<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552024000300059</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2024v39n102/garcia</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Monetary policy and systemic risk-taking: evidence of a nonlinear channel]]></article-title>
<article-title xml:lang="es"><![CDATA[Política monetaria y toma de riesgo sistémico: evidencia de un canal no lineal]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García Gregorio]]></surname>
<given-names><![CDATA[Willebaldo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,wgarciagregorio@gmail.com  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<volume>39</volume>
<numero>102</numero>
<fpage>59</fpage>
<lpage>84</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552024000300059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552024000300059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552024000300059&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT Systemic risk has certain properties that make it behave as a complex system, one of which is its nonlinearity. The objective of this paper is to empirically address the systemic risk- taking channel of monetary policy from this perspective using the U.S. case and the TVP- VAR model with Structural Factor Augmented (SFA-TVP-VAR). In order to obtain robust results, I estimate this model with two different metrics of the monetary policy stance, with different parameters and priors in each case. Considering the remaining system variables as latent variables, I document evidence of a complex channel: I find that the relationship between monetary policy stance and systemic risk-taking is non-linear and adaptive to economic conditions. Specifically, the posterior estimation shows that the monetary policy maintains an inverse relationship with systemic risk-taking in the long run, indicating that a loose stance increases systemic risk; however, in the short run, in earlier periods and during a financial crisis, a restrictive shock of monetary policy, instead of reducing systemic risk- taking, increases it.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN El riesgo sistémico tiene ciertas propiedades que lo hacen un sistema complejo, una de ellas es la no linealidad. El objetivo de este trabajo es abordar empíricamente la existencia del canal de toma de riesgo sistémico de la política monetaria desde esta perspectiva usando el caso de Estados Unidos y el modelo TVP-VAR con Factor Estructural Aumentado (SFA-TVP-VAR). Con el fin de obtener resultados robustos, estimo este modelo con dos diferentes métricas que representan la postura de política monetaria, con diferentes parámetros y diferentes distribuciones de probabilidad a priori en cada caso. Considerando a las demás variables del sistema como variables latentes, muestro evidencia de un canal complejo: la relación entre la postura de política monetaria y la toma de riesgo sistémico es no lineal y se adapta a las condiciones económicas. Específicamente, la estimación a posteriori muestra que en el largo plazo la política monetaria mantiene una relación inversa con la toma de riesgo sistémico, lo cual indica que una postura laxa aumenta el riesgo sistémico; sin embargo, en el corto plazo, en periodos previos y durante una crisis financiera, un choque restrictivo de política monetaria, en vez de disminuir la toma de riesgo sistémico, lo incrementa.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Systemic risk]]></kwd>
<kwd lng="en"><![CDATA[Risk-taking channel]]></kwd>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[Complex system]]></kwd>
<kwd lng="es"><![CDATA[Riesgo sistémico]]></kwd>
<kwd lng="es"><![CDATA[Canal de toma de riesgo]]></kwd>
<kwd lng="es"><![CDATA[Política monetaria]]></kwd>
<kwd lng="es"><![CDATA[Sistema complejo]]></kwd>
</kwd-group>
</article-meta>
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