<?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>S1665-53462023000100003</article-id>
<article-id pub-id-type="doi">10.21919/remef.v18.1.830</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Explaining Apparent deviations from Covered Interest Parity: Evidence from Mexico]]></article-title>
<article-title xml:lang="es"><![CDATA[Sobre la prelación de las restricciones al crecimiento económico: abogando por la perspectiva basada en la huella ecológica]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[Juan R.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Centro de Investigación y Docencia Económicas  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>18</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462023000100003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462023000100003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462023000100003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper tests and quantifies the effects of reduced funding liquidity conditions on the covered interest parity (CIP) relating the U.S. Dollar-Mexican Peso market. To this end, a vector error-correction model is estimated. Results suggest, first, that apparent deviations from the CIP disappear when measures of funding liquidity for market participants are considered. Second, the exchange rate forward premium and the U.S. interest rate adjust towards the CIP cointegrating relationship. Finally, a structur al analysis shows that deviations from CIP are mostly determined by shocks on the funding liquidity in the U.S. while funding liquidity conditions in Europe also have a non-negligible role. From the policy perspective, the paper underlies the relevance of funding liquidity measures when assessing whether the foreign exchange market works efficiently. As ever, there are some caveats in the analysis to consider. First, funding liquidity measures may shift from non- to stationary regimes. Second, market participants may not able to fund their liquidity at reference rates. The financial series present considerable ARCH-like behaviour, this may be a source of information to explore in further work.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo se prueba y cuantifica los efectos de la reducción en el acceso al fondeo sobre la paridad de tasas cubierta (CIP) entre el dólar de Estados Unidos y el peso mexicano. Para ello se estima un modelo de vectores con corrección de error. Los resultados sugieren que, primero, las desviaciones aparentes de la CIP desaparecen cuando se incluyen medidas de la liquidez. Segundo, la prima forward en el mercado del tipo de cambio y la tasa de interés externa se ajustan hacia la relación de cointegración. Finalmente, choques sobre la liquidez en Estados Unidos y en Europa determinan las desviaciones de la CIP. En términos de política, se subraya la relevancia de las medidas de liquidez al evaluar el funcionamiento del mercado cambiario. Existen algunas limitaciones en el análisis que merecen consideración. Primero, las medidas de liquidez podrían cambiar entre regímenes de noa estacionario. Segundo, los participantes de mercado podrían enfrentar condiciones de liquidez distintas a las que las tasas de interés sugieren. Las series financieras muestran un comportamiento ARCH, ello será objeto de trabajo futuro.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Covered interest parity]]></kwd>
<kwd lng="en"><![CDATA[vector autoregression models]]></kwd>
<kwd lng="en"><![CDATA[vector error-correction models]]></kwd>
<kwd lng="en"><![CDATA[forward premium]]></kwd>
<kwd lng="en"><![CDATA[exchange rate]]></kwd>
<kwd lng="en"><![CDATA[funding liquidity]]></kwd>
<kwd lng="es"><![CDATA[Paridad de tasas cubierta]]></kwd>
<kwd lng="es"><![CDATA[modelos de vectores autorregresivos]]></kwd>
<kwd lng="es"><![CDATA[modelos de vectores con corrección de error]]></kwd>
<kwd lng="es"><![CDATA[prima forward]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[liquidez de fondeo]]></kwd>
</kwd-group>
</article-meta>
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