<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422015000600128</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.09.011</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La crisis financiera internacional de 2008 y algunos de sus efectos económicos sobre México]]></article-title>
<article-title xml:lang="en"><![CDATA[The international financial crisis of 2008 and some of its economic effects on Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Luz Juárez]]></surname>
<given-names><![CDATA[Gloria de la]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Daza]]></surname>
<given-names><![CDATA[Alfredo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zurita González]]></surname>
<given-names><![CDATA[Jesús]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Universidad Autónoma Metropolitana Unidad Azcapotzalco ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<fpage>128</fpage>
<lpage>146</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000600128&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000600128&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000600128&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[La crisis financiera internacional de 2008 fue en su mayoría producto de la crisis de los derivados de hipotecas de baja calidad en EE.UU., que repercutió de forma negativa en la economía mundial. Los efectos adversos sobre la economía mexicana se manifestaron a través del canal de las exportaciones, afectando la producción industrial y manufacturera en particular en los estados del norte de México. Pruebas de causalidad de Granger muestran que la producción industrial de EE.UU. causa (en el sentido de Granger) la producción manufacturera de México. Se plantea un modelo econométrico VAR (de vectores autorregresivos) que incluye la producción industrial de EE.UU. como variable exógena, el cual indica que el tipo de cambio real tiene un efecto negativo sobre la producción manufacturera mexicana en el corto plazo y que las políticas monetaria y fiscal tienen un efecto poco importante sobre dicha producción, quizá porque estas políticas han sido procíclicas en el pasado. Para contrarrestar los efectos negativos de las crisis económicas internacionales, México necesita un mercado interno más desarrollado y poder implementar políticas fiscal y monetaria contracíclicas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[The international financial crisis of 2008 due mainly to the subprime mortgage derivatives crisis in the United States but with world economic effects, had a significant negative repercussion on the Mexican economy mostly trough the real channel of the Mexican exports, which was reflected upon manufacturing and industrial production, particularly in the Northern states of Mexico. Granger causality tests show that the industrial production of the United States causes Mexican manufacturing production. A VAR econometric model which has U.S. industrial production as an exogenous variable indicates that the real exchange rate has a negative short-run effect on Mexican manufacturing production, and that fiscal and monetary policies have a small effect on manufacturing output. Moreover, it shows that these policies have been pro-cyclical in the past. To counter negative effects from international economic crises Mexico needs to develop a stronger domestic market and be able to forge counter cyclical monetary and fiscal policies.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[International financial crisis]]></kwd>
<kwd lng="en"><![CDATA[Subprime mortgage derivatives]]></kwd>
<kwd lng="en"><![CDATA[Industrial production]]></kwd>
<kwd lng="en"><![CDATA[Granger causality]]></kwd>
<kwd lng="en"><![CDATA[Domestic market]]></kwd>
<kwd lng="es"><![CDATA[Crisis financiera internacional]]></kwd>
<kwd lng="es"><![CDATA[Derivados de hipotecas de baja calidad]]></kwd>
<kwd lng="es"><![CDATA[Producción industrial]]></kwd>
<kwd lng="es"><![CDATA[Causalidad de Granger]]></kwd>
<kwd lng="es"><![CDATA[Mercado interno]]></kwd>
</kwd-group>
</article-meta>
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