<?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>S1665-53462021000300006</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i3.652</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Dependencia de los mercados de valores de Argentina, Brasil y México respecto del estadounidense: Covid19 y otras crisis financieras recientes]]></article-title>
<article-title xml:lang="en"><![CDATA[Dependence of the stock markets of Argentina, Brazil and Mexico with respect to the U.S.: Covid19 and other recent financial crises]]></article-title>
</title-group>
<contrib-group>
<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 contrib-type="author">
<name>
<surname><![CDATA[López Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Juárez del Estado de Durango  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000300006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo muestra el análisis efectuado para comparar la estructura de dependencia de la caída de los rendimientos accionarios de los mercados de los tres países más grandes de América Latina (Argentina, Brasil y México) en los rendimientos del mercado de valores estadounidense. Se compara la caída propiciada por el surgimiento de la pandemia de Covid-19 con otros episodios de crisis financieras acaecidas a partir de la última década del siglo XX. Mediante cópulas bivariadas de Clayton con regímenes conducidos por cambios markovianos, se estudia el grado de la dependencia en la cola inferior de la distribución, encontrando patrones distintos de dependencia que sugieren que los mercados de Brasil y México son más dependientes que el argentino. Una limitante es que no termina aún la recuperación económica derivada de la pandemia, por lo que los resultados en relación con los efectos de la Covid-19 podrían considerarse sólo como provisionales, sin embargo, este artículo contribuye a entender cómo ha sido el proceso de globalización y las posibles consecuencias para la internacionalización de los mercados bursátiles latinoamericanos y la inversión en la región, incluyendo la de portafolio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper compares the dependency structure of the fall of equity returns in the three largest Latin American countries´stock markets. The fall caused by the emergence of the Covid-19 pandemic is compared with other episodes of financial crises that occurred since the last decade of the 20th century. Using bivariate Clayton copulas with regimes driven by Markovian changes, the degree of dependence in the lower tail of the distribution is studied, finding different patterns of dependence that suggest that the markets of Brazil and Mexico are more dependent than the Argentinean. A limitation is that the economic recovery derived from the pandemic has not yet ended, so the results in relation to the effects of Covid-19 could only be considered provisional. However, this article contributes to understanding the process of globalization and the possible consequences for the Latin American stock markets&#8217; internationalization and the investment in the region, including portfolio investment.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Covid-19]]></kwd>
<kwd lng="es"><![CDATA[mercados accionarios]]></kwd>
<kwd lng="es"><![CDATA[caídas bursátiles]]></kwd>
<kwd lng="es"><![CDATA[cópula Clayton]]></kwd>
<kwd lng="es"><![CDATA[cambios markovianos]]></kwd>
<kwd lng="en"><![CDATA[Covid-19]]></kwd>
<kwd lng="en"><![CDATA[stock markets]]></kwd>
<kwd lng="en"><![CDATA[stock market crashes]]></kwd>
<kwd lng="en"><![CDATA[Clayton copula]]></kwd>
<kwd lng="en"><![CDATA[markovian switching]]></kwd>
</kwd-group>
</article-meta>
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