<?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>0186-7202</journal-id>
<journal-title><![CDATA[Estudios Económicos (México, D.F.)]]></journal-title>
<abbrev-journal-title><![CDATA[Estud. Econ. (México, D.F.)]]></abbrev-journal-title>
<issn>0186-7202</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de México A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-72022019000200275</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Differences in the interest rates of microfinance institutions in some markets economies: an HLM approach]]></article-title>
<article-title xml:lang="es"><![CDATA[Diferencias en las tasas de interés entre instituciones financieras de algunas economías emergentes: un enfoque HLM]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez Rocha]]></surname>
<given-names><![CDATA[Adriana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bernal Ponce]]></surname>
<given-names><![CDATA[L. Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cervantes Zepeda]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>34</volume>
<numero>2</numero>
<fpage>275</fpage>
<lpage>307</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-72022019000200275&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-72022019000200275&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-72022019000200275&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In this study, we analyzed the differences in the interest rates of micro-finance institutions (MFIs) of some countries in Latin America, Africa, Eastern Europe and Asia. We found that the operating expenses are essential drivers of these interest rates. We also found that operating expenses, average loan per borrower, real growth GDP, and govern ment effectiveness, are key factors that explain differences in interest rates. We use apply Hierarchical Linear Modeling (HLM) to analyze these differences.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Se analizan las diferencias en las tasas de interés entre las instituciones microfinancieras (IMFs) de algunos países de Latinoamérica, Africa, Europa del Este y Asia. Encontramos que los gastos operativos son factores esenciales en las tasas de interés de las IMFs. Ademas, se encontró que dichos gastos, el tamaño promedio del préstamo, el crecimiento del PIB y la efectividad en la gobernanza son factores clave para explicar por que las tasas de interés son mas altas en unos países que en otros. Como metodología se utilizo la modelacion jerárquica lineal (HLM).]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[instituciones microfinancieras]]></kwd>
<kwd lng="es"><![CDATA[tasas de interés IMFs]]></kwd>
<kwd lng="es"><![CDATA[modelación jerarquica lineal]]></kwd>
<kwd lng="es"><![CDATA[efectividad del gobierno]]></kwd>
<kwd lng="es"><![CDATA[economías emergentes]]></kwd>
<kwd lng="es"><![CDATA[G21]]></kwd>
<kwd lng="es"><![CDATA[E43]]></kwd>
<kwd lng="es"><![CDATA[C55]]></kwd>
<kwd lng="en"><![CDATA[microfinance institutions]]></kwd>
<kwd lng="en"><![CDATA[IMFs interest rates]]></kwd>
<kwd lng="en"><![CDATA[hierarchical linear modeling]]></kwd>
<kwd lng="en"><![CDATA[government effectiveness]]></kwd>
<kwd lng="en"><![CDATA[emerging markets economies]]></kwd>
<kwd lng="en"><![CDATA[G21]]></kwd>
<kwd lng="en"><![CDATA[E43]]></kwd>
<kwd lng="en"><![CDATA[C55]]></kwd>
</kwd-group>
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