<?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>2448-6388</journal-id>
<journal-title><![CDATA[Trascender, contabilidad y gestión]]></journal-title>
<abbrev-journal-title><![CDATA[Trascender contab. gest.]]></abbrev-journal-title>
<issn>2448-6388</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Sonora, División de Ciencias Económicas y Administrativas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-63882022000200034</article-id>
<article-id pub-id-type="doi">10.36791/tcg.v8i20.161</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El estancamiento de la inversión privada en México: un análisis de sus determinantes en el período 2005-2020]]></article-title>
<article-title xml:lang="en"><![CDATA[The stagnation of private investment in Mexico: an analysis of its determinants in the period 2005-2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Aguilar Chaparro]]></surname>
<given-names><![CDATA[Diego Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Daa16c@gmail.com.  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<volume>7</volume>
<numero>20</numero>
<fpage>34</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-63882022000200034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-63882022000200034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-63882022000200034&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente artículo analiza los determinantes del estancamiento de la inversión privada en México en el período 2005-2020. Partiendo de un análisis del contexto macroeconómico de la economía mexicana en el período, puntualizando en los episodios de crisis económica (como la de 2008-2009 y la resultante de las crisis sanitaria de 2020), se identifican las principales características del desempeño de la inversión y sus resultados en el crecimiento económico. A partir de este análisis se plantea un modelo VAR con tres rezagos que contempla las relaciones entre la inversión privada con la inversión pública, PIB, ahorro, salario, tasa de interés, tipo de cambio y una variable proxy de la financiarización. El resultado general de ambos análisis se sintetiza en que el estancamiento de la inversión privada obedece a múltiples factores asociados al crecimiento económico, como: el retiro de la inversión pública de la inversión total, la depreciación del tipo de cambio, el incremento de la tasa de interés, la retroalimentación de las caídas de la inversión con las del producto y el estancamiento de los bajos salarios que percibe la mayoría de la población.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article analyzes the determinants of the stagnation of private investment in Mexico in the period 2005-2020. Starting from an analysis of the macroeconomic context of the Mexican economy in the period, pointing out the episodes of economic crisis (such as the one in 2008-2009 and the one resulting from the health crisis), the main characteristics of investment performance and its effects are identified. results in economic growth. Based on this analysis, a VAR model with three lags is proposed that considers the relationships between private investment and public investment, GDP, savings, salary, interest rate, exchange rate, and a proxy variable for financialization. The general result of both analyzes is synthesized in that the stagnation of private investment is due to multiple fields associated with economic growth, such as: the withdrawal of public investment from total investment, the appreciation of the exchange rate, the increase in the rate. of interest, the feedback of the falls in investment with those of the product and the stagnation of the low wages that the majority of the population perceives.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[inversión privada]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[política económica]]></kwd>
<kwd lng="es"><![CDATA[modelos VAR]]></kwd>
<kwd lng="es"><![CDATA[E22. Macroeconomía: Capital e Inversión]]></kwd>
<kwd lng="es"><![CDATA[E6. Configuración de la política macroeconómica]]></kwd>
<kwd lng="es"><![CDATA[R42. Análisis de las inversiones públicas y privadas]]></kwd>
<kwd lng="en"><![CDATA[private investment]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
<kwd lng="en"><![CDATA[economic policy]]></kwd>
<kwd lng="en"><![CDATA[VAR models]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aroche]]></surname>
<given-names><![CDATA[F. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estructura productiva y crecimiento económico en México: una perspectiva multisectorial]]></article-title>
<source><![CDATA[Investigaciones económicas]]></source>
<year>2019</year>
<volume>78</volume>
<numero>309</numero>
<issue>309</issue>
<page-range>3-26</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bruno]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Diawara]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Araújo]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Reis]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Rubens]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financeled growth regime no Brasil: estatuto teórico, evidencias empíricas e consequências macroeconômicas]]></article-title>
<source><![CDATA[Revista de Economía Política]]></source>
<year>2011</year>
<volume>31</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>730-50</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caballero]]></surname>
<given-names><![CDATA[Ricardo J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Aggregate investment, Chapter 12]]></article-title>
<source><![CDATA[Handbook of macroeconomics]]></source>
<year>1999</year>
<page-range>814-84</page-range><publisher-loc><![CDATA[USA ]]></publisher-loc>
<publisher-name><![CDATA[Ed. J.Taylor and M. Woodford]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Campos-Vázquez]]></surname>
<given-names><![CDATA[Raymundo M.]]></given-names>
</name>
<name>
<surname><![CDATA[Esquivel]]></surname>
<given-names><![CDATA[Gerardo]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Consumption and geographic mobility in pandemic times: Evidence from Mexico]]></article-title>
<source><![CDATA[Review of Economics of the Household]]></source>
<year>2021</year>
<volume>19</volume>
<page-range>353-71</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castillo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Herrera]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efecto del gasto público sobre el gasto privado en México]]></article-title>
<source><![CDATA[Revista de Estudios Económicos]]></source>
<year>2005</year>
<volume>20</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cobacho]]></surname>
<given-names><![CDATA[M. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Bosch]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Efectos de la inversión pública federal en México, México]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coen]]></surname>
<given-names><![CDATA[R. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Eisner]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment (Neoclassical)]]></article-title>
<source><![CDATA[The New Palgrave: A Dictionary of Economics]]></source>
<year>2018</year>
<edition>3</edition>
<page-range>6950-9</page-range><publisher-loc><![CDATA[Palgrave Macmillan ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cruz]]></surname>
<given-names><![CDATA[G. F. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El impacto del gasto público sobre la inversión privada en México (1980-2015)]]></article-title>
<source><![CDATA[Economía UNAM]]></source>
<year>2017</year>
<volume>14</volume>
<numero>42</numero>
<issue>42</issue>
<page-range>136-49</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cruz]]></surname>
<given-names><![CDATA[G. F. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Moreno Brid]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los determinantes de la inversión privada en México (1988-2015)]]></article-title>
<source><![CDATA[Economía Informa]]></source>
<year>2018</year>
<volume>413</volume>
<page-range>4-15</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cuevas]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[¿Debe la política cambiaria ser una competencia exclusiva del Banco de México? Una respuesta basada en el análisis empírico de la inflación]]></article-title>
<source><![CDATA[Reforma del Estado, Políticas Públicas y Problemas Socioeconómicos del México contemporáneo]]></source>
<year>2001</year>
<page-range>201-39</page-range><publisher-loc><![CDATA[México, UAM-A ]]></publisher-loc>
<publisher-name><![CDATA[Biblioteca CSH]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Elguézabal]]></surname>
<given-names><![CDATA[A. P. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Un modelo de pronósticos de la formación bruta de capital privada en México]]></source>
<year>2004</year>
<publisher-name><![CDATA[Banco de México]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Epstein]]></surname>
<given-names><![CDATA[G. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Introduction&#8221; on Financialization and the world economy]]></article-title>
<source><![CDATA[Financialization and the world economy]]></source>
<year>2005</year>
<publisher-loc><![CDATA[Cheltenham ]]></publisher-loc>
<publisher-name><![CDATA[U.K. Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Erden]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Holcombe]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effects of Public Investment on Private Investment in Developing Economies]]></article-title>
<source><![CDATA[Public Finance Review]]></source>
<year>2005</year>
<volume>33</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>575-602</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Granger]]></surname>
<given-names><![CDATA[C. W. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Newbold]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Spurious regressions in econometrics]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1974</year>
<volume>2</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>111-20</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Greene]]></surname>
<given-names><![CDATA[W. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometric Analysis]]></source>
<year>2003</year>
<publisher-name><![CDATA[Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hamilton]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Time Series Analysis]]></source>
<year>1994</year>
<publisher-loc><![CDATA[Princeton ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalecki]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Theory of Economic Dynamics]]></source>
<year>2007</year>
<publisher-loc><![CDATA[London and Newyork ]]></publisher-loc>
<publisher-name><![CDATA[Routledge Taylor &amp; Francis Group]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kurihara]]></surname>
<given-names><![CDATA[K. K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introducción a la dinámica keynesiana]]></source>
<year>1978</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kwiatkowski]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Phillips]]></surname>
<given-names><![CDATA[P. C. B]]></given-names>
</name>
<name>
<surname><![CDATA[Schmidt]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing the null hypothesis of stationary against the alternative of a unit root]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1992</year>
<volume>54</volume>
<numero>1-3</numero>
<issue>1-3</issue>
<page-range>159-78</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Levy]]></surname>
<given-names><![CDATA[N. O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinantes de la inversión privada en México, 1960-1985]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>1993</year>
<volume>53</volume>
<numero>204</numero>
<issue>204</issue>
<page-range>143-77</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loría]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometría con Aplicaciones]]></source>
<year>2007</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Pearson Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[MacKinnon]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Numerical distribution functions for unit root and cointegration tests]]></article-title>
<source><![CDATA[Journal of Applied Econometrics]]></source>
<year>1996</year>
<volume>11</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>601-18</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Manuelito]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[L. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rasgos estilizados de la relación entre inversión y crecimiento en América Latina, 1980-2012]]></article-title>
<source><![CDATA[Revista CEPAL]]></source>
<year>2017</year>
<volume>115</volume>
<numero>42</numero>
<issue>42</issue>
<page-range>8-24</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miranda]]></surname>
<given-names><![CDATA[F. V]]></given-names>
</name>
<name>
<surname><![CDATA[Ferrusca]]></surname>
<given-names><![CDATA[K. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[E. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financiarización: la experiencia mexicana en el periodo 1993-2016]]></article-title>
<source><![CDATA[Análisis Económico]]></source>
<year>2018</year>
<volume>34</volume>
<numero>85</numero>
<issue>85</issue>
<page-range>33-52</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Monroy-Gómez-Franco]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[¿Quién puede trabajar desde casa? evidencia desde México]]></article-title>
<source><![CDATA[Estudios Económicos]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moreno-Brid]]></surname>
<given-names><![CDATA[J. C]]></given-names>
</name>
<name>
<surname><![CDATA[Sandoval]]></surname>
<given-names><![CDATA[J. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Valverde]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tendencias y ciclos de la formación de capital fijo y la actividad productivas de la economía mexicana, 1960-2015]]></article-title>
<source><![CDATA[Serie Estudio y Perspectivas]]></source>
<year>2016</year>
<numero>170</numero>
<issue>170</issue>
<publisher-name><![CDATA[Naciones Unidas, CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Petri]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On Aggregate Investment as a Function of the Interest Rate]]></article-title>
<source><![CDATA[Universita di Siena Working Paper]]></source>
<year>1997</year>
<volume>217</volume>
<page-range>1-47</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Public and private investment in Mexico, 1950-90: an empirical analysis]]></article-title>
<source><![CDATA[Southern Economic Journal]]></source>
<year>1994</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-17</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of public investment on private capital formation: a study relating to Mexico]]></article-title>
<source><![CDATA[Eastern Economic Journal]]></source>
<year>1991</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>425-37</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is public infrastructure investment productive in the Mexican case? A vector error correction analysis]]></article-title>
<source><![CDATA[Journal of International Trade and Economic Development]]></source>
<year>2004</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>159-78</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Romer]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Advanced macroeconomics]]></source>
<year>2012</year>
<edition>Fourth</edition>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los retos de la política económica]]></article-title>
<source><![CDATA[Economía UNAM]]></source>
<year>2019</year>
<volume>16</volume>
<numero>46</numero>
<issue>46</issue>
<page-range>16-23</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<collab>Secretaría de Hacienda y Crédito Público (SHCP)</collab>
<source><![CDATA[Balance Fiscal en México. Definición y Metodología]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shaikh]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Laws of Production and Laws of Algebra: The Humbug Production Function]]></article-title>
<source><![CDATA[Review of Economics and Statistics]]></source>
<year>1974</year>
<volume>56</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>115-8</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sims]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Macroeconomics and Reality]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1980</year>
<volume>48</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-48</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Snowdon]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Vane]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Modern Macroeconomics: Its Origins, Development and Current State]]></source>
<year>2005</year>
<publisher-loc><![CDATA[USA ]]></publisher-loc>
<publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wooldridge]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introducción a la econometría: un enfoque moderno]]></source>
<year>2010</year>
<edition>4a</edition>
<publisher-name><![CDATA[Edición Cengage Learning]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
