<?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>S2448-718X2024000300603</article-id>
<article-id pub-id-type="doi">10.20430/ete.v91i363.2230</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La transmisión de la política monetaria a través del crédito bancario en México]]></article-title>
<article-title xml:lang="en"><![CDATA[The transmission of monetary policy through bank credit in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Chiguil-Rojas]]></surname>
<given-names><![CDATA[Atzin]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Esquivel]]></surname>
<given-names><![CDATA[Gerardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Leal]]></surname>
<given-names><![CDATA[Julio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,El Colegio de México Centro de Estudios Económicos ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,El Colegio de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<volume>91</volume>
<numero>363</numero>
<fpage>603</fpage>
<lpage>662</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2024000300603&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2024000300603&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2024000300603&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo analiza empíricamente la existencia del canal de crédito de la política monetaria en México, es decir, la relación entre cambios en la tasa de interés objetivo y las variaciones en el crédito otorgado por bancos comerciales. Combina información agregada con datos de las hojas de balance individuales de los bancos comerciales y realiza un análisis de regresión de datos panel. El estudio se realiza para el crédito total, así como para sus distintos componentes (empresarial, consumo e hipotecario). Además, mediante la información contable de los bancos, se explora si el mecanismo de transmisión ocurre por el lado de la oferta. Se encuentra que existe una relación negativa y económicamente significativa entre la tasa de interés y el crédito, y se establece la existencia de dicha relación para los diferentes tipos de crédito. Asimismo, se halla evidencia que sugiere que el mecanismo de transmisión opera por el lado de la oferta, pues los bancos con hojas de balance más robustas exhiben mayor resiliencia a los cambios en la tasa de interés.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper analyzes empirically the existence of the credit channel of monetary policy in Mexico, that is, the relationship between changes in the target interest rate and variations in credit granted by commercial banks. The study combines aggregate information with data from the individual balance sheets of commercial banks and conducts a panel data regression analysis. The analysis is performed for total credit and its components (business, consumer, and mortgage). Additionally, by using banks&#8217; accounting information, it explores whether the transmission mechanism occurs on the supply side. It is found that there is a negative and economically significant relationship between interest rate and credit, and such a relationship is established for different types of credit. Furthermore, evidence suggests that the transmission mechanism operates on the supply side, as banks with more robust balance sheets exhibit greater resilience to changes in the interest rate.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[bank lending channel]]></kwd>
<kwd lng="es"><![CDATA[crédito bancario]]></kwd>
<kwd lng="es"><![CDATA[características de bancos]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[bank lending channel]]></kwd>
<kwd lng="en"><![CDATA[bank credit]]></kwd>
<kwd lng="en"><![CDATA[bank characteristics]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
</kwd-group>
</article-meta>
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