<?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>1870-2171</journal-id>
<journal-title><![CDATA[Panorama económico (Ciudad de México)]]></journal-title>
<abbrev-journal-title><![CDATA[Panor. econ. (Ciudad de México)]]></abbrev-journal-title>
<issn>1870-2171</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Coordinación de Publicaciones de la  Escuela Superior de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-21712020000100007</article-id>
<article-id pub-id-type="doi">10.29201/pe-ipn.v15i30.248</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Precio del petróleo, los fundamentales y el tipo de cambio en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Oil price, the fundamentals and the exchange rate in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Vargas]]></surname>
<given-names><![CDATA[Armando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Perrotini Hernández]]></surname>
<given-names><![CDATA[Ignacio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Instituto de Investigaciones Económicas ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>15</volume>
<numero>30</numero>
<fpage>7</fpage>
<lpage>26</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-21712020000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-21712020000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-21712020000100007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En el artículo ofrecemos evidencia empírica para México sobre el canal de impacto directo e indirecto que tienen los precios del crudo en las variaciones del tipo de cambio. Empleamos datos de series de tiempo trimestrales para el periodo entre 1997-2019, y utilizamos un sistema de ecuaciones simultáneas cointegrado. Nuestros resultados sugieren que un aumento en el precio del crudo produce una apreciación cambiaria (canal directo), así mismo, la mejora en el precio del petróleo hace que incrementen los ingresos del gobierno -vía ingresos petroleros-, lo que provoca una mejora en el balance fiscal y esto a su vez provoca una depreciación de la paridad cambiaria (canal indirecto).]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In this article we offer empirical evidence about the direct and indirect impact channel that crude oil prices have on exchange rate variations in Mexico. We use quarterly time series data for the period between 1997 and 2019 and a system of simultaneous co-integrated equations. Our results suggest that an increase in the price of crude oil produces a foreign exchange appreciation (direct channel); likewise, this rise in the price of oil increases government revenues - via oil revenues -, which causes an improvement in the fiscal balance and, in turn, causes an appreciation of the exchange rate (indirect channel).]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[modelo de ecuaciones simultáneas]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[precio del petróleo]]></kwd>
<kwd lng="es"><![CDATA[shock de oferta]]></kwd>
<kwd lng="en"><![CDATA[simultaneous equation model]]></kwd>
<kwd lng="en"><![CDATA[exchange rate]]></kwd>
<kwd lng="en"><![CDATA[oil price]]></kwd>
<kwd lng="en"><![CDATA[supply shock]]></kwd>
</kwd-group>
</article-meta>
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