<?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>S0185-16672021000400072</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2021.318.79252</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Investment socialization and tax reform: The Mexican case, 1950-2020]]></article-title>
<article-title xml:lang="es"><![CDATA[Socialización de la inversión y reforma tributaria: el caso de México, 1950-2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez Muñoz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>80</volume>
<numero>318</numero>
<fpage>72</fpage>
<lpage>97</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672021000400072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672021000400072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672021000400072&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Based on Keynes&#8217; arguments, this paper aims to show that, even assuming an equilibrated primary fiscal balance, it can be possible to use fiscal policy to stabilize the equilibrium output, increase the output growth rate and disposable income, and relax the external constraint on growth. Our theoretical arguments are empirically tested for the case of Mexico. As shown, after the debt crisis of the last century, Mexican policymakers maintained a primary balance equilibrium rule. However, a significant public expenditure reduction was implemented, primarily concentrated on public investment, which has negatively affected economic growth and the trade balance as a percentage of the Gross Domestic Product (GDP). We argue that it is necessary to increase public revenues, mainly through a tax reform, to implement an investment socialization program.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Con base en los argumentos de Keynes, este artículo tiene como objetivo mostrar que, incluso asumiendo un balance primario equilibrado, es posible utilizar la política fiscal para estabilizar el producto de equilibrio, aumentar la tasa de crecimiento, el ingreso disponible y relajar la restricción externa al crecimiento. Nuestros argumentos teóricos se evalúan para el caso de México. Como se muestra, después de la crisis de deuda del siglo pasado, el gobierno mantuvo la regla del balance primario equilibrado. Sin embargo, también implementó una reducción del gasto público, en particular de la inversión pública, lo que ha afectado de forma negativa a la tasa de crecimiento y al saldo de la balanza comercial como porcentaje del producto interno bruto (PIB). Por lo tanto, es necesario incrementar los ingresos públicos, de forma principal, a través de una reforma tributaria e implementar un programa de socialización de la inversión.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Tax reform]]></kwd>
<kwd lng="en"><![CDATA[fiscal policy]]></kwd>
<kwd lng="en"><![CDATA[public investment]]></kwd>
<kwd lng="en"><![CDATA[growth]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="es"><![CDATA[reforma fiscal]]></kwd>
<kwd lng="es"><![CDATA[política fiscal]]></kwd>
<kwd lng="es"><![CDATA[inversión pública]]></kwd>
<kwd lng="es"><![CDATA[crecimiento]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
</kwd-group>
</article-meta>
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