<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462017000300001</article-id>
<article-id pub-id-type="doi">10.21919/remef.v12i3.94</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Crisis financiera global y su impacto en la dinámica bursátil europea y americana]]></article-title>
<article-title xml:lang="en"><![CDATA[Global Financial Crisis and its Impact on European and American Stock Markets Behavior]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ortiz]]></surname>
<given-names><![CDATA[Edgar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cabello]]></surname>
<given-names><![CDATA[Alejandra]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Programa de Posgrado en Ciencias Políticas y Sociales ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Química ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<volume>12</volume>
<numero>3</numero>
<fpage>1</fpage>
<lpage>27</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462017000300001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462017000300001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462017000300001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo principal de la presente investigación es analizar el impacto de la crisis financiera global en la dinámica de los mercados accionarios más importantes delos continentes americano y europeo. Para lograr dicho objetivo, se modela la volatilidad a partir de modelos GARCH simétricos y asimétricos con dummy en la ecuación de la varianza. El periodo de estudio incluye series diarias del primero de enero del 2003 al 27 de febrero del año 2015. Los resultados sugieren que la crisis financiera global impactó el comportamiento de las bolsas de valores, incrementando su volatilidad y la asimetría en la misma, sobre todo en el caso de las bolsas europeas; dichos resultados tienen importantes implicaciones para la administración del riesgo y construcción de portafolios que involucran activos de los mercados europeos y americanos. La originalidad del trabajo subyace en el análisis del impacto de la crisis financiera global, tema sumamente importante, a partir de una metodología que no se había empleado anteriormente para analizar el comportamiento de las bolsas de valores bajo estudio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper aims to analyze the impact of global financial crisis on the behavior of the most important European and American stock markets. Symmetric and asymmetric GARCH models with a dummy in the variance equation are employed to model stock market's volatility. Results confirm the crisis impact on the stock indices behavior; increasing volatility and raising the leverage effect, above all in the European markets. The sample period includes daily observations from January 1, 2003 to February 27, 2015.The empirical evidence suggests that the global financial crisis impacted the behavior of the stock markets under analysis increasing their volatility and asymmetry, particularly in the case of the European markets. These findings have important implications on risk hedging and portfolio construction concerning assets from European and American share markets. Originality of this paper consists in analyzing the impact of the global financial crisis, the stock market behavior of the countries under study, applying a methodology previously not employed.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Volatilidad asimétrica]]></kwd>
<kwd lng="es"><![CDATA[GARCH]]></kwd>
<kwd lng="es"><![CDATA[TARCH]]></kwd>
<kwd lng="es"><![CDATA[América Latina]]></kwd>
<kwd lng="es"><![CDATA[Crisis financiera]]></kwd>
<kwd lng="en"><![CDATA[Asymmetric Volatility]]></kwd>
<kwd lng="en"><![CDATA[GARCH]]></kwd>
<kwd lng="en"><![CDATA[TARCH]]></kwd>
<kwd lng="en"><![CDATA[Latin America]]></kwd>
<kwd lng="en"><![CDATA[Financial Crisis]]></kwd>
</kwd-group>
</article-meta>
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<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zestos]]></surname>
<given-names><![CDATA[G. K.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Global Financial Crisis: From US subprime mortgages to European sovereign debt]]></source>
<year>2015</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
