<?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>S1665-53462020000200205</article-id>
<article-id pub-id-type="doi">10.21919/remef.v15i2.395</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La curva de Laffer en la relación deuda externa-crecimiento económico de México, 1970-2017]]></article-title>
<article-title xml:lang="en"><![CDATA[The Laffer Curve in the External Debt-Economic Growth Relationship in Mexico, 1970-2017]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Germán-Soto]]></surname>
<given-names><![CDATA[Vicente]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Coahuila  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>15</volume>
<numero>2</numero>
<fpage>205</fpage>
<lpage>225</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462020000200205&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462020000200205&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462020000200205&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo es investigar si la relación deuda externa-crecimiento se conduce como una curva de Laffer en México durante 1970-2017. La metodología es un modelo de regresión en dos etapas (MC2E) que corrige problemas de modelación, como heteroscedasticidad, endogeneidad y correlación. Los resultados confirman la hipótesis y revelan que niveles deuda/PIB por debajo del 24 % fomentan el crecimiento, mientras que cantidades superiores lo desalientan. Resultados similares se obtienen con deuda pública. Los hallazgos son compatibles con el desempeño empírico de esta relación. Se recomienda que México reduzca el peso de su deuda externa para recuperar la senda de crecimiento sostenido. Aunque la evidencia es favorable, algunas limitaciones del modelo aplican, como sensibilidad a cambios en el periodo y número de variables exógenas, además, en algunas regresiones el supuesto de normalidad no se satisface a niveles de confianza deseados. Sin embargo, la propuesta es original debido al periodo de análisis que maneja y el uso de diagnósticos de regresión. Se concluye que la deuda externa puede ser factor del bajo crecimiento de la economía mexicana de los últimos cuarenta años.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim is to investigate if external debt-economic growth relationship is like a Laffer curve in Mexico along 1970-2017. Methodology is a regression model in two stages (LS2S) that overcome problems of modeling, as heteroskedasticity, endogeneity and serial correlation. Results confirm the hypothesis and suggest that levels of debt/GDP below to 24 % enhance growth, while higher ratios discourage it. Direction of results are similar for public debt. Findings are compatible with empirical performance of this relationship. Recommendations highlight that Mexico should reduce the weight of its external debt to recover the path of steady-state growth. Although evidence is favorable, some limitations on the model apply, as the problem of sensitivity to changes on the period and number of exogenous variables; moreover, some regressions do not fulfilled the normality assumption at the levels of significance desired. However, this proposal is original due to the period of analysis and the use of diagnostics of regression. As main conclusion, external debt may be factor of the low growth of the Mexican economy in the last forty years.]]></p></abstract>
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<kwd lng="es"><![CDATA[H63]]></kwd>
<kwd lng="es"><![CDATA[N16]]></kwd>
<kwd lng="es"><![CDATA[deuda externa]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[curva de Laffer]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
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<kwd lng="en"><![CDATA[N16]]></kwd>
<kwd lng="en"><![CDATA[external debt]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
<kwd lng="en"><![CDATA[Laffer&#8217;s curve]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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