<?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>2448-7678</journal-id>
<journal-title><![CDATA[Investigación administrativa]]></journal-title>
<abbrev-journal-title><![CDATA[Investig. adm.]]></abbrev-journal-title>
<issn>2448-7678</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Escuela Superior de Comercio y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-76782022000100005</article-id>
<article-id pub-id-type="doi">10.35426/iav51n129.05</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Dependencia del Índice de Bonos de Mercados Emergentes en Sudeste Asiático]]></article-title>
<article-title xml:lang="en"><![CDATA[Dependence on the Emerging Markets Bond Index in Southeast Asia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gurrola-Ríos]]></surname>
<given-names><![CDATA[César]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bucio-Pacheco]]></surname>
<given-names><![CDATA[Christian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santillán-Salgado]]></surname>
<given-names><![CDATA[Roberto Joaquín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Juárez del Estado de Durango Facultad de Economía, Contaduría y Administración ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma del Estado de México Unidad Académica Profesional Huehuetoca ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma de Nuevo León Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>51</volume>
<numero>129</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-76782022000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-76782022000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-76782022000100005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo es analizar relaciones de dependencia dinámica en el riesgo-país del sudeste asiático, reconociendo un comportamiento no-lineal, con dependencia asintótica y valores extremos. El método de investigación emplea el enfoque de cópulas para estudiar los índices de bonos de mercados emergentes (EMBI, por sus siglas en inglés emerging market bond index) de China, Filipinas, Indonesia, Malasia, Sri-Lanka y Vietnam entre febrero-2013 y marzo-2020. Los resultados empíricos confirman cambios variantes en las estructuras de dependencia cuya dinámica se estima mediante ventanas rodantes de 252 días. Los hallazgos permiten identificar los momentos de cambio de tales relaciones, así como reafirmar la supremacía regional del mercado chino. La originalidad del estudio, al contemplar elementos característicos de series financieras en mercados emergentes, reside en que puede servir en la elaboración de portafolios diversificados. El carácter subregional de la muestra utilizada limita la validez externa de las conclusiones.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The objective is to analyze dynamic dependency relationships in the country risk of Southeast Asia. Under the assumption of non-linear behavior, the research method uses the copula approach with asymptotic dependence and extreme values to study the EMBIs (Emerging Market Bond Index) of China, the Philippines, Indonesia, Malaysia, Sri-Lanka, and Vietnam between February-2013 and March-2020. The empirical results confirm the variant changes in the dependency structures whose dynamics via rolling windows of 252 days. The findings allow us to identify the moments of change in the dependency structure of the EMBIs and rea&#64259;rm the regional supremacy of the Chinese market. The originality of the study, when contemplating characteristic elements of financial series in emerging markets, lies in the fact that it can serve agents interested in the preparation of diversified portfolios. The sub-regional nature of the sample used limits the external validity of the conclusions.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[EMBI]]></kwd>
<kwd lng="es"><![CDATA[riesgo país]]></kwd>
<kwd lng="es"><![CDATA[cópulas]]></kwd>
<kwd lng="es"><![CDATA[relaciones de dependencia]]></kwd>
<kwd lng="es"><![CDATA[Asociación de Naciones del Sudeste Asiático]]></kwd>
<kwd lng="es"><![CDATA[C15]]></kwd>
<kwd lng="es"><![CDATA[F02]]></kwd>
<kwd lng="es"><![CDATA[F36]]></kwd>
<kwd lng="es"><![CDATA[G11]]></kwd>
<kwd lng="es"><![CDATA[G15]]></kwd>
<kwd lng="en"><![CDATA[EMBI]]></kwd>
<kwd lng="en"><![CDATA[country risk]]></kwd>
<kwd lng="en"><![CDATA[copulas]]></kwd>
<kwd lng="en"><![CDATA[dependence]]></kwd>
<kwd lng="en"><![CDATA[Association of Southeast Asian Nations]]></kwd>
<kwd lng="en"><![CDATA[C15]]></kwd>
<kwd lng="en"><![CDATA[F02]]></kwd>
<kwd lng="en"><![CDATA[F36]]></kwd>
<kwd lng="en"><![CDATA[G11]]></kwd>
<kwd lng="en"><![CDATA[G15]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Anh]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Hang]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Anh]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Assesing Financial Market Integration in Vietnam: A price - Based Approach]]></article-title>
<source><![CDATA[Academic Journal of Interdisciplinary Studies]]></source>
<year>2020</year>
<volume>9</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chaieb]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Errunza]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Gibson]]></surname>
<given-names><![CDATA[B. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring Sovereign Bond Market Integration]]></article-title>
<source><![CDATA[The Review of Financial Studies]]></source>
<year>2020</year>
<volume>33</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>3446-91</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chernov]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Creal]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Höedahl]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Sovering credit and exchange rate risks: Evidence from ASIA- Pacific local currency bonds]]></source>
<year>2020</year>
<numero>27500</numero>
<issue>27500</issue>
<page-range>1-58</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cuong]]></surname>
<given-names><![CDATA[H. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Van u]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Trang]]></surname>
<given-names><![CDATA[T. T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of foreign direct investment inflows into asean countries: a GLS estimation technique approach]]></article-title>
<source><![CDATA[External Economics Review]]></source>
<year>2018</year>
<numero>101</numero>
<issue>101</issue>
<page-range>3-21</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Duong]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Huynh]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tail dependence in emerging ASEAN-6 equity markets: empirical evidence from quantitative approaches]]></article-title>
<source><![CDATA[Financial Innovation]]></source>
<year>2020</year>
<volume>6</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1-26</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Horn]]></surname>
<given-names><![CDATA[M. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Hoang]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Emmel]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Lahmann]]></surname>
<given-names><![CDATA[A. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gatzer]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmidt]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Country Risk-Cost of Equity Measurement: Methodologies and Implications]]></article-title>
<source><![CDATA[Corporate Finance: Finanzierung, Kapitalmarkt, Bewertung, Mergers &amp; Acquisitions]]></source>
<year>2017</year>
<numero>09-10</numero>
<issue>09-10</issue>
<page-range>292-301</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kumamoto]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhuo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Government Bond Market Integration in ASEAN Countries]]></article-title>
<source><![CDATA[Asian Economic and Financial Review]]></source>
<year>2020</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>289-312</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[H. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas]]></surname>
<given-names><![CDATA[M. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Gurrola]]></surname>
<given-names><![CDATA[R. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[EMBI+ México y su relación dinámica con otros factores de riesgo sistemático: 1997-2011]]></article-title>
<source><![CDATA[Estudios Económicos]]></source>
<year>2013</year>
<volume>28</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>193-216</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[S. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Huynh]]></surname>
<given-names><![CDATA[T. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portafolio optimization from a Copulas - GJR-GARCH-EVT-CVAR model: Empirical evidence from ASEAN stock indexes]]></article-title>
<source><![CDATA[Quantitative Finance and Economics]]></source>
<year>2019</year>
<volume>3</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>562-85</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pongkongkaew]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Wannapan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Chaitip]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Chaiboonsri]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modeling Dependence Structure of Evidence from ASEAN-5 Stock Market Patterns]]></article-title>
<source><![CDATA[International Journal of Economics and Management]]></source>
<year>2020</year>
<volume>14</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>81-94</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rivas-Tovar]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Normas Apa]]></source>
<year>2021</year>
<edition>7 Edición: Estructura, Citas y Referencias</edition>
<conf-name><![CDATA[ Memorias de Seminario de Escritura Científica]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodríquez]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gurrola]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[López Herrera]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dependencia de los mercados de valores de Argentina, Brasil y México respecto del estadounidense: Covid19 y otras crisis financieras recientes]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2021</year>
<volume>16</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1-18</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Selvarajan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ab-Rahim]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Integration and Economic Growth: Should Asia Emulate Europe?]]></article-title>
<source><![CDATA[Journal of Economic Integration]]></source>
<year>2020</year>
<volume>35</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>191-213</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taningco]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ASEAN Bond Market Integration: What Drives Cross-Border Bond Investment in ASEAN?]]></article-title>
<source><![CDATA[DLSU Business &amp; Economics Review]]></source>
<year>2018</year>
<volume>27</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>15-22</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vianna]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Mollick]]></surname>
<given-names><![CDATA[A. V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Threshold e&#64256;ects of terms of trade on Latin American growth]]></article-title>
<source><![CDATA[Economic Systems]]></source>
<year>2021</year>
<volume>45</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
