<?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>S1665-53462024000300006</article-id>
<article-id pub-id-type="doi">10.21919/remef.v19i3.997</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Industrialización hacia afuera, balanza de pagos y restricción externa: un análisis para México, 1995-2020]]></article-title>
<article-title xml:lang="en"><![CDATA[Outward industrialization, balance of payments and external restriction: an analysis for Mexico, 1995-2020]]></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>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=S1665-53462024000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462024000300006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462024000300006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de esta investigación es examinar el impacto de las características de los patrones de especialización sobre la dinámica industrial, mediante una versión fuerte del modelo de restricción externa de Thirlwall, en 13 subsectores manufactureros de México durante el periodo 1995-2020. Los resultados principales muestran que: i) el crecimiento del sector manufacturero se encuentra restringido por el equilibrio de la cuenta corriente; ii) la elasticidad ingreso de las exportaciones aumenta en la medida que crece la productividad y la acumulación de capital; iii) la elasticidad ingreso de las importaciones es mayor en la medida que aumenta la participación del valor agregado extranjero en la producción de exportación. Con esta evidencia, es posible concluir que la profundización del modelo de industrialización hacia fuera ha limitado las ganancias asociadas al comercio y ralentizado el crecimiento económico. En este contexto, es fundamental operar una política industrial que fortalezca las cadenas de suministro interna y la posición dentro de las cadenas globales de valor. La contribución del trabajo reside en analizar a nivel de subsector las implicaciones de la composición del comercio sobre la expansión económica.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim of this paper is to examine the impact of the characteristics of specialization patterns on industrial dynamics, using a strong version of Thirlwall's external constraint model, for 13 manufacturing subsectors in Mexico during the period 1995-2020. The main findings show that: i) the growth of the manufacturing sector is constrained by the current account equilibrium; ii) the income elasticity of exports increases as productivity and capital accumulation grow; iii) the income elasticity of imports is greater to the extent that the participation of foreign value added in export production increases. With this evidence, it is possible to conclude that the deepening of the outward industrialization model has limited the gains associated with trade and slowed down economic growth. In this context, it is essential to operate an industrial policy that strengthens internal supply chains and the position within global value chains. The contribution of the work lies in analyzing at the subsector level the implications of the composition of trade on economic expansion.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Desarrollo industrial]]></kwd>
<kwd lng="es"><![CDATA[balanza de pagos]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[modelo panel]]></kwd>
<kwd lng="en"><![CDATA[Industrial development]]></kwd>
<kwd lng="en"><![CDATA[balance of payments]]></kwd>
<kwd lng="en"><![CDATA[productivity]]></kwd>
<kwd lng="en"><![CDATA[panel model]]></kwd>
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