<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2017000400899</article-id>
<article-id pub-id-type="doi">10.20430/ete.v84i336.610</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estimación de un índice de condiciones financieras para México]]></article-title>
<article-title xml:lang="en"><![CDATA[Estimation of a Financial Conditions Index for Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Armendáriz]]></surname>
<given-names><![CDATA[Thelma]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[Claudia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>84</volume>
<numero>336</numero>
<fpage>899</fpage>
<lpage>946</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2017000400899&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2017000400899&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2017000400899&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Antecedentes:  Una herramienta que ha sido ampliamente usada para identificar el estado que guardan las condiciones financieras en un país son los índices de condiciones financieras. Éstos sintetizan la información de diferentes variables en un solo indicador, lo que permite identificar el comportamiento general de las condiciones financieras de manera oportuna y condensada.  Metodología:  Construimos y analizamos, mediante la metodología de componentes principales, un índice de condiciones financieras (ICF) para México. Para ello incluimos 30 variables relacionadas con el comportamiento de los mercados financieros, clasificadas en nueve grupos: tasas de corto y largo plazos; mercado cambiario, mercado bursátil, mercado de derivados y mercado crediticio; primas de riesgo; deuda privada; y expectativas de inflación.  Resultados:  Los resultados muestran que este ICF capta adecuadamente momentos de astringencia en los mercados financieros en México, como la crisis financiera de 2008-2009, la crisis en Europa a mediados de 2011, el inicio de la discusión del retiro del estímulo monetario en los Estados Unidos en la segunda mitad de 2013, entre otros.  Conclusión:  El ICF propuesto para México funciona como herramienta para monitorear la evolución del estrés financiero e identificar en qué componentes de los mercados financieros existen señales de astringencia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Background:  A tool that has been widely used to identify the state of financial conditions in a country are the financial conditions indexes. They synthesize information from different variables in a single indicator allowing to determine the general behavior of financial conditions in a timely and condensed manner.  Method:  We construct and analyze a Financial Conditions Index (FCI) for Mexico using the principal components methodology. Accordingly, we included 30 variables related to the behavior of the financial markets. We classified them into nine groups: short and long-term interest rates; foreign exchange, stock, derivative, and credit markets; risk premium; private debt; and inflation expectations.  Results:  The results show that this FCI adequately captures moments of astringency in financial markets in Mexico, such as the financial crisis of 2008-2009, the crisis in Europe in mid-2011, the beginning of the &#8220;tapering talk&#8221; in the United States in the second half of 2013, among others.  Conclusion:  The proposed FCI for Mexico works as a tool to supervise the evolution of the financial stress and to identify in which components of the financial markets there are signs of astringency.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[índice de condiciones financieras]]></kwd>
<kwd lng="es"><![CDATA[componentes principales]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="en"><![CDATA[Financial conditions index]]></kwd>
<kwd lng="en"><![CDATA[principal components]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
</kwd-group>
</article-meta>
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