<?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>S1665-53462019000500459</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i0.418</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[International Financial US Linkages: Networks Theory and MS-VAR Analyses]]></article-title>
<article-title xml:lang="es"><![CDATA[Vínculos financieros internacionales de EE. UU.: Teoría de redes y análisis MS-VAR]]></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 Autonoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autonoma de Mexico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>spe</numero>
<fpage>459</fpage>
<lpage>484</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000500459&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000500459&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000500459&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper aims to examine the impact of the Global Financial Crisis on portfolio investment flows, as well as on stock market activity. Network Theory is used to analyze structural changes of foreign portfolio investment flows (FPI) to a sample of13 developed countries and 6 emerging Latin American countries. Additionally, using daily data from 2003 to 2015, the dynamics of returns are analyzed to test whether the US market influenced these markets or vice versa; univariate (MS-AR) and multivariate (MS-VAR) regime-switching models are used. The evidence confirms the presence of two different regimes, low volatility and a high volatility for all markets. Findings suggest strengthening local productive and financial institutions in order to anchorFPI. The MS-(V)AR study is limited to stock markets from the Americas and Europe. Previous literature has not applied the innovative and complementary methodologies employed here to analyze financial crisis impacts on FPI flows. We conclude that US financial markets keep a close financial relationship with the most important European and American countries&#8217; stock markets, both by receiving and delivering FPI, and in addition influencing the behavior of stock indexes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Nuestro objetivo es examinar el impacto de la crisis financiera mundial en los flujos de inversión de portafolio, así como en la actividad bursátil. La teoría de redes analiza cambios estructurales en los flujos de inversión de portafolio (FPI) extranjeros para una muestra de 13 países desarrollados y 6 economías emergentes latinoamericanas. Además, utilizando datos diarios de 2003 a 2015, se estudia la dinámica de los rendimientos accionarios para comprobar si el mercado estadounidense influyó en los demás mercados, o viceversa. Modelos univariados MS-AR y multivariados MS-VAR sobre cambio de régimen confirman la presencia de dos regímenes, baja y alta volatilidad, para todos los mercados. Los resultados sugieren fortalecer las instituciones productivas y financieras para anclar los FPI extranjeros. El análisis MS-VAR se limita a mercados accionarios de las Américas y Europa. Investigaciones anteriores no han aplicado las metodologías innovadoras y complementarias aquí empleadas para analizar los efectos de la crisis financiera en los FIP, Concluimos que el mercado accionario de Estados Unidos mantiene una estrecha relación con los mercados bursátiles más importantes de Europa y las Américas, tanto recibiendo, como otorgando FPI, y además influyendo en los índices bursátiles.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[crisis]]></kwd>
<kwd lng="en"><![CDATA[Network theory]]></kwd>
<kwd lng="en"><![CDATA[Foreign portfolio investment flows]]></kwd>
<kwd lng="en"><![CDATA[MS-AR]]></kwd>
<kwd lng="en"><![CDATA[MSs-VAR]]></kwd>
<kwd lng="es"><![CDATA[crisis]]></kwd>
<kwd lng="es"><![CDATA[Teoría de redes]]></kwd>
<kwd lng="es"><![CDATA[Flujos de inversión en cartera extranjera]]></kwd>
<kwd lng="es"><![CDATA[MS-AR]]></kwd>
<kwd lng="es"><![CDATA[MSs-VAR]]></kwd>
</kwd-group>
</article-meta>
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