<?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>S1665-53462024000200005</article-id>
<article-id pub-id-type="doi">10.21919/remef.v19i2.981</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The interest rate pass-through by loan size: Evidence for Mexico, 2011-2019]]></article-title>
<article-title xml:lang="es"><![CDATA[El traspaso de la tasa de interés según el tamaño de los préstamos: Evidencia para México, 2011-2019]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cotler]]></surname>
<given-names><![CDATA[Pablo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carrillo]]></surname>
<given-names><![CDATA[Rodrigo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Iberoamericana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<volume>19</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462024000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462024000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462024000200005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper measures the impact of changes in the central bank's reference rate on bank lending rates at both the aggregate level and by loan size. Our data come from the payroll and personal loan markets in Mexico for the period comprising 2011 to 2019. We use an autoregressive model with distributed lags, which allows for the possibility of asymmetric effects. The results show, among other findings, that the pass-through is small; it is not necessarily positive; asymmetric behaviour cannot be ruled out; and, its value depends on the loan size. These results imply that the effectiveness of monetary policy is weakened, in addition to the fact that the reaction of banks to changes in the target interest rate may have distributional implications. The originality of the paper lies in the grouping of interest rates by loan size and the use of a methodology that allows us to assess the existence of asymmetries. Its main shortcoming is the lack of data regarding the characteristics of the borrowers.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este documento mide el impacto de los cambios en la tasa de referencia del banco central sobre las tasas de préstamos bancarios tanto a nivel agregado como por tamaño de préstamo. Nuestros datos provienen de los mercados de préstamos de nómina y personales en México para el periodo que comprende de 2011 a 2019. Utilizamos un modelo autorregresivo con rezagos distribuidos, que permite la posibilidad de efectos asimétricos. Los resultados muestran, entre otros hallazgos, que el traspaso es pequeño; no es necesariamente positivo; no se puede descartar un comportamiento asimétrico; y, su valor depende del tamaño del préstamo. Estos resultados implican una reducción de la eficacia de la política monetaria, además de que la reacción de los bancos a los cambios en el tipo de interés objetivo puede tener implicaciones distributivas. La originalidad del trabajo radica en la agrupación de las tasas de interés por tamaño de préstamo y en el uso de una metodología que permite evaluar la existencia de asimetrías. Su principal limitante es la falta de información concerniente a las características socioeconómicas de los deudores.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[interest rates]]></kwd>
<kwd lng="en"><![CDATA[payroll and personal loans]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="es"><![CDATA[tasas de interés]]></kwd>
<kwd lng="es"><![CDATA[préstamos personales y de nómina]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
</kwd-group>
</article-meta>
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