<?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>S0301-70362023000300133</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2023.214.69985</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes del tipo de cambio en México: el enfoque de equilibrio de cartera]]></article-title>
<article-title xml:lang="en"><![CDATA[Determinants of the exchange rate in Mexico: the portfolio balance approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Landa Díaz]]></surname>
<given-names><![CDATA[Heri O.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Iztapalapa ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>54</volume>
<numero>214</numero>
<fpage>133</fpage>
<lpage>158</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362023000300133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362023000300133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362023000300133&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo del presente trabajo es examinar las determinantes del tipo de cambio, tomando como base el modelo de equilibrio de cartera. Mediante el modelo Autorregresivo con Rezagos Distribuidos (ARDL) se prueba empíricamente el efecto de los activos externos netos privados, además de los factores tradicionales sobre la dinámica cambiaria en México durante el periodo 1990-2019. Los principales resultados sugieren que: i) el enfoque de cartera constituye un sistema consistente para explicar el comportamiento del tipo de cambio; ii) el aumento de los diferenciales de la actividad económica y la tasa interés inducen una apreciación del tipo de cambio; iii) un incremento de la brecha de inflación y de los activos externos netos privados provocan una depreciación.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper aims to examine the determinants of the exchange rate based on the portfolio balance model. Using the Autoregressive Distributed Lag Model (ARDL), we empirically evaluate the effect of private net foreign assets and the traditional factors affecting the exchange rate dynamics in Mexico from 1990-2019. The main results suggest that:i)the portfolio approach constitutes a consistent system to explain the behavior of the exchange rate;ii)an increase in economic activity and interest rate differentials triggers an appreciation of the exchange rate;iii)an increase in the inflation gap and private net foreign assets causes a depreciation.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[determinantes del tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[modelo de equilibrio de cartera]]></kwd>
<kwd lng="es"><![CDATA[modelo ARDL]]></kwd>
<kwd lng="en"><![CDATA[exchange rate determinants]]></kwd>
<kwd lng="en"><![CDATA[portfolio balance model]]></kwd>
<kwd lng="en"><![CDATA[ARDL model]]></kwd>
</kwd-group>
</article-meta>
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