<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422017000501591</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2017.07.001</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Disciplina de mercado en el sistema bancario centroamericano]]></article-title>
<article-title xml:lang="en"><![CDATA[Market discipline in the Central American banking system]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tovar-García]]></surname>
<given-names><![CDATA[Edgar Demetrio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Panamericana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2017</year>
</pub-date>
<volume>62</volume>
<numero>spe5</numero>
<fpage>1591</fpage>
<lpage>1609</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422017000501591&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422017000501591&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422017000501591&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Se verifica empíricamente la hipótesis de disciplina de mercado en el sistema bancario centroamericano. Se contrasta si los bancos más riesgosos (con peores fundamentales bancarios) pagan tasas de interés más altas y reciben menores cantidades de depósitos. Se utiliza el método general de momentos para modelos dinámicos con datos de panel (el estimador SYS GMM) y una muestra de 30 bancos de seis países centroamericanos durante el periodo 2008-2012. A diferencia de la mayor parte de la literatura empírica previa, particularmente para países desarrollados, en Centroamérica no se encontró evidencia de disciplina de mercado. Los resultados son robustos a varios indicadores de los fundamentales bancarios, al efecto de la demanda interna de capital del banco y a otros métodos econométricos. Estos hallazgos indican debilidades en la política de revelación de información bancaria.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The hypothesis of market discipline is empirically verified in the Central American banking system. A contrast is carried out on whether the riskier banks (the ones with the worst banking fundamentals) pay higher interest rates and receive smaller amounts in deposits. The generalized method of moments is used for dynamic panel data models (the SYS GMM estimator), as well as a sample of 30 banks from six Central American countries during the 2008-2012 period. Unlike the majority of the previous empirical literature, specifically for developed countries, no evidence of market discipline was found in Central America. The results are robust for several indicators of the banking fundamentals for purposes of internal demand of bank capital, and for other econometric models. These findings indicate weaknesses in the bank policy regarding the disclosure of information.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Disciplina de mercado]]></kwd>
<kwd lng="es"><![CDATA[Mercado interno de capital]]></kwd>
<kwd lng="es"><![CDATA[Mercado de depósitos]]></kwd>
<kwd lng="es"><![CDATA[Riesgo bancario]]></kwd>
<kwd lng="es"><![CDATA[Centroamérica]]></kwd>
<kwd lng="es"><![CDATA[E59;G21;G39]]></kwd>
<kwd lng="en"><![CDATA[Market discipline]]></kwd>
<kwd lng="en"><![CDATA[Internal capital market]]></kwd>
<kwd lng="en"><![CDATA[Deposit market]]></kwd>
<kwd lng="en"><![CDATA[Bank risk]]></kwd>
<kwd lng="en"><![CDATA[Central America]]></kwd>
<kwd lng="en"><![CDATA[E59]]></kwd>
<kwd lng="en"><![CDATA[G21]]></kwd>
<kwd lng="en"><![CDATA[G39]]></kwd>
</kwd-group>
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