<?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>S1665-53462023000300006</article-id>
<article-id pub-id-type="doi">10.21919/remef.v18.3.731</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A Network of two Markets, Correlations for Stocks in the S&amp;P500 Index and Stocks Traded in the BMV]]></article-title>
<article-title xml:lang="es"><![CDATA[Una Red entre dos mercados, correlaciones entre acciones en el Índice S&amp;P500 y acciones comercializadas en BMV]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Treviño Aguilar]]></surname>
<given-names><![CDATA[Erick]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Calvillo Vives]]></surname>
<given-names><![CDATA[Gilberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Heald]]></surname>
<given-names><![CDATA[Jeremy]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Guanajuato  ]]></institution>
<addr-line><![CDATA[ ]]></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>18</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462023000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462023000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462023000300006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Our goal is to study how stocks from Mexico and United States are interconnected. We apply a novel method based on a graphical model. We estimate partial correlations for every year of the period 2000-2020. Our results based on partial correlation matrices show a systematic level of inter-connectivity across countries that metrics from network theory confirm. An important difference between these countries is how sectors in each market are linked. Most sector graphs in the United States are densely interconnected. In contrast, sectors in Mexico present much less links. We then compare networks in the periods of the subprime mortgage crisis and the crisis triggered by the COVID-19 pandemic. The different propagation speeds of both crises are correctly captured by the metrics. A limitation is derived from information, and it is desirable to include actualized data in the study. The deployed novel method, which led to obtain new results, endow originality to the work. It is concluded that disaggregated data provides a promising venue of research.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Nuestro objetivo es estudiar como las acciones de México y Estados Unidos están interconectadas. Aplicamos un método novedoso basado en un modelo gráfico. Estimamos correlaciones parciales para cada año del período 2000-2020. Nuestros resultados basados en matrices de correlaciones parciales muestran un nivel sistemático de interconectividad entre países que métricas de la teoría de redes confirman. Una diferencia importante entre estos países es como los sectores en cada mercado se enlazan. La mayoría de los sectores en los Estados Unidos están densamente interconectados. En contraste, sectores en México presentan menos enlaces. Después comparamos redes en los períodos de la crisis hipotecaria subprime y la crisis originada por la pandemia COVID-19. Las diferentes velocidades de propagación de ambas crisis son correctamente capturadas por las métricas. Una limitación surge de la información y es deseable incluir datos actualizados. El novedoso método utilizado, que llevó a obtener nuevos resultados, dota de originalidad al trabajo. Se concluye que datos desagregados son una dirección de investigación prometedora.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[International Financial Markets]]></kwd>
<kwd lng="en"><![CDATA[International Trade]]></kwd>
<kwd lng="en"><![CDATA[NAFTA]]></kwd>
<kwd lng="en"><![CDATA[Stock Market]]></kwd>
<kwd lng="es"><![CDATA[Mercados Financieros Internacionales]]></kwd>
<kwd lng="es"><![CDATA[Comercio Internacional]]></kwd>
<kwd lng="es"><![CDATA[NAFTA]]></kwd>
<kwd lng="es"><![CDATA[Mercado de valores]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alter]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Beyer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The dynamics of spillover effects during the European sovereign debt turmoil]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2014</year>
<volume>42</volume>
<page-range>134-53</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andersen]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ojetre]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sorensen]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Eriksen]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Linear and Graphical Models for the Multivariate Complex Normal Distribution]]></source>
<year>1995</year>
<publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baca]]></surname>
<given-names><![CDATA[S. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Garbe]]></surname>
<given-names><![CDATA[B. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Weiss]]></surname>
<given-names><![CDATA[R. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The rise of sector effects in major equity markets]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>2000</year>
<volume>56</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>34-40</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bekaert]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asymmetric Volatility and Risk in Equity Markets]]></article-title>
<source><![CDATA[The Review of Financial Studies]]></source>
<year>2015</year>
<volume>13</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-42</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ben-David]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Franzoni]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Moussawi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do ETFs Increase Volatility?]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2018</year>
<volume>73</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>2471-535</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Black]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Noise]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1986</year>
<volume>XLI</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>529-43</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boyer]]></surname>
<given-names><![CDATA[B. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Kumagai]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Yuan]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How Do Crises Spread? Evidence from Accessible and Inaccessible Stock Indices]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2006</year>
<volume>61</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>957-1003</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Campbell]]></surname>
<given-names><![CDATA[J. Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Kyle]]></surname>
<given-names><![CDATA[A. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Smart money, noise trading and stock price behaviour]]></article-title>
<source><![CDATA[The Review of Economic Studies]]></source>
<year>1993</year>
<volume>60</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-34</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cavaglia]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Brightman]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Aked]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The increasing importance of industry factors]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>2000</year>
<volume>56</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>41-54</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cruz-Aké]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ramírez-Alatriste]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[García-Ruíz]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sincronización de fase en los mercados internacionales de capitales, evidencia de integración]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2012</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>155-73</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cutler]]></surname>
<given-names><![CDATA[D. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Poterba]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Summers]]></surname>
<given-names><![CDATA[L. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What moves stock prices?]]></article-title>
<source><![CDATA[The Journal of Portfolio Management]]></source>
<year>1989</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>4-12</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dooley]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Hutchison]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Transmission of the U.S. subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2009</year>
<volume>28</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>1331-49</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A decomposition of global linkages in financial markets over time]]></article-title>
<source><![CDATA[The Review of Economics and Statistics]]></source>
<year>2004</year>
<volume>86</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>705-22</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rigobon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[No contagion, only interdependence: Measuring stock market comovements]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2002</year>
<volume>57</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2223-61</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hanif]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Mensi]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Vo]]></surname>
<given-names><![CDATA[X. V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacts of COVID-19 outbreak on the spillovers between US and Chinese stock sectors]]></article-title>
<source><![CDATA[Finance Research Letters]]></source>
<year>2021</year>
<volume>40</volume>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jaramillo-Olivares]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Jaramillo-Jaramillo]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Crisis financiera del 2008: efecto en las empresas listadas en la Bolsa Mexicana de Valores]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2016</year>
<volume>11</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>161-77</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Johnson]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Soenen]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic integration and stock market comovement in the Americas]]></article-title>
<source><![CDATA[Journal of Multinational Financial Management]]></source>
<year>2003</year>
<volume>13</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>85-100</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jung]]></surname>
<given-names><![CDATA[W.-S.]]></given-names>
</name>
<name>
<surname><![CDATA[Chae]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[J.-S.]]></given-names>
</name>
<name>
<surname><![CDATA[Moon]]></surname>
<given-names><![CDATA[H.-T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Characteristics of the Korean stock market correlations]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2006</year>
<volume>361</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>263-71</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalbaska]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Gatkowski]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Eurozone sovereign contagion: Evidence from the CDS market (2005-2010)]]></article-title>
<source><![CDATA[Journal of Economic Behavior &amp; Organization]]></source>
<year>2012</year>
<volume>83</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>657-73</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karolyi]]></surname>
<given-names><![CDATA[G. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Stulz]]></surname>
<given-names><![CDATA[R. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Why Do Markets Move Together? An Investigation of U.S.-Japan Stock Return Comovements]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1996</year>
<volume>51</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>951-86</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kearney]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Poti]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Correlation dynamics in European equity markets]]></article-title>
<source><![CDATA[Research in International Business and Finance]]></source>
<year>2006</year>
<volume>20</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>305-21</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lahrech]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Sylwester]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[U.S. and Latin American stock market linkages]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2011</year>
<volume>30</volume>
<page-range>1341-57</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lahrech]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Sylwester]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of NAFTA on North American stock market linkages]]></article-title>
<source><![CDATA[North American Journal of Economics and Finance]]></source>
<year>2013</year>
<volume>25</volume>
<page-range>94-108</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lauritzen]]></surname>
<given-names><![CDATA[S. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Graphical Models]]></source>
<year>1996</year>
<publisher-name><![CDATA[Oxford Science Publications]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Livingston]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industry movements of common stocks]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1977</year>
<volume>32</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>861-74</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Longin]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Solnik]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Extreme correlation of international equity markets]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2001</year>
<volume>56</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>649-76</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[F. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Santillán-Salgado]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz-Ake]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Volatility dependence structure between the Mexican stock exchange and the world capital market]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2015</year>
<volume>74</volume>
<numero>293</numero>
<issue>293</issue>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lopez Villa]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contagio en la volatilidad entre los mercados de capital y de divisas en México y Brasil]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2021</year>
<volume>16</volume>
<page-range>1-28</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maathuis]]></surname>
<given-names><![CDATA[M. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Drton]]></surname>
<given-names><![CDATA[M. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Lauritzen]]></surname>
<given-names><![CDATA[S. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Wainwright]]></surname>
<given-names><![CDATA[M. E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Graphical Models]]></source>
<year>2019</year>
<publisher-loc><![CDATA[Boca Raton ]]></publisher-loc>
<publisher-name><![CDATA[CRC Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Meinshausen]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Bühlmann]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[High-dimensional graphs and variable selection with the lasso]]></article-title>
<source><![CDATA[Ann. Statist.]]></source>
<year>2006</year>
<volume>34</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1436-62</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mejía-Reyes]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Rendón-Rojas]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Vergara-González]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Aroca]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International synchronization of the Mexican states business cycles: Explaining factors]]></article-title>
<source><![CDATA[The North American Journal of Economics and Finance]]></source>
<year>2018</year>
<volume>44</volume>
<page-range>278-88</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mejía Reyes]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Campos]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are the Mexican States and the United States Business Cycles Synchronized? Evidence from the Manufacturing Production]]></article-title>
<source><![CDATA[Economía Mexicana. Nueva Época]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reyes-Zarate]]></surname>
<given-names><![CDATA[F. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Ortiz]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modelos VaR-GARCH y Portafolios de Inversion Trinacionales en los Mercados Accionarios del TLCAN]]></article-title>
<source><![CDATA[Economía Mexicana. Nueva Época]]></source>
<year>2013</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>129-55</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodríguez-Benavides]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gurrola-Ríos]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dependencia de los mercados de valores de Argentina, Brasil y México respecto del estadounidense: Covid19 y otras crisis financieras recientes]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2021</year>
<volume>16</volume>
<numero>3</numero>
<issue>3</issue>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodriguez-Nieto]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mollick]]></surname>
<given-names><![CDATA[A. V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The US financial crisis, market volatility, credit risk and stock returns in the Americas]]></article-title>
<source><![CDATA[Financial Markets and Portfolio Management]]></source>
<year>2021</year>
<volume>35</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>225-54</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roll]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Orange juice and weather]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1984</year>
<volume>74</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>861-80</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roll]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industrial Structure and the Comparative Behavior of International Stock Market Indices]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1992</year>
<volume>47</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-41</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roman de la Sancha]]></surname>
<given-names><![CDATA[L. I.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernandez Alvarez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodriguez Garcia]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Co-movimientos entre los Índices Accionarios y los Ciclos Económicos de Estados Unidos y México]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2019</year>
<volume>14</volume>
<page-range>693-714</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shen]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zheng]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cross-correlation in financial dynamics]]></article-title>
<source><![CDATA[EPL (Europhysics Letters)]]></source>
<year>2009</year>
<volume>86</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sornette]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Malevergne]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Muzy]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What causes crashes?]]></article-title>
<source><![CDATA[Risk Magazine]]></source>
<year>2003</year>
<volume>67</volume>
<page-range>67-71</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sosa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ortiz]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Global financial crisis volatility impact and contagion effect on NAFTA equity markets]]></article-title>
<source><![CDATA[Estocástica: Finanzas y Riesgo]]></source>
<year>2017</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sosa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ortiz]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Cabello]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Crisis financiera global y su impacto en la dinámica bursátil Europea y Americana]]></article-title>
<source><![CDATA[Revista Mexicana de Economía y Finanzas Nueva Época REMEF]]></source>
<year>2017</year>
<volume>12</volume>
<page-range>1-27</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Toledo-Patiño]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Euro Crisis and the Mexican Economy]]></article-title>
<source><![CDATA[Voices of Mexico]]></source>
<year>2012</year>
<volume>93</volume>
<page-range>24-8</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Trevino Aguilar]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The interdependency structure in the Mexican stock exchange: A network approach]]></article-title>
<source><![CDATA[Plos One]]></source>
<year>2020</year>
<volume>15</volume>
<numero>10</numero>
<issue>10</issue>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wainwright]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Jordan]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Graphical models, exponential families, and variational inference]]></article-title>
<source><![CDATA[Found. Trends Mach. Learn.]]></source>
<year>2008</year>
<volume>1</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>1-305</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
