<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2025000200381</article-id>
<article-id pub-id-type="doi">10.20430/ete.v92i366.2753</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La concentración histórica del sistema bancario mexicano: estructura y ciclos]]></article-title>
<article-title xml:lang="en"><![CDATA[The historical concentration of the Mexican banking system: Structure and cycles]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ángel Mobarak]]></surname>
<given-names><![CDATA[Gustavo A. Del]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Prado Cedano]]></surname>
<given-names><![CDATA[Manuel Efrén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Centro de Investigación y Docencia Económicas  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<volume>92</volume>
<numero>366</numero>
<fpage>381</fpage>
<lpage>419</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2025000200381&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2025000200381&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2025000200381&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente artículo estudia la evolución de la concentración industrial en el sistema bancario mexicano desde el Porfiriato hasta nuestros días. Si bien la concentración es persistente, se distinguen ciclos de expansión y de consolidación a lo largo de la historia. Algunos de los procesos de expansión y de consolidación han sido promovidos por las autoridades financieras, pero también hay episodios de choques exógenos -como crisis- que determinan los ciclos consolidación. El artículo también expone que un factor importante para explicar la persistencia de la concentración, así como de la participación de mercado de los grandes bancos, es la inversión de los bancos en infraestructura de redes de distribución. Si bien a lo largo del tiempo ha habido una narrativa que vincula concentración con competencia, en este artículo no abordamos posibles problemas de competencia, sino que estudiamos la concentración como una característica estructural de la industria. El artículo hace énfasis en las últimas dos décadas, cuando, aunque la concentración en las mayores instituciones financieras persiste, la entrada de nuevos intermediarios ha conducido a una tendencia de desconcentración del mercado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyzes the evolution of industrial concentration in the Mexican banking system from the Porfirian era to the present. Although concentration is persistent, cycles of expansion and of consolidation can be distinguished throughout history. Some of the expansion and consolidation processes have been promoted by financial authorities, but episodes of exogenous shocks-such as crises-also determine consolidation cycles. The article describes that an important factor in explaining the persistence of concentration, as well as the market share of large banks, is the investment of banks in distribution network infrastructure. While over time there has been a narrative linking concentration with competition, this article does not address potential competition issues but instead studies concentration as a structural characteristic of the industry. The article emphasizes the last two decades, in which, although the concentration in the largest financial institutions persists, the entry of new intermediaries has led to diminishing market concentration.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[sistema financiero mexicano]]></kwd>
<kwd lng="es"><![CDATA[concentración]]></kwd>
<kwd lng="es"><![CDATA[banca múltiple]]></kwd>
<kwd lng="en"><![CDATA[Mexican financial system]]></kwd>
<kwd lng="en"><![CDATA[concentration]]></kwd>
<kwd lng="en"><![CDATA[multiple banking]]></kwd>
</kwd-group>
</article-meta>
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