<?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>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362022000300155</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2022.210.69800</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Sector financiero y crecimiento liderado por las exportaciones. El caso de México, 1995-2020]]></article-title>
<article-title xml:lang="en"><![CDATA[Financial sector and export-led growth: Mexico, 1995-2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lechuga Montenegro]]></surname>
<given-names><![CDATA[Jesús]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valdés Iglesias]]></surname>
<given-names><![CDATA[Edson]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  Departamento de Economía]]></institution>
<addr-line><![CDATA[Azcapotzalco Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Veracruzana Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<volume>53</volume>
<numero>210</numero>
<fpage>155</fpage>
<lpage>180</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362022000300155&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362022000300155&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362022000300155&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es analizar el papel de la Inversión Extranjera Directa (IED) y el Crédito Bancario al Sector Industrial (CBSI) como factores de expansión del sector productivo en México durante el periodo 1995-2020, en la transición de una economía con alta protección arancelaria a una economía abierta, bajo el postulado teórico generalmente aceptado de que la represión financiera impedía el libre flujo de la inversión; escenario desfavorable para una industria que empezaba a reconfigurarse en el marco de un modelo secundario exportador. Se empleó un modelo de cambio de régimen de Markov y un modelo de Vectores de Corrección de Error (VECM). Los modelos seleccionados no reflejan relación alguna de causalidad del sector financiero al sector real o viceversa.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article seeks to analyze the role of Foreign Direct Investment (FDI) and bank credit to the industrial sector as expansion factors for the productive sector in Mexico from 1995 to 2020. During this period, Mexico was transitioning from an economy with high tariff protection to an open economy, under the generally accepted theoretical postulate that financial repression impeded the free flow of investment. This scenario was unfavorable for an industry that was beginning to reconfigure itself within the framework of a secondary export model. Analysis was conducted using a Markov regime switching model and an Error Correction Vector Model (ECVM). The selected models do not reveal any causal relationship from the financial sector to the real sector or vice versa.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Crédito Bancario al Sector Industrial (CBSI)]]></kwd>
<kwd lng="es"><![CDATA[restricción financiera]]></kwd>
<kwd lng="es"><![CDATA[Inversión Extranjera Directa (IED)]]></kwd>
<kwd lng="es"><![CDATA[Markov-Switching]]></kwd>
<kwd lng="en"><![CDATA[Bank Credit to the Industrial Sector (BCIS)]]></kwd>
<kwd lng="en"><![CDATA[financial constraint]]></kwd>
<kwd lng="en"><![CDATA[Foreign Direct Investment (FDI)]]></kwd>
<kwd lng="en"><![CDATA[Markov-Switching]]></kwd>
</kwd-group>
</article-meta>
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