<?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>S0301-70362022000200159</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2022.209.69785</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Flujos de capital y desarrollo financiero: una mirada desde países en desarrollo]]></article-title>
<article-title xml:lang="en"><![CDATA[Capital flows and financial development: a view from developing countries]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Levy]]></surname>
<given-names><![CDATA[Noemi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bustamante]]></surname>
<given-names><![CDATA[Jorge]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Estudios Superiores-Acatlán ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>53</volume>
<numero>209</numero>
<fpage>159</fpage>
<lpage>188</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362022000200159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362022000200159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362022000200159&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En América Latina la complejización de las relaciones financieras y la consolidación de la gran empresa tuvo lugar durante el periodo de globalización, con la peculiaridad de que el mercado de capitales no se desarrolló a la par, ya que las operaciones de las grandes empresas (multinacionales y multilatinas) no se realizaron a través de las instituciones financieras domésticas, sino vía la emisión de bonos en los centros financieros internacionales. A partir de esta idea es que se realiza un modelo econométrico de datos de panel que mide el impacto de los flujos de capital (IED y cartera) en un conjunto de indicadores del sector financiero y real para mostrar que la entrada de capital no contribuyó al desarrollo financiero ni al crecimiento económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In Latin America, financial relations became more complicated and large companies were consolidated during the globalization phase. Interestingly, however, the capital market did not develop at the same pace, as the operations of large companies (multinationals and multilatinas) were not conducted via domestic financial institutions, but rather via bonds issued by international financial centers. In light of this, the article employs a panel data econometric model to measure the impact of capital flows (FDI and portfolio) on a set of financial and real sector indicators. Findings show that capital inflows did not contribute to financial development or economic growth.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[multinacionales]]></kwd>
<kwd lng="es"><![CDATA[mercados financieros]]></kwd>
<kwd lng="es"><![CDATA[IED]]></kwd>
<kwd lng="es"><![CDATA[movimientos de capital]]></kwd>
<kwd lng="es"><![CDATA[datos de panel]]></kwd>
<kwd lng="en"><![CDATA[multinationals]]></kwd>
<kwd lng="en"><![CDATA[financial markets]]></kwd>
<kwd lng="en"><![CDATA[FDI]]></kwd>
<kwd lng="en"><![CDATA[capital movements]]></kwd>
<kwd lng="en"><![CDATA[panel data]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berle]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Means]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[The modern corporation and private property]]></source>
<year>1932</year>
<publisher-name><![CDATA[Transaction Publishers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blomström]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Foreign investment and spillovers]]></source>
<year>1989</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dunning]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Lundan]]></surname>
<given-names><![CDATA[S. M]]></given-names>
</name>
</person-group>
<source><![CDATA[Multinational enterprises and the global economy]]></source>
<year>2008</year>
<publisher-name><![CDATA[Edward Elgar Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efficient capital markets: II]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1991</year>
<volume>46</volume>
<numero>5</numero>
<issue>5</issue>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalecki]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Theory of economic dynamics]]></source>
<year>1954</year>
<publisher-name><![CDATA[George Allen and Unwin Ltd]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalecki]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Selected essays on the dynamics of the capitalist economy. 1933-1970]]></source>
<year>1971</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J. M]]></given-names>
</name>
</person-group>
<source><![CDATA[The economic consequences of the peace]]></source>
<year>1919</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J. M]]></given-names>
</name>
</person-group>
<source><![CDATA[The treatise on money. Vol. II]]></source>
<year>1930</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J. M]]></given-names>
</name>
</person-group>
<source><![CDATA[The general theory of employment, interest and money]]></source>
<year>1936</year>
<publisher-name><![CDATA[Harcourt]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Luxemburgo]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[The accumulation of capital]]></source>
<year>1913</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Minsky]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<source><![CDATA[John Maynard Keynes]]></source>
<year>1975</year>
<publisher-name><![CDATA[Macmillan Press Ltd]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Minsky]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<source><![CDATA[Stabilizing and unstable economy]]></source>
<year>1986</year>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigliani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The cost of capital, corporation finance and the theory of investment]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1958</year>
<volume>48</volume>
<numero>3</numero>
<issue>3</issue>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mott]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<source><![CDATA[Kalecki'sprinciple of increasing risk and Keynesian economics]]></source>
<year>2010</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pierre-Manigar]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El plan de convertibilidad en Argentina: límites a la política monetaria]]></article-title>
<source><![CDATA[Ola financiera]]></source>
<year>2009</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Polanyi]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<source><![CDATA[The great transformation: the political and economic origins of our time]]></source>
<year>1944</year>
<publisher-name><![CDATA[Farrar and Rinehart]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rivas]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Puebla]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inversión Extranjera Directa y crecimiento económico]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas]]></source>
<year>2016</year>
<volume>2</volume>
<numero>11</numero>
<issue>11</issue>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Seccareccia]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pricing, investment and the financing of production within the framework of the monetary circuit: some preliminary evidence]]></article-title>
<source><![CDATA[Modern theories of money]]></source>
<year>2003</year>
<page-range>173-97</page-range><publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shiller]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Irrational exuberance]]></source>
<year>2000</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Steindl]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[Small and big business. Economic problem of the size of the firms]]></source>
<year>1945</year>
<publisher-name><![CDATA[Basil Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stiglitz]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Why financial structure matters]]></article-title>
<source><![CDATA[Journal of Economics Perspectives]]></source>
<year>1988</year>
<volume>2</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Toporowski]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[The end of finance, capital market inflation, financial derivatives and pension fund capitalism]]></source>
<year>2000</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Toporowski]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[Michael Kalecki: An intellectual biography, By intellect alone 1930-1970. Volume II]]></source>
<year>2018</year>
<publisher-name><![CDATA[Palgrave Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Varela]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Salazar]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Foreign direct investment in Latin America: effects on growth and development]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Levy]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Bustamante]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Rochon]]></surname>
<given-names><![CDATA[L-Ph]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital movements and corporation dominance in Latin America: reduced growth and increased instability]]></source>
<year>2021</year>
<page-range>158-73</page-range><publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wan]]></surname>
<given-names><![CDATA[X]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A literature review on the relationship between foreign direct investment an economic growth]]></article-title>
<source><![CDATA[International Business Research]]></source>
<year>2010</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
