<?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>S1665-53462024000300001</article-id>
<article-id pub-id-type="doi">10.21919/remef.v19i3.999</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Thirlwall&#8217;s Law, Investment, Productive Chains and Domestic Markets]]></article-title>
<article-title xml:lang="es"><![CDATA[La Ley de Thirlwall, Inversión, Cadenas Productivas y Mercados Domésticos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez Muñoz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<volume>19</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462024000300001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462024000300001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462024000300001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim of this paper is to apply the extended Thirlwall&#8217;s Law, which incorporates capital accumulation to explain China&#8217;s (1971 - 2022) and Mexico&#8217;s (1961 - 2022) output growth rates. We use the ARDL cointegration methodology to estimate their import demand functions. We get robust estimations and then calculate their long-run growth rates, which result very close to their actual values. We recommend changing the Mexican industrialization strategy to generate domestic productive chains and domestic industries to substitute import-goods and dynamize the domestic market. One limit of our paper is that we use aggregate variables, but it could be necessary to analyze the effects of exports and capital accumulation in the specific domestic industry subsectors. The originality lies in showing that China&#8217;s dynamism during the last decades is more related to its dynamic capital accumulation than to its dynamic growth rate of exports, whereas Mexico&#8217;s slow growth rate regime is more related to its low capital accumulation than to its high growth rate of exports.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Mediante la extensión de la Ley de Thirlwall, la cual incorpora la acumulación de capital, se explican las tasas de crecimiento de China (1971-2022) y México (1961-2022). Usamos la metodología de cointegración ARDL para estimar sus funciones de demanda de importaciones. Con las estimaciones robustas calculamos sus tasas de crecimiento de largo plazo, las cuales resultaron muy parecidas a sus valores observados. Recomendamos cambiar la estrategia de industrialización mexicana a fin de generar cadenas productivas domésticas e industrias domésticas que produzcan bienes sustitutos de las importaciones para dinamizar el mercado doméstico. Una limitante de nuestro artículo es que usamos variables agregadas, pero sería necesario analizar los efectos de las exportaciones y la acumulación de capital en los subsectores industriales específicos. La originalidad radica en mostrar que el dinamismo de China de las últimas décadas está más relacionado con su dinámica acumulación de capital que con su dinámica tasa de crecimiento de las exportaciones, mientras que el regimen de bajo crecimiento de México está más relacionado con su baja acumulación de capital que con su alta tasa de crecimiento de las exportaciones.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Econometric Modeling]]></kwd>
<kwd lng="en"><![CDATA[Integration]]></kwd>
<kwd lng="en"><![CDATA[Developing Countries]]></kwd>
<kwd lng="en"><![CDATA[Industrialization]]></kwd>
<kwd lng="en"><![CDATA[Growth Theory]]></kwd>
<kwd lng="es"><![CDATA[Modelación Econométrica]]></kwd>
<kwd lng="es"><![CDATA[Integración]]></kwd>
<kwd lng="es"><![CDATA[Países en Desarrollo]]></kwd>
<kwd lng="es"><![CDATA[Industrialización]]></kwd>
<kwd lng="es"><![CDATA[Teoría del Crecimiento]]></kwd>
</kwd-group>
</article-meta>
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