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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 studies the inter-linguistic and intercultural comparability of subjective wellbeing during adolescence, as well as school satisfaction as a component of this well-being, using samples of 12 to 16-year-old from Brazil (n=1588), Chile (n=843) and Spain (n=2900). As subjective well-being indicators, two versions of the PWI (Cummins, Eckersley, van Pallant, Vugt, and Misajon, 2003) were adopted, one measuring well-being with different life domains, a single-item scale on overall life satisfaction (OLS). The six items on satisfaction with different facets of the school life, used by Casas et al. (2013), were included as subjective indicators of school satisfaction. The original version of the PWI (PWI7) and a longer version with 10 items (PWI10) are used. Both versions show a good fit in Confirmatory Factor Analysis using the pooled sample. Using multiple regressions analysis and Structural Equations Modelling (SEM), different options are considered and analyzed in order to estimate the most appropriate model to compare subjective wellbeing cross-countries, with school satisfaction included. An analysis of the results indicates that two multi-group SEM, which include the six items on satisfaction with different facets of school life related to a latent variable, and also related to latent variables PWI7 and PWI10, respectively, show good comparability between countries. Multiple regression analysis suggests that the most useful synthetic indicator on satisfaction with school life is satisfaction with your life as student. When this item is included in PWI7 or PWI10, internal consistency of each of the scales (PWI8 and PWI11) improves, and the respective multi-group SEM of these two psychometric scales show that variances, covariances and regressions are comparable between the three studied countries. This was not the case with the overall mean indices, which is probably due to the different answering styles of adolescents in each country. [ABSTRACT FROM AUTHOR]