<?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>1870-3550</journal-id>
<journal-title><![CDATA[Norteamérica]]></journal-title>
<abbrev-journal-title><![CDATA[Norteamérica]]></abbrev-journal-title>
<issn>1870-3550</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Centro de Investigaciones sobre América del Norte]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-35502018000100149</article-id>
<article-id pub-id-type="doi">10.20999/nam.2018.a005</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Causas de la depreciación del peso mexicano frente al dólar estadunidense, 2014-2016]]></article-title>
<article-title xml:lang="en"><![CDATA[Causes of the Depreciation of the Mexican Peso against the U.S. Dollar, 2014-2016]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Reyes Guzmán]]></surname>
<given-names><![CDATA[Gerardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad La Salle Bajío Facultad de Negocios ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>13</volume>
<numero>1</numero>
<fpage>149</fpage>
<lpage>168</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-35502018000100149&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-35502018000100149&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-35502018000100149&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El presente artículo analiza las causas que detonaron la depreciación severa del peso mexicano durante el periodo 2014-2016. Destaca el papel de los fenómenos de coyuntura en Estados Unidos, como el comienzo de una política monetaria contractiva en la Reserva Federal, así como el triunfo de Donald Trump y su política proteccionista hacia México. Para explicar la dinámica de la depreciación en el corto plazo, se usa el modelo monetario-cambiario básico que nos ilustra sobre el comportamiento del tipo de cambio bajo un régimen de flexibilidad y libre circulación de capitales. Los datos mensuales utilizados respaldan la lógica del modelo y se concluye que la política monetaria y fiscal de Estados Unidos seguirá ejerciendo presión en contra del peso mexicano, pero sin que esto se traduzca en una recesión.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article looks into the causes that triggered the severe depreciation of Mexico&#8217;s peso between 2014 and 2016. It focuses on the role of restrictive U.S. monetary policy in this, as well as on Donald Trump&#8217;s victory and his protectionist trade policy toward Mexico. The author uses the monetary approach to explain the short-term dynamics of depreciation to examine exchange rate performance under a flexible regime with a free flow of capital. The monthly data shown back up the logic of this model, and the author concludes that U.S. monetary and fiscal policies will continue to pressure Mexico&#8217;s currency, but not lead to recession.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[depreciación del tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[política monetaria de la Reserva Federal]]></kwd>
<kwd lng="es"><![CDATA[política comercial de Estados Unidos]]></kwd>
<kwd lng="es"><![CDATA[Donald Trump]]></kwd>
<kwd lng="en"><![CDATA[exchange rate depreciation]]></kwd>
<kwd lng="en"><![CDATA[Federal Reserve monetary policy]]></kwd>
<kwd lng="en"><![CDATA[U.S. trade policy]]></kwd>
<kwd lng="en"><![CDATA[Donald Trump]]></kwd>
</kwd-group>
</article-meta>
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