<?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>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672020000300078</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.313.76066</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Country-Risk Premium in the Periphery and the International Financial Cycle 1999-2019]]></article-title>
<article-title xml:lang="es"><![CDATA[Prima de riesgo país en la periferia y el ciclo financiero internacional 1999-2019]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Aidar]]></surname>
<given-names><![CDATA[Gabriel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Braga]]></surname>
<given-names><![CDATA[Julia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Federal University of Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Federal Fluminense University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<volume>79</volume>
<numero>313</numero>
<fpage>78</fpage>
<lpage>111</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000300078&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000300078&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000300078&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT In the context of the pull-push debate on the weight that external or internal factors have in the behavior of capital flows, this article aims to empirically assess the extent to which the push factors linked to global liquidity determine the changes in the risk premium of a set of countries of the periphery in the period 1999-2019. We also test for a structural change in the premium risk series in 2003. We find that push factors play a predominant role (compared to pull factors) in explaining country-risk spreads changes in our selected set of peripheral countries and that there was indeed a substantial general reduction in country-risk premia after 2003. The results are in agreement both with the view that cycles in peripheral economies are subordinated to global financial cycles and also that such global conditions substantially improved compared to the 1990s.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Considerando el debate pull-push sobre la influencia de los factores externos o internos en el comportamiento de los flujos de capital, el objetivo de este artículo es analizar empíricamente el grado en que los factores externos vinculados a la liquidez global afectan los cambios en la prima de riesgo de un conjunto de países de la periferia durante el periodo 1999-2019. También examinamos un cambio estructural en la serie de primas de riesgo en 2003. Así, encontramos que los factores externos desempeñan un papel predominante (en comparación con los factores específicos de cada país) en la explicación de los cambios de riesgo país en los países periféricos seleccionados y que, efectivamente, existió una reducción general sustancial en las primas de riesgo país después de 2003. Los resultados están en línea con la visión de que los ciclos en las economías periféricas están subordinados a los ciclos financieros mundiales y, además, que las condiciones externas han mejorado sustancialmente en comparación con la década de 1990.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[financial flow]]></kwd>
<kwd lng="en"><![CDATA[international finance and risk premia]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[flujo financiero]]></kwd>
<kwd lng="es"><![CDATA[finanzas internacionales y primas de riesgo]]></kwd>
</kwd-group>
</article-meta>
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