<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462021000300003</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i3.671</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La pandemia Covid-19, la crisis financiera y la dinámica (Overshooting) del tipo de cambio]]></article-title>
<article-title xml:lang="en"><![CDATA[The Covid-19 Pandemic, the Financial crisis and the Dynamic (Overshooting) of the Exchange Rate]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Landa Díaz]]></surname>
<given-names><![CDATA[Heri Oscar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cerezo García]]></surname>
<given-names><![CDATA[Verónica]]></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 Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000300003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Nuestro objetivo es analizar la dinámica del tipo de cambio ante las políticas expansivas adoptadas por varios países para confrontar choques exógenos durante el periodo 2000:01-2020:03. Nuestros resultados, fundamentados en un modelo ARDL y funciones de impulso-respuesta, confirman la presencia de overshooting en Corea, México, Reino Unido y Estados Unidos. En Alemania, Japón y Brasil no encontramos evidencia de overshooting, probablemente debido al carácter semifijo del euro, la reprimarización de la economía brasileña y el estancamiento con deflación de Japón. Nuestra contribución original y conclusión más importante consiste en que las políticas expansivas para paliar la crisis financiera de 2007/08 y la inducida por el Covid-19 afectan la dinámica del tipo de cambio, lo cual implica efectos significativos en: la deuda externa, la hoja de balance de los sectores institucionales, la balanza de pagos y el crecimiento económico. Es recomendable que los gobiernos adopten medidas para contrapesar estos desequilibrios. Las limitaciones de nuestro estudio estriban en que, por ausencia de suficientes datos, no estimamos la magnitud del impacto del overshooting inducido por la pandemia en estas últimas variables.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim of this paper is to analyze the dynamics of the exchange rate (E) in the face of expansionary policies undertaken to cope with external shocks over the period 2000: 01-2020: 03. Our results, based on an ARDL model and impulse-response functions, confirm evidence of overshooting of E in South Korea, Mexico, the United Kingdom and the United States, while in Germany, Brazil and Japan no such evidence was found; perhaps this is due to the semi-fixed nature of the euro, the reprimarization of the Brazilian trade structure and Japan&#8217;s stagnation cum deflation. Our original contribution and main conclusion is that expansionary policies undertaken to tame the effects of both the 2007/08 financial crisis and the Covid-19 pandemic act upon the dynamics of E, in turn implying significant effects on: foreign debt, institutional sectors&#8217; balance sheets, balance of payments and economic growth. Hence governments should adopt countervailing measures, it is highly recommended. Lack of sufficient data to estimate the impact of E overshooting, triggered by the Covid-19, on the latter variables is the main shortcoming of the paper.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Covid-19]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[overshooting]]></kwd>
<kwd lng="en"><![CDATA[Covid-19]]></kwd>
<kwd lng="en"><![CDATA[financial crisis]]></kwd>
<kwd lng="en"><![CDATA[exchange rate]]></kwd>
<kwd lng="en"><![CDATA[overshooting]]></kwd>
</kwd-group>
</article-meta>
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