<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462018000400571</article-id>
<article-id pub-id-type="doi">10.21919/remef.v13i4.339</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A Model of the Indirect E&#64256;ect of Crime on the Demand for Money]]></article-title>
<article-title xml:lang="es"><![CDATA[Un Modelo del Efecto Indirecto del Crimen en la Demanda de Dinero]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez-Reyes]]></surname>
<given-names><![CDATA[Luis Raúl]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Occidente (ITESO)  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>13</volume>
<numero>4</numero>
<fpage>571</fpage>
<lpage>584</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462018000400571&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462018000400571&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462018000400571&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper studies the indirect relation between the demand for money and crime, which emerges from the defensive actions of companies against criminal clients. A theoretical search model is built in which companies trade with criminal clients who consume without paying, allowing the former to hire private security. The model produces two balances in pure strategies. First, if the cost of security is high, companies do not hire private security and the criminal buyers do not carry money. Second, if the cost of security is low, the high demand for money is reestablished. This construct is formalized in a purely theoretical model that generates proposals that can be proven empirically, establishing a future line of research. It should be noted that the indirect e&#64256;ect described has not been discussed in relevant literature. As a result, the existence of an indirect channel between crime and money that emerges from a market externality is demonstrated: the demand of companies for private security endogenously determines the demand for money of the economy.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este documento estudia la relación indirecta entre la demanda de dinero y el crimen, la cual emerge de la defensa de empresas en contra de clientes criminales. Se construye un modelo de teoría de búsqueda en el cual empresas comercian con clientes criminales que consumen sin pagar, permitiéndose la contratación de seguridad privada. El modelo produce dos equilibrios en estrategias puras. Primero, si el costo de seguridad es alto, las empresas no contratan seguridad privada y los compradores criminales no portan dinero. Segundo, si el costo de seguridad es bajo, el estado de alta demanda de dinero se reestablece. Este constructo se formaliza en un modelo teórico puro, que genera proposiciones comprobables empíricamente, estableciendo una futura línea de investigación. Es importante notar que el efecto indirecto descrito no se ha discutido en la literatura relevante. Como resultado, se demuestra la existencia de un canal indirecto entre crimen y dinero, que surge de una externalidad de mercado: la demanda de las empresas por seguridad privada determina endógenamente la demanda de dinero de la economía.]]></p></abstract>
<kwd-group>
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<kwd lng="en"><![CDATA[D62]]></kwd>
<kwd lng="en"><![CDATA[D83]]></kwd>
<kwd lng="en"><![CDATA[E41]]></kwd>
<kwd lng="en"><![CDATA[K42]]></kwd>
<kwd lng="en"><![CDATA[Crime]]></kwd>
<kwd lng="en"><![CDATA[Private Security]]></kwd>
<kwd lng="en"><![CDATA[Demand for Money]]></kwd>
<kwd lng="en"><![CDATA[Market Externality]]></kwd>
<kwd lng="en"><![CDATA[Indirect E&#64256;ect]]></kwd>
<kwd lng="es"><![CDATA[D21]]></kwd>
<kwd lng="es"><![CDATA[D62]]></kwd>
<kwd lng="es"><![CDATA[D83]]></kwd>
<kwd lng="es"><![CDATA[E41]]></kwd>
<kwd lng="es"><![CDATA[K42]]></kwd>
<kwd lng="es"><![CDATA[Crimen]]></kwd>
<kwd lng="es"><![CDATA[Seguridad Privada]]></kwd>
<kwd lng="es"><![CDATA[Demanda de Dinero]]></kwd>
<kwd lng="es"><![CDATA[Externalidad de Mercado]]></kwd>
<kwd lng="es"><![CDATA[Efecto Indirecto]]></kwd>
</kwd-group>
</article-meta>
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<article-title xml:lang=""><![CDATA[The Interest-Elasticity of Transactions Demand for Cash]]></article-title>
<source><![CDATA[The Review of Economics and Statistics]]></source>
<year>1956</year>
<volume>38</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>241-7</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
