<?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>S1665-53462023000400002</article-id>
<article-id pub-id-type="doi">10.21919/remef.v18i4.762</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Government policies and manufacturing production during the COVID-19 pandemic]]></article-title>
<article-title xml:lang="es"><![CDATA[Políticas gubernamentales y producción manufacturera durante la pandemia de COVID-19]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cuevas Ahumada]]></surname>
<given-names><![CDATA[Víctor Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Calderón Villarreal]]></surname>
<given-names><![CDATA[Cuauhtémoc]]></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[,El Colegio de la Frontera Norte  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>18</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462023000400002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462023000400002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462023000400002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper evaluates the impact of government support and containment measures on the manufacturing production cycle (MPC) of 39 countries during the COVID-19 pandemic. To the best of our knowledge, the effects of these variables on the MPC have not been studied. To obtain reliable evidence, we resort to two complementary econometric techniques: the Arellano-Bond Generalized Method of Moments (GMMs) and the Arellano-Bover GMMs. The evidence is consistent across econometric methods in showing that: 1) Closure and containment measures have been recessionary, 2) Income support measures and interest rate cuts have been effective in raising manufacturing production, and 3) Real exchange rate depreciations do not stimulate (and could even discourage) manufacturing production, presumably because they make imported intermediate inputs more expensive. Therefore, raising consumption through higher income and investment through lower interest rates can alleviate the recessionary effects of closure and containment policies, whereas depreciating the currency may not be effective to boost manufacturing production amid falling world trade and disrupted global supply chains, which could interact with a weaker currency to make imported intermediate inputs even more costly.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo evalúa el impacto de las medidas de reactivación económica y de contención de la pandemia de COVID-19 en el ciclo de la producción manufacturera (CPM) de 39 naciones. El impacto de estas variables en el CPM no ha sido estudiado. Para obtener evidencia robusta, se emplea el Método Generalizado de Momentos en dos versiones: la Arellano-Bond y la Arellano-Bover. La evidencia indica que: 1) Las medidas de cierre y contención han sido recesivas, 2) Las medidas de apoyo al ingreso y los recortes de tasas de interés han reactivado la producción manufacturera, y 3) Las depreciaciones cambiarias reales no estimulan (e incluso podrían desalentar) la producción manufacturera al encarecer los insumos intermedios importados. Esto implica que los efectos recesivos de las medidas de contención pueden efectivamente atenuarse mediante recortes de tasas de interés para incentivar la inversión y mediante apoyo a los ingresos para elevar el consumo. Asimismo, las depreciaciones cambiarias pueden no estimular la producción con un comercio mundial en caída y cadenas globales de valor interrumpidas, que tienden a encarecer todavía más los insumos intermedios importados.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[C33]]></kwd>
<kwd lng="en"><![CDATA[E21]]></kwd>
<kwd lng="en"><![CDATA[E22]]></kwd>
<kwd lng="en"><![CDATA[E43]]></kwd>
<kwd lng="en"><![CDATA[F62]]></kwd>
<kwd lng="en"><![CDATA[I18]]></kwd>
<kwd lng="en"><![CDATA[Manufacturing production cycle]]></kwd>
<kwd lng="en"><![CDATA[government support policies]]></kwd>
<kwd lng="en"><![CDATA[close and containment measures]]></kwd>
<kwd lng="en"><![CDATA[dynamic panel data models]]></kwd>
<kwd lng="en"><![CDATA[generalized method of moments]]></kwd>
<kwd lng="es"><![CDATA[C33]]></kwd>
<kwd lng="es"><![CDATA[E21]]></kwd>
<kwd lng="es"><![CDATA[E22]]></kwd>
<kwd lng="es"><![CDATA[E43]]></kwd>
<kwd lng="es"><![CDATA[F62]]></kwd>
<kwd lng="es"><![CDATA[I18]]></kwd>
<kwd lng="es"><![CDATA[ciclo de la producción manufacturera]]></kwd>
<kwd lng="es"><![CDATA[políticas gubernamentales de apoyo]]></kwd>
<kwd lng="es"><![CDATA[medidas de cierre y contención]]></kwd>
<kwd lng="es"><![CDATA[modelos dinámicos de datos en panel]]></kwd>
<kwd lng="es"><![CDATA[método generalizado de momentos]]></kwd>
</kwd-group>
</article-meta>
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