Resumen

LOPEZ-HERRERA, Francisco  y  VENEGAS-MARTINEZ, Francisco. Integración Financiera México-Estados Unidos: mercados accionarios y de derivados accionarios. Econ: teor. práct [online]. 2012, n.36, pp.179-196. ISSN 2448-7481.

This paper shows the results of our study on the characteristics of the relationships among Mexican and U.S. stock markets and the derivatives markets of these stock markets. The analysis is carried out under the hypothesis that there are channels of transmission of the returns and the volatilities of these markets because they are integrated, in other words, this group is a market system that responds to common forces. The estimation of an econometric model, which includes both the relationships of the long run equilibrium among these markets (detected by means of cointegration tests) and the dynamics of their returns and volatilities, provides favorable evidence about the presence of significant transmission channels. However, the evidence suggests that integration is only mild or incomplete.

Palabras llave : financial integration in Mexico; stock markets; derivatives markets; Mexican Stock Exchange.

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