<?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>S0185-16672025000300071</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2025.333.91418</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Canales de transmisión de la política monetaria y banca rentista en México, 2002-2023]]></article-title>
<article-title xml:lang="en"><![CDATA[Transmission Channels of Monetary Policy and Rent-Seeking Banking in Mexico, 2002-2023]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López Martínez]]></surname>
<given-names><![CDATA[Marco Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Avendaño Vargas]]></surname>
<given-names><![CDATA[Blanca Lilia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tlatelpa Pizá]]></surname>
<given-names><![CDATA[Luis Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</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>84</volume>
<numero>333</numero>
<fpage>71</fpage>
<lpage>98</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672025000300071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672025000300071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672025000300071&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN El objetivo de este artículo es analizar teórica y empíricamente los canales de transmisión de política monetaria en México, en particular, los canales de crédito y de la tasa de interés, en el contexto de una economía caracterizada por estancamiento económico y la presencia de una banca rentista, durante el periodo 2002-2023. Nuestra hipótesis plantea que, en este régimen de bajo crecimiento y predominio de una banca rentista, los canales de transmisión operan de forma limitada: por un lado, la tasa de interés activa de la banca responde débilmente a las variaciones de la tasa de referencia del banco central, tanto en el corto como en el largo plazo; por otro, el crédito bancario se encuentra más estrechamente vinculado al comportamiento del ingreso corriente, tiene una relación positiva y significativa en ambos horizontes temporales. Esta hipótesis se contrasta empíricamente mediante la estimación de dos modelos de corrección de error.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The aim of this paper is to assess, both theoretically and empirically, the monetary policy transmission channels in Mexico, specifically the credit and interest rate channels, within the context of an economy characterized by stagnation and the presence of a rentier banking sector, during the period 2002-2023. Our hypothesis asserts that, under this regime of low growth and a banking sector that adopts a rent-seeking behavior, these mechanisms operate in a limited way: On the one hand, the banking lending rate responds weakly to changes in the central bank&#8217;s policy rate, both in the short and the long run; on the other hand, bank credit is more closely linked to current income, displaying a positive and statistically significant relationship across both time horizons. This hyphotesis is empirically tested with the estimation of two error correction models.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[canal de crédito]]></kwd>
<kwd lng="es"><![CDATA[canal de tasa de interés]]></kwd>
<kwd lng="es"><![CDATA[banca rentista]]></kwd>
<kwd lng="es"><![CDATA[México.]]></kwd>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[credit channel]]></kwd>
<kwd lng="en"><![CDATA[interest rate channel]]></kwd>
<kwd lng="en"><![CDATA[rent-seeking banking]]></kwd>
<kwd lng="en"><![CDATA[Mexico.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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