<?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>S2448-718X2021000401043</article-id>
<article-id pub-id-type="doi">10.20430/ete.v88i352.1357</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inversión pública y privada en México: ¿motores complementarios del crecimiento económico?]]></article-title>
<article-title xml:lang="en"><![CDATA[Public and private investment in Mexico: ¿Complementary engines of economic growth?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez Cruz]]></surname>
<given-names><![CDATA[Francisco Salvador]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moreno Brid]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Gómez]]></surname>
<given-names><![CDATA[Joaquín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,&gt;Universidad Nacional Autónoma de México Posgrado de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,&gt;Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of New York  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>EUA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>88</volume>
<numero>352</numero>
<fpage>1043</fpage>
<lpage>1071</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2021000401043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2021000401043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2021000401043&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente artículo analiza la evolución de la formación bruta de capital fijo en México, en especial, las interacciones entre la privada y la pública, y su relación con el ritmo de crecimiento económico en el periodo de 1960 a 2018. El trabajo está organizado de la siguiente forma. La introducción presenta en detalle el propósito del estudio. La sección I examina la discusión teórica en torno a la inversión pública y la privada, así como sus interrelaciones complementarias o competitivas. La siguiente sección presenta la metodología seguida para el análisis empírico; explica aspectos clave en la construcción de las series de datos que se realizaron, siempre con base en fuentes oficiales. Como ahí se explica, el análisis empírico cubrió dos esfuerzos complementarios de validación: el primero se basa en modelos contables de flujos de fondos para el cálculo de multiplicadores keynesianos de la inversión sobre el producto interno bruto (PIB), para subperiodos seleccionados: 1) la etapa de industrialización liderada por el Estado (1960-1981) y 2) la de reformas de mercado ya en plena operación (1988-2018). El segundo esfuerzo recurrió a la econometría moderna de series de tiempo -sobra decir que se basan en los mismos datos del primer ejercicio- a fin de conmensurar las interrelaciones entre la inversión privada y la pública en la trayectoria de crecimiento de la economía mexicana. Las conclusiones se presentan en la última sección, mismas que, a nuestro juicio, aportan insumos relevantes para entender mejor la interacción entre la inversión privada y la pública en el proceso de crecimiento económico de México, y con ello, quizá, para diseñar mejor una agenda de desarrollo encaminada a sacar al país de la trampa de lento crecimiento en la que lleva sumido décadas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article analyzes the evolution of gross fixed capital formation in Mexico, and especially the interactions between private and public ones, and its relationship with the rate of economic growth in the 1960-2018 period. The work is organized in the following way. The introduction presents the purpose of the study in detail. Section I examines the theoretical discussion around public and private investment and their complimentary or competitive interrelationships. The following section presents the methodology used here for the empirical analysis, it explains key aspects in the construction of the data series that were carried out, always based on official sources. As explained there, the empirical analysis covered two complementary validation efforts: The first is based on cash flow accounting models to calculate &#8220;Keynesian&#8221; multipliers of investment over the gross domestic product (GDP), for selected sub-periods: 1) the state-led industrialization stage (1960-1981), and 2) the stage of market reforms already in full operation (1988-2018). The second effort resorted to modern time series econometrics-it goes without say that are based on the same data from the first exercise-to balance the interrelationships between private and public investment in the growth trajectory of the Mexican economy. The conclusions are presented in the last section, which, in our opinion, provide relevant inputs to better understand the interaction of private and public investment in Mexico&#8217;s economic growth process, and with this, perhaps, to better design an agenda development to get the country out of the slow-growth trap in which it has been plunged for decades.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="es"><![CDATA[inversión pública]]></kwd>
<kwd lng="es"><![CDATA[inversión privada]]></kwd>
<kwd lng="es"><![CDATA[formación bruta de capital fijo]]></kwd>
<kwd lng="es"><![CDATA[exportaciones]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="en"><![CDATA[public investment]]></kwd>
<kwd lng="en"><![CDATA[private investment]]></kwd>
<kwd lng="en"><![CDATA[gross fixed capital formation]]></kwd>
<kwd lng="en"><![CDATA[exports]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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