<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362018000100139</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Política fiscal procíclica y estabilidad monetaria en Brasil, Chile, Colombia, México y Perú]]></article-title>
<article-title xml:lang="fr"><![CDATA[Politique budgétaire procyclique et stabilité monétaire au Brésil, au Chili, en Colombie, au Mexique et au Pérou]]></article-title>
<article-title xml:lang="pt"><![CDATA[Política fiscal pro-cíclica e estabilidade monetária no Brasil, Chile, Colômbia, México e Peru]]></article-title>
<article-title xml:lang="zh"><![CDATA[&#24052;&#35199;&#12289;&#26234;&#21033;&#12289;&#21733;&#20262;&#27604;&#20122;&#12289;&#22696;&#35199;&#21733;&#21644;&#31192;&#40065; &#23588;&#33778;&#23612;&#20122;&#8226;&#24052;&#22805;&#21033;&#22885;]]></article-title>
<article-title xml:lang="en"><![CDATA[Pro-Cyclical Fiscal Policy and Monetary Stability in Brazil, Chile, Colombia, Mexico, and Peru]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Basilio]]></surname>
<given-names><![CDATA[Eufemia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Instituto de Investigaciones Económicas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<volume>49</volume>
<numero>192</numero>
<fpage>139</fpage>
<lpage>167</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362018000100139&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362018000100139&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362018000100139&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En el presente trabajo se analiza la relación entre la inestabilidad financiera que generan los flujos de capital de corto plazo en ausencia de mecanismos de control, y las restricciones que enfrenta la instrumentación de políticas fiscales contracíclicas bajo el régimen de metas de inflación, a partir de las crisis financieras internacionales ocurridas recientemente, en particular, en Brasil, Chile, Colombia, México y Perú. Mostrando que el aumento en la emisión de títulos públicos para esterilizar mediante intervenciones en el mercado cambiario los efectos que generan los flujos de capital de corto plazo sobre la base monetaria, son una fuente generadora de inestabilidad endógena, ya que este mecanismo conlleva riesgos de tipo de cambio y tasa de interés.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Dans la présente étude on analyse le rapport d&#8217;instabilité financière généré par les flux de capital à court terme en l&#8217;absence de mécanismes de control, ainsi que les restrictions confrontées à partir de l&#8217;instrumentation de politiques budgétaires contracycliques régies par le ciblage d&#8217;inflation depuis les crises financières internationales récentes au Brésil, au Chili, en Colombie, au Mexique, et au Pérou. Les effets générés par les flux de capitaux à court terme sur la base monétaire, ainsi que l&#8217;augmentation de l&#8217;émission de titres publics à stériliser par le biais d&#8217;interventions sur le marché des changes, montrent qu&#8217;ils sont source d&#8217;instabilité endogène car ce mécanisme comporte des risques pour le taux d&#8217;échange et pour le taux d&#8217;intérêt.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo analisa a relação entre a instabilidade financeira gerada pelos fluxos de capital de curto prazo na ausência de mecanismos de controle e as restrições enfrentadas pela implementação de políticas fiscais anticíclicas sob o regime de metas de inflação, com base nas recentes crises financeiras internacionais, em particular, no Brasil, no Chile, na Colômbia, no México e no Peru. Se busca demonstrar que o aumento na emissão de títulos públicos para esterilizar, através de intervenções no mercado cambial, os efeitos gerados pelos fluxos de capital de curto prazo na base monetária, são uma fonte de instabilidade endógena, já que esse mecanismo comporta riscos de câmbio e taxa de juros.]]></p></abstract>
<abstract abstract-type="short" xml:lang="zh"><p><![CDATA[&#25688;&#35201; &#26412;&#25991;&#20998;&#26512;&#65292;&#33258;&#22269;&#38469;&#37329;&#34701;&#21361;&#26426;&#20197;&#26469;&#65292;&#22312;&#24052;&#35199;&#12289;&#26234;&#21033;&#12289;&#21733;&#20262;&#27604;&#20122;&#12289;&#22696;&#35199;&#21733;&#21644;&#31192;&#40065;&#20960;&#22269;&#20013;&#22312;&#32570;&#20047;&#25511;&#21046;&#26426;&#21046;&#30340;&#22522;&#30784;&#19978;&#30701;&#26399;&#36164;&#26412;&#27969;&#21160;&#25152;&#20135;&#29983;&#30340;&#37329;&#34701;&#19981;&#31283;&#23450;&#19982;&#36890;&#36135;&#33192;&#32960;&#30446;&#26631;&#21046;&#19979;&#23454;&#26045;&#21453;&#21608;&#26399;&#36130;&#25919;&#25919;&#31574;&#25152;&#38754;&#20020;&#30340;&#21046;&#32422;&#22240;&#32032;&#20043;&#38388;&#30340;&#20851;&#31995;&#12290;&#30740;&#31350;&#26174;&#31034;&#20026;&#28040;&#28781;&#30701;&#26399;&#36164;&#26412;&#27969;&#21160;&#25152;&#20135;&#29983;&#30340;&#21518;&#26524;&#32780;&#22686;&#21152;&#25919;&#24220;&#35777;&#21048;&#21457;&#34892;&#65292;&#26159;&#20869;&#28304;&#24615;&#19981;&#31283;&#23450;&#30340;&#26469;&#28304;&#65292;&#22240;&#20026;&#36135;&#24065;&#26426;&#21046;&#26412;&#36523;&#23601;&#23384;&#22312;&#27719;&#29575;&#21644;&#21033;&#29575;&#30340;&#39118;&#38505;&#12290;.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyzes the relationship between the financial instability generated by short-term 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[política fiscal y monetaria]]></kwd>
<kwd lng="es"><![CDATA[flujos de capital]]></kwd>
<kwd lng="es"><![CDATA[consolidación fiscal]]></kwd>
<kwd lng="es"><![CDATA[deuda pública]]></kwd>
<kwd lng="es"><![CDATA[metas de inflación]]></kwd>
<kwd lng="es"><![CDATA[E31]]></kwd>
<kwd lng="es"><![CDATA[E32]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[E62]]></kwd>
<kwd lng="es"><![CDATA[H63]]></kwd>
<kwd lng="fr"><![CDATA[politique fiscale et monétaire]]></kwd>
<kwd lng="fr"><![CDATA[flux de capitaux]]></kwd>
<kwd lng="fr"><![CDATA[consolidation budgétaire]]></kwd>
<kwd lng="fr"><![CDATA[dette publique]]></kwd>
<kwd lng="fr"><![CDATA[ciblage d&#8217;inflation]]></kwd>
<kwd lng="pt"><![CDATA[política fiscal e monetária]]></kwd>
<kwd lng="pt"><![CDATA[fluxos de capital]]></kwd>
<kwd lng="pt"><![CDATA[consolidação fiscal]]></kwd>
<kwd lng="pt"><![CDATA[dívida pública]]></kwd>
<kwd lng="pt"><![CDATA[metas de inflação]]></kwd>
<kwd lng="zh"><![CDATA[&#36130;&#25919;&#21644;&#36135;&#24065;&#25919;&#31574;]]></kwd>
<kwd lng="zh"><![CDATA[&#36164;&#26412;&#27969;&#21160;]]></kwd>
<kwd lng="zh"><![CDATA[&#36130;&#21153;&#25972;&#39039;]]></kwd>
<kwd lng="zh"><![CDATA[&#20844;&#20849;&#20538;&#21153;]]></kwd>
<kwd lng="zh"><![CDATA[&#36890;&#36135;&#33192;&#32960;&#30446;&#26631;]]></kwd>
<kwd lng="en"><![CDATA[Fiscal and monetary policy]]></kwd>
<kwd lng="en"><![CDATA[capital flows]]></kwd>
<kwd lng="en"><![CDATA[fiscal consolidation]]></kwd>
<kwd lng="en"><![CDATA[public debt]]></kwd>
<kwd lng="en"><![CDATA[inflation targeting]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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