<?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>0188-3380</journal-id>
<journal-title><![CDATA[Economía: teoría y práctica]]></journal-title>
<abbrev-journal-title><![CDATA[Econ: teor. práct]]></abbrev-journal-title>
<issn>0188-3380</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, a través de la Unidad Iztapalapa, la Unidad Azcapotzalco y la Unidad Xochimilco, División de Ciencias Sociales]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0188-33802016000100115</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estrategias dinámicas de cobertura cruzada eficiente para el mercado del petróleo mexicano: Evidencia de dos modelos GARCH multivariados con término de corrección de error]]></article-title>
<article-title xml:lang="en"><![CDATA[Dynamic strategies of efficient cross hedging for the mexican oil market: Evidence from two GARCH multivariate models with error correction term]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jesús Gutiérrez]]></surname>
<given-names><![CDATA[Raúl de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma del Estado de México Facultad de Economía Departamento de Actuaría]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<numero>44</numero>
<fpage>115</fpage>
<lpage>146</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0188-33802016000100115&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0188-33802016000100115&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0188-33802016000100115&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este trabajo amplía los modelos de correlación condicional dinámica de Engle y de Tse y Tsui al incorporar términos de corrección de error en el diseño de estrategias de cobertura cruzada dinámicas de varianza mínima para el petróleo mexicano. Respecto a la reducción del riesgo, la evidencia empírica confirma el desempeño superior del modelo MGARCH-CCD de Engle cuando se utiliza el mercado de futuros del WTI como mecanismo de cobertura, en particular para los crudos Olmeca e Istmo. Los hallazgos tienen importantes implicaciones económicos-financieras para gobierno y consumidores, debido a la eficiencia y transparencia de las coberturas cruzadas implementadas para reducir el riesgo de bajos precios.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article extends the dynamic conditional correlation models of Engle and Tse and Tsui by incorporating error correction terms in order to devise dynamic minimum variance crosshedging strategies for Mexican crude oil. In terms of out-of-sample risk reduction, the empirical evidence confirms the superior performance of Engle's DCC-MGARCH model when the WTI crude oil futures market is used as a hedging mechanism, especially for Olmeca and Istmo crude oils. The findings have a number of important economic-financial implications for government and consumers because of the effectiveness and transparency of the cross hedging implemented to reduce the risk of lower transaction costs in the Mexican crude oil.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[modelos MGARCH-CCD con término de corrección de error]]></kwd>
<kwd lng="es"><![CDATA[razón de cobertura cruzada óptima]]></kwd>
<kwd lng="es"><![CDATA[índice eficiente de cobertura]]></kwd>
<kwd lng="es"><![CDATA[mercados de futuros petroleros]]></kwd>
<kwd lng="en"><![CDATA[error correction DCC-MGARCH models]]></kwd>
<kwd lng="en"><![CDATA[optimal cross-hedging ratio]]></kwd>
<kwd lng="en"><![CDATA[hedging effectiveness index]]></kwd>
<kwd lng="en"><![CDATA[crude oil futures markets]]></kwd>
</kwd-group>
</article-meta>
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