<?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>S1665-53462019000500527</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i0.421</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Spillovers entre el S&amp;Poor500 y los principales EMBIG latinoamericanos]]></article-title>
<article-title xml:lang="en"><![CDATA[Spillovers between the S&amp;Poor500 and the top Latin American]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Benavides]]></surname>
<given-names><![CDATA[Domingo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gurrola Ríos]]></surname>
<given-names><![CDATA[César]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Juárez del Estado de Durango  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>spe</numero>
<fpage>527</fpage>
<lpage>540</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000500527&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000500527&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000500527&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este trabajo se realiza un análisis de los efectos de derrame (spillover) entre los rendimientos accionarios de Estados Unidos y los cambios en los índices EMBI Global de Argentina, Brasil, Colombia, México y Perú. Se estima un índice del spillover total que muestra alzas importantes a principios de siglo y durante la crisis financiera mundial. Al descomponer dicho índice en sus componentes direccionales se observa que las principales fuentes de spillover entre los mercados analizados son el mercado accionario de Estados Unidos y el índice de los bonos brasileños. También es de destacarse que los principales receptores de efectos derrame son los índices de los bonos de Perú y México, en tanto que el índice de los bonos argentinos son los menos afectados por los choques externos.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This work performs an analysis of spillover effects between U.S. stock returns and changes in EMBI Global indices in Argentina, Brazil, Colombia, Mexico and Peru. A total spillover index is estimated to show significant increases at the turn of the century and during the global financial crisis. Breaking down the index into its directional components shows that the main sources of spillover among the markets analyzed are the U.S. stock market and the Brazilian bond index. It is also noteworthy that the main recipients of spill effects are the indices of the bonds of Peru and Mexico, while the Argentine bond index is the least affected by external shocks.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[spillover]]></kwd>
<kwd lng="es"><![CDATA[derrames]]></kwd>
<kwd lng="es"><![CDATA[EMBI]]></kwd>
<kwd lng="es"><![CDATA[S&amp;P500]]></kwd>
<kwd lng="es"><![CDATA[bonos soberanos]]></kwd>
<kwd lng="en"><![CDATA[spillover]]></kwd>
<kwd lng="en"><![CDATA[Spills]]></kwd>
<kwd lng="en"><![CDATA[EMBI]]></kwd>
<kwd lng="en"><![CDATA[S&amp;P500]]></kwd>
<kwd lng="en"><![CDATA[Sovereign Bonds]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agliardi]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Agliardi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Pinar]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Stengos]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Topaloglou]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A new country risk index for emerging markets: A stochastic dominance approach]]></article-title>
<source><![CDATA[Journal of empirical finance]]></source>
<year>2012</year>
<volume>19</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>741-61</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almansour]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Aslam]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Bluedorn]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Duttagupta]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How vulnerable are emerging markets to external shocks?]]></article-title>
<source><![CDATA[Journal of Policy Modeling]]></source>
<year>2015</year>
<volume>37</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>460-83</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bielschowsky]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sesenta años de la CEPAL: estructuralismo y neoestructuralismo]]></article-title>
<source><![CDATA[Revista Cepal]]></source>
<year>2009</year>
<volume>97</volume>
<page-range>179-94</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Reinhardt]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital flows to Latin America: Is There Evidence of Contagion Effects?]]></source>
<year>1996</year>
<publisher-name><![CDATA[The World Bank, International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caporale]]></surname>
<given-names><![CDATA[G., M.]]></given-names>
</name>
<name>
<surname><![CDATA[Carcel]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
<name>
<surname><![CDATA[Gil-Alana]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[The EMBI in Latin America: Fractional Integration, Non-linearities and Breaks]]></source>
<year>2015</year>
<publisher-name><![CDATA[Brunel University London. Department of Economics and Finance]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cermeño]]></surname>
<given-names><![CDATA[B., R.]]></given-names>
</name>
<name>
<surname><![CDATA[Solís]]></surname>
<given-names><![CDATA[M., P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacto de sorpresas macroeconómicas de México y Estados Unidos sobre el mercado accionario mexicano]]></article-title>
<source><![CDATA[Economía mexicana. Nueva época]]></source>
<year>2012</year>
<volume>21</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>35-67</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cimoli]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Correa]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[La apertura comercial y la brecha tecnológica en América Latina: una trampa de bajo crecimiento. Más allá de las reformas: dinámica estructural y vulnerabilidad macroeconómica]]></source>
<year>2005</year>
<page-range>51-78</page-range><publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Alfaomega/CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmaz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring financial asset return and volatility spillovers, with application to global equity markets]]></article-title>
<source><![CDATA[Economic Journal]]></source>
<year>2009</year>
<volume>119</volume>
<numero>534</numero>
<issue>534</issue>
<page-range>158-71</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmaz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efectos derrame en los mercados de valores del continente americano]]></article-title>
<source><![CDATA[Economía Chilena]]></source>
<year>2009</year>
<volume>12</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>55-65</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmaz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Better to give than to receive: predictive directional measurement of volatility spillovers]]></article-title>
<source><![CDATA[International Journal of Forecasting]]></source>
<year>2012</year>
<volume>28</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>57-66</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dimic]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Kiviaho]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Piljak]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Äijö]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impact of financial market uncertainty and macroeconomic factors on stock-bond correlation in emerging markets]]></article-title>
<source><![CDATA[Research in International Business and Finance]]></source>
<year>2016</year>
<volume>36</volume>
<page-range>41-51</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Susmel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Volatility dependence and contagion in emerging equity markets]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>2001</year>
<volume>66</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>505-32</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rigobon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[No Contagion, Only Interdependence: Measuring Stock Market Co-movements?]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2002</year>
<volume>57</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2223-61</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Globalización y crisis financieras en América Latina]]></article-title>
<source><![CDATA[Revista de la CEPAL]]></source>
<year>2003</year>
<numero>80</numero>
<issue>80</issue>
<page-range>41-54</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Godfrey]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Espinosa]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A practical approach to calculating costs of equity for investments in emerging markets]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>1996</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>80-9</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hassan]]></surname>
<given-names><![CDATA[G. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sovereign credit ratings, growth volatility and the global financial crisis]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2015</year>
<volume>47</volume>
<numero>54</numero>
<issue>54</issue>
<page-range>5825-40</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[L. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Valdés]]></surname>
<given-names><![CDATA[R. O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What drives contagion: trade, neighborhood, or financial links?]]></article-title>
<source><![CDATA[International Review of Financial Analysis]]></source>
<year>2001</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>203-18</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Horn]]></surname>
<given-names><![CDATA[M. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Hoang]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Emmel]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Lahmann]]></surname>
<given-names><![CDATA[A. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gatzer]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmidt]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Country Risk-Cost of Equity Measurement: Methodologies and Implications. Corporate Finance: Finanzierung, Kapitalmarkt, Bewertung]]></article-title>
<source><![CDATA[Mergers &amp; Acquisitions]]></source>
<year>2017</year>
<numero>09-10</numero>
<issue>09-10</issue>
<page-range>292-301</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Iglesias]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Reflections on Economic Development; Toward a New Latin American Consensus]]></source>
<year>1992</year>
<publisher-loc><![CDATA[Washington, D.C ]]></publisher-loc>
<publisher-name><![CDATA[Inter-American Development Bank]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koop]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.H.]]></given-names>
</name>
<name>
<surname><![CDATA[Potter]]></surname>
<given-names><![CDATA[S.M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impulse response analysis in non-linear multivariate models]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1996</year>
<volume>74</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>119-47</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kristjanpoller]]></surname>
<given-names><![CDATA[R., W.]]></given-names>
</name>
<name>
<surname><![CDATA[Salazar]]></surname>
<given-names><![CDATA[A. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inversión extranjera directa y desigualdad en el ingreso en Latinoamérica: evidencia de la cointegración de datos de panel]]></article-title>
<source><![CDATA[Cuadernos de Economía]]></source>
<year>2016</year>
<volume>35</volume>
<numero>68</numero>
<issue>68</issue>
<page-range>433-55</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kruger]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trade Policy as an input to Development]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1980</year>
<page-range>188-292</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lessard]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incorporating country risk in the evaluation of offshore projects]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>1996</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>5263</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[H., F.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas]]></surname>
<given-names><![CDATA[M, F.]]></given-names>
</name>
<name>
<surname><![CDATA[Gurrola]]></surname>
<given-names><![CDATA[R, C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[EMBI+ Mexico y su relación dinámica con otros factores de riesgo sistemático: 1997-2011]]></article-title>
<source><![CDATA[Estudios Económicos]]></source>
<year>2013</year>
<volume>28</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>193-216</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mántey]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Rosas]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[EMBI spreads: sentimiento del mercado y fundamentos económicos]]></article-title>
<source><![CDATA[Investigación económica]]></source>
<year>2014</year>
<volume>73</volume>
<numero>290</numero>
<issue>290</issue>
<page-range>25-50</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Marcet]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Analyst coverage network and stock return comovement in emerging markets]]></article-title>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2017</year>
<volume>32</volume>
<page-range>1-27</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mellado]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Escobari]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Virtual integration of financial markets: a dynamic correlation analysis of the creation of the Latin American Integrated Market]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2015</year>
<volume>47</volume>
<numero>19</numero>
<issue>19</issue>
<page-range>1956-71</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[V., A.]]></given-names>
</name>
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[H., F.]]></given-names>
</name>
<name>
<surname><![CDATA[Watkins]]></surname>
<given-names><![CDATA[F., K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Reflexiones sobre las crisis financieras]]></source>
<year>2011</year>
<publisher-name><![CDATA[Centro de Investigación e Inteligencia Económica CIIEUPAEP y División de Investigación de la Facultad de Contaduría y Administración, UNAM]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mollah]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Hartman]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stock Market Contagion, Interdependence and Shifts in Relationship due to Financial Crisis-A Survey]]></article-title>
<source><![CDATA[International Review of Business Research Papers]]></source>
<year>2012</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>166-95</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Oliva]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Suarez]]></surname>
<given-names><![CDATA[F. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic reforms and the competitive environment of firms]]></article-title>
<source><![CDATA[Industrial and Corporate Change]]></source>
<year>2007</year>
<volume>16</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>131-54</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Oliveira]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Curto]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Nunes]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The determinants of sovereign credit spread changes in the Euro-zone]]></article-title>
<source><![CDATA[Journal of International Financial Markets]]></source>
<year>2012</year>
<volume>22</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>278-304</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Onaran]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Wage share, globalization and crisis: the case of the manufacturing industry in Korea, Mexico and Turkey]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>2009</year>
<volume>23</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>113-34</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ortiz]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[H. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Santillán]]></surname>
<given-names><![CDATA[S. R. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Fonseca]]></surname>
<given-names><![CDATA[R. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The integration of Latin American bond markets: a copula analysis approach (1999-2015)]]></article-title>
<source><![CDATA[International Journal of Bonds and Derivatives]]></source>
<year>2016</year>
<volume>2</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>267-83</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Özmen]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Ya&#351;ar]]></surname>
<given-names><![CDATA[Ö. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Emerging market sovereign bond spreads, credit ratings and global financial crisis]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2016</year>
<volume>59</volume>
<page-range>93-101</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.H.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Generalized impulse response analysis in linear multivariate models]]></article-title>
<source><![CDATA[Economics Letters]]></source>
<year>1998</year>
<volume>58</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>17-29</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Piljak]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Bond markets co-movement dynamics and macroeconomic factors: Evidence from emerging and frontier markets]]></article-title>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2013</year>
<volume>17</volume>
<page-range>29-43</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rigobon]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[International Financial Contagion: Theory and Evidence in Evolution, CFA]]></source>
<year>2002</year>
<publisher-name><![CDATA[The Research Foundation Publications]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Romero]]></surname>
<given-names><![CDATA[A. Y. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[A. F. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Guzmán]]></surname>
<given-names><![CDATA[A. D. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mercado Integrado Latinoamericano (MILA): análisis de correlación y diversificación de los portafolios de los tres países miembros en el período 2007-2012]]></article-title>
<source><![CDATA[Cuadernos de Contabilidad]]></source>
<year>2013</year>
<volume>34</volume>
<numero>14</numero>
<issue>14</issue>
<page-range>53-74</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sandoval]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Soto]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mercado integrado latinoamericano: un análisis de cointegración]]></article-title>
<source><![CDATA[Revista Internacional Administración &amp; Finanzas]]></source>
<year>2016</year>
<volume>9</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-17</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Santillán]]></surname>
<given-names><![CDATA[S., R., J.]]></given-names>
</name>
<name>
<surname><![CDATA[Santillán-Salgado]]></surname>
<given-names><![CDATA[Roberto J.]]></given-names>
</name>
</person-group>
<source><![CDATA[La Gran Recesión (2007-2012): Lecciones y Oportunidades para México]]></source>
<year>2015</year>
<publisher-name><![CDATA[EGADE Business School-Instituto Mexicano de Ejecutivos de Finanzas, PWC]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Santillán]]></surname>
<given-names><![CDATA[S., R., J.]]></given-names>
</name>
<name>
<surname><![CDATA[Gurrola]]></surname>
<given-names><![CDATA[R., C.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas]]></surname>
<given-names><![CDATA[M., F.]]></given-names>
</name>
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[P., A., L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La dependencia del Índice de Precios y Cotizaciones de la Bolsa Mexicana de Valores (IPC) con respecto a los principales índices bursátiles latinoamericanos]]></article-title>
<source><![CDATA[Contaduría y Administración]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Te Velde]]></surname>
<given-names><![CDATA[D. W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Foreing direct investment and income inequality in Latin America: Experiences and policy implications]]></source>
<year>2003</year>
<publisher-name><![CDATA[Instituto de Investigaciones Socioeconómicas, Universidad Católica Boliviana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tillmann]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Unconventional monetary policy and the spillovers to emerging markets]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2016</year>
<volume>66</volume>
<page-range>136-56</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contagio financiero: una metodología para su evaluación mediante coeficientes de dependencia asintótica]]></article-title>
<source><![CDATA[Lecturas de Economía]]></source>
<year>2011</year>
<numero>75</numero>
<issue>75</issue>
<page-range>29-57</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
