<?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>2448-8402</journal-id>
<journal-title><![CDATA[Ensayos. Revista de economía]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. Rev. econ.]]></abbrev-journal-title>
<issn>2448-8402</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma de Nuevo León, a través de la Facultad de Economía con la colaboración del Centro de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-84022020000200187</article-id>
<article-id pub-id-type="doi">10.29105/ensayos39.2-3</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Impactos monetarios sobre la rentabilidad del mercado accionario en México: Un análisis de cambio de régimen Markoviano]]></article-title>
<article-title xml:lang="en"><![CDATA[Monetary Impacts on the Mexican Stock Market Returns: A Markov Switching Approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arriaga Navarrete]]></surname>
<given-names><![CDATA[Rosalinda]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Nava]]></surname>
<given-names><![CDATA[Abigail]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Iztapalapa ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Xochimilco ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2020</year>
</pub-date>
<volume>39</volume>
<numero>2</numero>
<fpage>187</fpage>
<lpage>216</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-84022020000200187&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-84022020000200187&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-84022020000200187&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Los objetivos inflacionarios pueden verse presionados por perturbaciones y fuertes volatilidades en los mercados financieros y cambiarios. Por ello, el mercado accionario y los tipos de cambio son fundamentales en la transmisión de la política monetaria, dadas las relaciones que tienen con la demanda agregada y los precios. El presente trabajo analiza la incidencia de las variables monetarias clave en la actividad de la Bolsa Mexicana de Valores, durante el periodo 2008-2019, a través de un modelo que incorpora quiebres estructurales, y un Vector Autorregresivo con Cambio de Régimen (MS-VAR). Las estimaciones verifican la influencia de la tasa de política monetaria; las primas de riesgos de los bonos gubernamentales y corporativos; y el tipo de cambio en el mercado accionario, identificando la respuesta diferenciada ante escenarios de alta y baja volatilidad.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Inflationary targets can be pressured by disturbances and strong volatilities in the financial and exchange markets. Therefore, the stock market and exchange rates are fundamental in the transmission of monetary policy, given the relationships they have with aggregate demand and prices. This paper analyzes the incidence of the key monetary variables in the activity of the Mexican Stock Exchange, during the period 2008-2019, through a model that incorporates structural breaks, and an Autoregressive Vector with Regime Change (MS-VAR). Estimates verify the influence of the monetary policy rate; risk premiums of government and corporate bonds; and the exchange rate in the stock market, identifying the differentiated response to high and low volatility scenarios.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Política Monetaria]]></kwd>
<kwd lng="es"><![CDATA[Mercado accionario]]></kwd>
<kwd lng="es"><![CDATA[MS-VAR]]></kwd>
<kwd lng="es"><![CDATA[Volatilidad financiera]]></kwd>
<kwd lng="en"><![CDATA[Monetary Policy]]></kwd>
<kwd lng="en"><![CDATA[Stock Market]]></kwd>
<kwd lng="en"><![CDATA[MS-VAR]]></kwd>
<kwd lng="en"><![CDATA[Financial Volatility]]></kwd>
</kwd-group>
</article-meta>
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