<?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>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362018000100009</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Mercados de futuros y físicos de petróleo: transmisión de media y volatilidad]]></article-title>
<article-title xml:lang="fr"><![CDATA[Marché à terme et marché au comptant du pétrole : transmission de la moyenne et volatilité]]></article-title>
<article-title xml:lang="pt"><![CDATA[Mercado de futuros e físicos de petróleo: transmissão de média e volatilidade]]></article-title>
<article-title xml:lang="zh"><![CDATA[&#30707;&#27833;&#26399;&#36135;&#21644;&#23454;&#20307;&#24066;&#22330;&#20043;&#38388;&#22343;&#20540;&#21644;&#27874;&#21160;&#30340;&#20256;&#23548; &#21171;&#23572;&#8226;&#24503;&#8226;&#36203;&#33487;&#26031;&#8226;&#21476;&#38081;&#38647;&#26031;]]></article-title>
<article-title xml:lang="en"><![CDATA[The Physical Oil and Oil Futures Markets: Transmission of the Mean and Volatility]]></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  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<volume>49</volume>
<numero>192</numero>
<fpage>9</fpage>
<lpage>35</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362018000100009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362018000100009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362018000100009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo propone el modelo VEC-EGARCH bivariado con correlaciones constantes para analizar el proceso de transmisión de la media y volatilidad entre mercados de futuros de crudo y mercados físicos del petróleo mexicano. Los resultados revelan la existencia de patrones de transmisión de información de rendimientos bilaterales con efectos más fuertes de los mercados de futuros hacia los mercados físicos. En tanto que la evidencia de efectos de transmisión de volatilidad bilateral, sólo existe entre los mercados de futuros y el mercado físico del petróleo Olmeca. Los hallazgos empíricos son relevantes para las autoridades gubernamentales y consumidores porque coadyuvan en el diseño de estrategias de cobertura cruzada, que mitigan la exposición al riesgo de precios en el petróleo mexicano.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Ce travail présente le modèle bivarié VEC-EGARCH avec des corrélations constantes afin d&#8217;analyser le processus de transmission de la moyenne et de la volatilité entre les marchés à terme de l&#8217;hydrocarbure et les marchés au comptant du pétrole mexicain. Les résultats montrent l&#8217;existence de schémas de transmission de l&#8217;information sur les rendements bilatéraux et les effets des marchés à terme sur les marchés au comptant du pétrole, alors que la transmission bilatérale de la volatilité ne se présente que dans les marchés du pétrole « olmeca ». On souligne l&#8217;importance des constatations empiriques pour les autorités gouvernementales comme pour les consommateurs parce qu&#8217;elles contribuent à la conception de stratégies de couverture croisée qui atténuent le risque lié aux prix du pétrole mexicain.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo propõe o modelo VEC-EGARCH bivariado com correlações constantes para analisar o processo de transmissão da média e volatilidade entre os mercados de futuros de petróleo e os mercados físicos do petróleo mexicano. Os resultados revelam a existência de padrões de transmissão de informação de rendimentos bilaterais com efeitos mais fortes dos mercados de futuros em relação aos mercados físicos. Embora haja evidência dos efeitos da transmissão da volatilidade bilateral, ela só existe entre os mercados de futuros e o mercado de petróleo físico Olmeca. Os resultados empíricos são relevantes para as autoridades governamentais e os consumidores porque contribuem no desenho de estratégias de cobertura cruzada, que atenuam a exposição ao risco de preços no petróleo mexicano.]]></p></abstract>
<abstract abstract-type="short" xml:lang="zh"><p><![CDATA[&#25688;&#35201; &#26412;&#25991;&#25552;&#20986;&#20855;&#26377;&#24120;&#29087;&#30456;&#20851;&#24615;&#30340;&#20108;&#20803;VEC-EGARCH&#27169;&#22411;&#65292;&#20998;&#26512;&#22696;&#35199;&#21733;&#30707;&#27833;&#26399;&#36135;&#24066;&#22330;&#19982;&#23454;&#20307;&#24066;&#22330;&#20043;&#38388;&#22343;&#20540;&#21644;&#27874;&#21160;&#30340;&#20256;&#23548;&#36807;&#31243;&#12290;&#32467;&#26524;&#34920;&#26126;&#65292;&#20108;&#32773;&#20043;&#38388;&#23384;&#22312;&#30528;&#25910;&#30410;&#20449;&#24687;&#30340;&#20114;&#36882;&#27169;&#24335;&#65292;&#20854;&#20013;&#26399;&#36135;&#24066;&#22330;&#23545;&#23454;&#20307;&#24066;&#22330;&#30340;&#24433;&#21709;&#36739;&#24378;&#12290;&#27492;&#22806;&#65292;&#21452;&#36793;&#27874;&#21160;&#20256;&#23548;&#25928;&#24212;&#21482;&#23384;&#22312;&#20110;&#26399;&#36135;&#24066;&#22330;&#21644;&#22885;&#23572;&#26757;&#21345;&#23454;&#20307;&#24066;&#22330;&#20043;&#38388;&#12290;&#19978;&#36848;&#23454;&#35777;&#32467;&#26524;&#23545;&#25919;&#24220;&#24403;&#23616;&#21644;&#28040;&#36153;&#32773;&#26377;&#30528;&#37325;&#22823;&#30340;&#24847;&#20041;&#65292;&#22240;&#20026;&#36825;&#19968;&#21457;&#29616;&#26377;&#21161;&#20110;&#21046;&#23450;&#20132;&#21449;&#35206;&#30422;&#31574;&#30053;&#20197;&#20943;&#23569;&#22696;&#35199;&#21733;&#30707;&#27833;&#20215;&#26684;&#27874;&#21160;&#30340;&#39118;&#38505;&#12290;.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper sets out to use the bivariate VEC-EGARCH model with constant correlations to analyze the process by which the mean and volatility are transmitted between the crude futures markets and physical oil markets in Mexico. The results point to the existence of bilateral performance information transmission patterns with stronger effects from the futures markets to the physical markets, while the evidence for the effects of bilateral volatility transmission only exists between the oil futures and physical oil markets in Olmeca. The empirical findings are relevant to governmental authorities and consumers because they aid in designing cross-hedging strategies that mitigate exposure to the price risk in Mexican oil.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="es"><![CDATA[petróleo]]></kwd>
<kwd lng="es"><![CDATA[mercados de futuros]]></kwd>
<kwd lng="es"><![CDATA[mercados físicos]]></kwd>
<kwd lng="es"><![CDATA[volatilidad]]></kwd>
<kwd lng="es"><![CDATA[modelo VEC-EGARCH bivariado]]></kwd>
<kwd lng="es"><![CDATA[C32]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[Q11]]></kwd>
<kwd lng="es"><![CDATA[Q41]]></kwd>
<kwd lng="fr"><![CDATA[Mexique]]></kwd>
<kwd lng="fr"><![CDATA[pétrole]]></kwd>
<kwd lng="fr"><![CDATA[marché à terme]]></kwd>
<kwd lng="fr"><![CDATA[marché au comptant]]></kwd>
<kwd lng="fr"><![CDATA[volatilité]]></kwd>
<kwd lng="fr"><![CDATA[modèle bivarié VEC-EGARCH]]></kwd>
<kwd lng="pt"><![CDATA[México]]></kwd>
<kwd lng="pt"><![CDATA[petróleo]]></kwd>
<kwd lng="pt"><![CDATA[mercados de futuros]]></kwd>
<kwd lng="pt"><![CDATA[mercados físicos]]></kwd>
<kwd lng="pt"><![CDATA[volatilidade]]></kwd>
<kwd lng="pt"><![CDATA[modelo VEC-EGARCH bivariado]]></kwd>
<kwd lng="zh"><![CDATA[&#22696;&#35199;&#21733;]]></kwd>
<kwd lng="zh"><![CDATA[&#30707;&#27833;]]></kwd>
<kwd lng="zh"><![CDATA[&#26399;&#36135;&#24066;&#22330;]]></kwd>
<kwd lng="zh"><![CDATA[&#23454;&#20307;&#24066;&#22330;]]></kwd>
<kwd lng="zh"><![CDATA[&#27874;&#21160;]]></kwd>
<kwd lng="zh"><![CDATA[&#20108;&#20803;VEC-EGARCH&#27169;&#22411;]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="en"><![CDATA[oil]]></kwd>
<kwd lng="en"><![CDATA[futures markets]]></kwd>
<kwd lng="en"><![CDATA[physical market]]></kwd>
<kwd lng="en"><![CDATA[volatility]]></kwd>
<kwd lng="en"><![CDATA[bivariate VEC-EGARCH model]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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