This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers from the region to share high-quality research directly applied to policy issues within and among those countries. Contents: Editors' Summary Out-of-School and Out-of-Work Youth in Latin America: A Persistent Problem in a Decade of Prosperity, Mauricio Cárdenas, Rafael De Hoyos, and Miguel Székely When Do Governments Improve Fiscal Institutions? Lessons from Financial Crisis and Fiscal Reform In Latin America, Mark Hallerberg and Carlos Scartascini Institutions, Informal Labor Markets, and Business Cycle Volatility, Alan Finkelstein Shapiro Enrollment, Graduation, and Dropout Rates in Latin America: Is the Glass Half Empty or Half Full? Marina Bassi, Matias Busso, and Juan Sebastián Muñox Does Drug Illegality Beget Violence? Evidence from the Crack-Cocaine Wave in Sáo Paulo The Antecedents and Aftermath of Financial Crises as Told by Carlos F. Díaz-ALejandro, Carmen M. Reinhart