetary policy measures carried out on stakeholders inside and outside the country. This article is divided into three parts: the first analyzes the construction of meaning networks through the discourse of the organization, the second outlines the importance of ceremonies in organizations, and outlines its main characteristics and the methodological strategy employed to identify key actors and intentions in the discourse. Finally, third part, exposes the analysis of the Banco de México discourse, is analyzed how the discourse is a power expression medium with different intentions where exists a particular organizational response to achieve its institutional credibility. [ABSTRACT FROM AUTHOR]

This paper presents an econometric analysis of the demand for the monetary aggregate M1 for Mexico. Using cointegration techniques, we identify both a stable long-run relationship between M1 and its determinants, and a statistically sound single-equation error-correction model. Results are used to carry out the following simple applications: i) empirical determination of the value and stability of dual inflationary equilibria, given the observed seigniorage levels; ii) calculation of the seigniorage maximizing inflation rate, and iii) analysis of the potential relationship between a measure of excess money and inflation. Results indicate that the low inflation equilibrium is stable, and that the excess money indicator shows, in retrospective, some capacity in predicting inflationary pressures. [ABSTRACT FROM AUTHOR]

This paper analyzes the sustainability of organizations engaged in the exploitation of Thypha spp. cattail in the Zapotlán Lagoon and its impact on socio-economic and environmental development of the municipal districts of Gómez Farías and Zapotlán the Great. The initial working hypothesis is delimited by the consideration that the low social capital of organizations engaged in the exploitation of cattail in the Zapotlán Lagoon limits the sustainability of development, although it contributes to income support for more than 300 families in San Sebastian and to a lesser degree in Ciudad Guzman. The method used is ethnographic research, supplemented by field work supported by informal interviews and documental and literature research. The main conclusion is that there is not a balance between the sustainability of the organizations due to the low social capital and the sustainability of environmental and economic development that should be considered by the rehabilitation program of the Zapotlán lagoon regarding the improvement of income levels, recovery and creation of new jobs and improvement of standards of quality of life of about three hundred families dependent on cultivation and artisanal exploitation of cattail. In order to give greater sustainability to micro and small artisanal enterprises, the creation of an export consultancy program for artisanal products derived from cattail to the effect of increasing the value added that provides the proper management of marketing processes in international markets. [ABSTRACT FROM AUTHOR]

Conventional monetary theory confirms Fisher's hypothesis which assumes that the real rate of interest varies only in the short term, while in the long term money is neutral. Using multivariate time-series models, and specifically VAR and VEC, with variables for Mexico and the United States (US) during the period 1994-2006, this paper studies the dynamic short-term relationship by decomposing the variance and response functions to the stimulus, and the long-term equilibrium relationship between these variables. It is shown that during the period of study the Fisher hypothesis is partly confirmed for the Mexican economy but not for the US economy. For its part, Mexican inflation has a strongly inertial component that lasts four months and accounts for nearly 80% of the inflationary changes. [ABSTRACT FROM AUTHOR]

This paper presents the advances of a research project about the efforts of a women's association of the coastal region of Jalisco within the frame of the Alternative Rural Financing System (SIFRA), and in particular the expansion and reformulation of livelihood strategies that women are developing with this micro-credit program's support. It discusses the relevance of the concepts of assets and social capital to analyze the program's results, as well as their usefulness to identify the shared resources and understand the processes through which they are established, used, and tested. It also argues that such processes are vulnerable to conflicts and the exercise of power, and that keeping this in mind may help to avoid turning social capital into a normative concept and to define its analytical capabilities. [ABSTRACT FROM AUTHOR]

If finance is crucial to growth, as a large literature has demonstrated, then why is there wide variance in financial development across countries? Why have governments not put the appropriate policies into place to encourage the development of banks and securities markets? This paper addresses this question by exploring the development of the Mexican banking system from the 1880s to the present. It argues that the institutions that encourage financial development cannot be created at the stroke of a pen. Rather, the creation of institutions that encourage financial development are dependent upon other institutions that limit the authority and discretion of the government. In short, political institutions that constrain government are a necessary condition for economic growth. [ABSTRACT FROM AUTHOR]

This paper presents the first historical series of poverty and inequality in Mexico for the period 1950-2004. We observe that poverty reduces continuously between 1950 and 1984, and remains constant, with the exception of 1996, where it increases sharply. With regards to inequality, this variable follows an inverted U trend between 1950 and 1984, similar to the Kuznets curve; however, it increases almost continuously from 1984 on. We also show that during 1950-2004 the correlation between poverty and economic growth has been strong and negative, the correlation between poverty and inflation has been strong and positive, and the correlation between poverty and inequality has also been positive. [ABSTRACT FROM AUTHOR]