<?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>1870-2171</journal-id>
<journal-title><![CDATA[Panorama económico (Ciudad de México)]]></journal-title>
<abbrev-journal-title><![CDATA[Panor. econ. (Ciudad de México)]]></abbrev-journal-title>
<issn>1870-2171</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Coordinación de Publicaciones de la  Escuela Superior de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-21712020000200111</article-id>
<article-id pub-id-type="doi">10.29201/pe-ipn.v16i31.232</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Dependencia en mercados financieros latinoamericanos: enfoque basado en cópulas vine]]></article-title>
<article-title xml:lang="en"><![CDATA[Latin American financial markets dependencies: a vine copula approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lorenzo-Valdes]]></surname>
<given-names><![CDATA[Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Popular Autónoma del Estado de Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>16</volume>
<numero>31</numero>
<fpage>111</fpage>
<lpage>137</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-21712020000200111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-21712020000200111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-21712020000200111&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio aplica una metodología de cópulas vine regulares para evaluar el nivel de dependencia entre los mercados financieros de seis países latinoamericanos (Argentina, Brasil, Chile, Colombia, México y Perú) de enero de 2006 a septiembre de 2013. Se parte la muestra en tres periodos: antes, durante y después de la crisis de 2008. El comportamiento de las distribuciones marginales se describe mediante modelos AR(1)-TGARCH que resultan modelos adecuados para describir el comportamiento de los rendimientos y su volatilidad. Encontramos que los mercados de valores latinoamericanos presentan una mayor probabilidad de pérdidas extremas que de ganancias extremas y que la estructura de dependencia entre ellos se fortalece más en los periodos de crisis.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study applies a methodology of regular vine copulas to evaluate the level of dependence between the financial markets of six Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru) from January 2006 to September 2013. The sample is split into three periods: before, during and after 2008 crisis. The behavior of marginal distributions is described by AR(1)-TGARCH models, which are adequate to model returns and their volatility. We find that Latin American stock markets have a probability of extreme losses greater than a probability of extreme profits and that the dependence measure increase in crisis periods.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[cópulas vine]]></kwd>
<kwd lng="es"><![CDATA[TGARCH]]></kwd>
<kwd lng="es"><![CDATA[dependencia]]></kwd>
<kwd lng="en"><![CDATA[vine copulas]]></kwd>
<kwd lng="en"><![CDATA[TGARCH]]></kwd>
<kwd lng="en"><![CDATA[dependence]]></kwd>
</kwd-group>
</article-meta>
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