<?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>S1665-53462022000200005</article-id>
<article-id pub-id-type="doi">10.21919/remef.v17i2.584</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Relaciones de largo plazo entre la política monetaria, el tipo de cambio y el premio al riesgo en México (2003-2018)]]></article-title>
<article-title xml:lang="en"><![CDATA[Long-term Relationship Between Monetary Policy, Exchange Rate and the Risk Premium in Mexico (2003-2018)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Castro Pérez]]></surname>
<given-names><![CDATA[Judith Jazmín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cruz Aké]]></surname>
<given-names><![CDATA[Salvador]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Durán Saldívar]]></surname>
<given-names><![CDATA[Mario Alejandro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Tecnológica de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></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>17</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462022000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462022000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462022000200005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de esta investigación es estudiar las relaciones de largo plazo entre la política monetaria, el tipo de cambio y el premio al riesgo en la economía mexicana. Mediante la metodología de series de tiempo, modelos ARFIMA y ARFIMAX, con datos diarios de mayo, 2003 a octubre, 2018. Los resultados señalan que las decisiones tomadas por el Banco Central a través de su mecanismo de transmisión (tasa de interés) bajo un objetivo de inflación controlada, envían señales a la economía que impactan en el tipo de cambio, el cual actúa como el canal de transmisión que altera el comportamiento del premio al riesgo de los activos financieros. La recomendación es analizar el impacto que tienen otros mecanismos de política monetaria en el premio al riesgo, la limitación es que sólo se analizaron las relaciones especificas al objetivo, implicando la falta de medición de otros efectos económicos. La originalidad es el análisis de relaciones de largo plazo en la política monetaria mediante modelos fraccionales. En conclusión, se reconoce la existencia de la paradoja del banco central en la economía mexicana.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstact The objective of this research is to study the long-run relationships between monetary policy, the exchange rate, and the risk premium in the Mexican economy. Using the time series methodology, ARFIMA, and ARFIMAX models, with daily data from May 2003 to October 2018. The results suggest that the decisions are taken by the Central Bank through its transmission mechanism (interest rate) under a controlled inflation target, send signals to the economy that impact the exchange rate, acting as the transmission channel that alters the behavior of the risk premium of financial assets. The recommendation is to analyze the impact that other monetary policy mechanisms have on the risk premium, the limitation is that only the relationships specific to the target were analyzed, implying the lack of measurement of other economic effects. The originality is the analysis of long-run relationships in monetary policy using fractional models. In conclusion, the existence of the central bank paradox in the Mexican economy is recognized.]]></p></abstract>
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<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[E58]]></kwd>
<kwd lng="es"><![CDATA[Política Monetaria]]></kwd>
<kwd lng="es"><![CDATA[Premio al Riesgo]]></kwd>
<kwd lng="es"><![CDATA[Memoria larga]]></kwd>
<kwd lng="es"><![CDATA[modelos de series de tiempo]]></kwd>
<kwd lng="en"><![CDATA[C32]]></kwd>
<kwd lng="en"><![CDATA[E5]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E58]]></kwd>
<kwd lng="en"><![CDATA[Monetary Policy]]></kwd>
<kwd lng="en"><![CDATA[Risk Premium]]></kwd>
<kwd lng="en"><![CDATA[Long Memory]]></kwd>
<kwd lng="en"><![CDATA[time series models]]></kwd>
</kwd-group>
</article-meta>
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