<?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>S2448-718X2025000300675</article-id>
<article-id pub-id-type="doi">10.20430/ete.v92i367.2737</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estrategias de endeudamiento bajo estrés financiero: un análisis multivariado de los patrones divergentes de utilización de la red mundial de seguridad financiera]]></article-title>
<article-title xml:lang="en"><![CDATA[Borrowing strategies under financial stress: A multivariate analysis of divergent patterns of global financial safety net utilization]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mühlich]]></surname>
<given-names><![CDATA[Laurissa]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Limas]]></surname>
<given-names><![CDATA[Erick]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fritz]]></surname>
<given-names><![CDATA[Barbara]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Freie Universität Berlin School of Business and Economics Institute for Latin American Studies]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Germany</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Freie Universität Berlin School of Business and Economics Institute for Latin American Studies]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Germany</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Freie Universität Berlin School of Business and Economics Institute for Latin American Studies]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Germany</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2025</year>
</pub-date>
<volume>92</volume>
<numero>367</numero>
<fpage>675</fpage>
<lpage>711</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2025000300675&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2025000300675&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2025000300675&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El financiamiento en situaciones de crisis es provisto por instituciones y acuerdos dentro de la red conocida como la Red Mundial de Seguridad Financiera (RMSF). Desde la crisis financiera mundial, la RMSF se ha diversificado y vuelto compleja. ¿Cómo afecta esta complejidad a la estrategia de endeudamiento de los países bajo estrés financiero? Mediante técnicas de agrupación jerárquica no paramétrica identificamos una taxonomía económica de la RMSF que permite estudiar cómo los países prestatarios sustituyen y complementan el financiamiento de crisis provisto por el Fondo Monetario Internacional (FMI), los fondos regionales de liquidez y los acuerdos swaps para el intercambio de divisas entre bancos centrales. Hasta donde sabemos, éste es el primer análisis empírico sobre patrones de endeudamiento en la RMSF. En lugar de probar hipótesis sobre relaciones causales, clasificamos las estrategias de endeudamiento entre 2001 y 2008 con base en 201 préstamos y acuerdos swap de 50 economías emergentes y en desarrollo. Nuestros resultados presentan un uso dominante y exclusivo de los swaps. Los países excluidos de estos swaps diversifican sus estrategias de endeudamiento, al recurrir al FMI y a otras opciones, aunque sus alternativas pueden ser insuficientes. Nuestros hallazgos también demuestran que los swaps han generado una gran desigualdad en el acceso al financiamiento de crisis en la RMSF. Por lo tanto, los actores formuladores de políticas deberían incluir a los bancos centrales en cualquier esfuerzo por mejorar la efectividad del financiamiento en situaciones de crisis.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Crises finance is provided by institutions and agreements known as the Global Financial Safety Net (GFSN). Since the global financial crisis, the GFSN has diversified and become complex. How does such complexity affect the borrowing strategy of countries under financial stress? Through non-parametric hierarchical clustering, we identify an economic taxonomy of the GFSN that allows us to study how borrowers substitute and complement crisis finance by the International Monetary Fund (IMF), regional liquidity funds, and central bank currency swaps. To our knowledge, this is the first empirical analysis of borrowing patterns in the GFSN. Instead of testing hypotheses on causal relationships, we classify borrowing strategies between 2001 and 2018 based on 201 loan and swap agreements by 50 emerging and developing economies. Our results show a dominant and exclusive use of swaps. Countries excluded from swaps diversify borrowing strategies in addition to the IMF, even though their alternatives may be insufficient. Our results show that swaps have made access to crisis finance in the GFSN highly unequal. Policymakers should therefore include central banks in an effort to increase the effectiveness of crisis finance.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[métodos de clasificación]]></kwd>
<kwd lng="es"><![CDATA[análisis de conglomerados]]></kwd>
<kwd lng="es"><![CDATA[acuerdos monetarios internacionales]]></kwd>
<kwd lng="es"><![CDATA[instituciones]]></kwd>
<kwd lng="es"><![CDATA[préstamos internacionales]]></kwd>
<kwd lng="es"><![CDATA[problemas de deuda]]></kwd>
<kwd lng="en"><![CDATA[Classification methods]]></kwd>
<kwd lng="en"><![CDATA[cluster analysis]]></kwd>
<kwd lng="en"><![CDATA[international monetary arrangements]]></kwd>
<kwd lng="en"><![CDATA[institutions]]></kwd>
<kwd lng="en"><![CDATA[international lending]]></kwd>
<kwd lng="en"><![CDATA[debt problems]]></kwd>
</kwd-group>
</article-meta>
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