<?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>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672021000300034</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2021.317.78308</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Brazilian investment cycle: Financial fragility of the industrial sector]]></article-title>
<article-title xml:lang="es"><![CDATA[El ciclo de inversión brasileño: fragilidad financiera del sector industrial]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Feijo]]></surname>
<given-names><![CDATA[Carmem]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lamônica]]></surname>
<given-names><![CDATA[Marcos Tostes]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[Sergiany da Silva]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Fluminense Federal University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Fluminense Federal University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Rural Federal University of Pernambuco  ]]></institution>
<addr-line><![CDATA[Serra Talhada ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<volume>80</volume>
<numero>317</numero>
<fpage>34</fpage>
<lpage>57</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672021000300034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672021000300034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672021000300034&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The 2008 international financial crisis hit the Brazilian economy in the ascending phase of an investment cycle. With a focus on industrial firms and based on Minsky&#8217;s definition of gross profit, we present arguments to explain how financial fragility of industrial firms has increased as the macroeconomic context deteriorated in the 2010s. The econometric exercise shows that the financial fragility of industrial firms can be explained by both macroeconomic variables, such as the evolution of credit to investment and interest rate, and sectoral variables, such as the industrial investment, the wage share and the composition of the receipts.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN La crisis financiera internacional de 2008 golpeó a la economía brasileña en la fase ascendente de un ciclo de inversión. Con un enfoque en las empresas industriales y con base en la definición de ganancia bruta de Minsky, presentamos argumentos para explicar cómo la fragilidad financiera de las empresas industriales ha aumentado a medida que el contexto macroeconómico se deterioró en la década de 2010. El ejercicio econométrico muestra que la fragilidad financiera de las empresas industriales se puede explicar tanto por variables macroeconómicas, como la evolución del crédito a la inversión y tasa de interés, como por variables sectoriales, como la inversión industrial, la participación salarial y la composición de los ingresos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Investment cycle]]></kwd>
<kwd lng="en"><![CDATA[Brazilian economy]]></kwd>
<kwd lng="en"><![CDATA[financial fragility]]></kwd>
<kwd lng="es"><![CDATA[ciclo de inversión]]></kwd>
<kwd lng="es"><![CDATA[economía brasileña]]></kwd>
<kwd lng="es"><![CDATA[fragilidad financiera]]></kwd>
</kwd-group>
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