<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552022000200089</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2022v37n95/dominguez</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inflación en el mercado accionario mexicano 2009-2019: efectos de los flujos de inversión]]></article-title>
<article-title xml:lang="en"><![CDATA[Inflation in the Mexican stock market 2009-2019: the impact of investment flows]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Domínguez Blancas]]></surname>
<given-names><![CDATA[Christian Said]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Reyes]]></surname>
<given-names><![CDATA[Luis Raúl]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Occidente  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Occidente  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<volume>37</volume>
<numero>95</numero>
<fpage>89</fpage>
<lpage>104</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552022000200089&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552022000200089&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552022000200089&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La hipótesis de este trabajo es que los flujos de capitales crean inflación en el mercado accionario mexicano, lo que se asocia a condiciones de inestabilidad que obstaculizan el financiamiento de la inversión productiva. Los resultados de un modelo de rezagos distribuidos (ARDL) para el periodo 2009-2019 indican que la inversión extranjera de renta variable crea inflación en el precio de las acciones. En cambio, los flujos de recursos de los fondos para el retiro se relacionan de manera negativa, funcionando como amortiguadores ante la salida de flujos de inversión extranjera, debido a una estrategia de inversión de largo plazo. Estos resultados constituyen evidencia para abrir una línea de investigación sobre el diseño de políticas financieras que potencien el papel de los fondos para el retiro en el financiamiento de largo plazo del sector productivo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Our hypothesis is that capital flows create inflationary processes in the Mexican securities market, which is theoretically associated with instability conditions that hinder the financing of real investment. Results of a distributed-lag model (ARDL), applied to the period 2009-2019, indicate that foreign equity investment is positively related to the deviation of share prices from their long-term inflation trend, providing an empirical proof of stock market inflation. Meanwhile, flows coming from the Mexican retirement funds are negatively related, functioning as price market shock-absorbers, arguably because of its long run investment strategy. These findings constitute evidence to open a research agenda on financial policies to improve the contribution of retirement funds in the productive sector financing.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Ahorro para el Retiro]]></kwd>
<kwd lng="es"><![CDATA[Inflación en Activos Financieros]]></kwd>
<kwd lng="es"><![CDATA[Inversión Extranjera]]></kwd>
<kwd lng="es"><![CDATA[Mercado de Capitales]]></kwd>
<kwd lng="en"><![CDATA[Financial Assets Inflation]]></kwd>
<kwd lng="en"><![CDATA[Foreign Investment]]></kwd>
<kwd lng="en"><![CDATA[Retirement Funds]]></kwd>
<kwd lng="en"><![CDATA[Stock Market]]></kwd>
</kwd-group>
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