<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2021000100181</article-id>
<article-id pub-id-type="doi">10.20430/ete.v88i349.966</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Financiarización subordinada y emisión de títulos de deuda en América Latina: las experiencias de Argentina, México y Brasil]]></article-title>
<article-title xml:lang="en"><![CDATA[Subordinate financialization and debt securitization in Latin America: The experiences of Argentina, Mexico and Brazil]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Villavicencio]]></surname>
<given-names><![CDATA[Giovanni]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Centro de Investigación y Docencia Económicas  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<volume>88</volume>
<numero>349</numero>
<fpage>181</fpage>
<lpage>200</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2021000100181&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2021000100181&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2021000100181&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este trabajo analiza la titulación de la deuda en los países subdesarrollados, en específico, en Argentina, México y Brasil. Sostenemos que los tres países han tenido un incremento significativo en la emisión de títulos de deuda; sin embargo, la naturaleza de los valores emitidos es diferente en cada nación. En el caso de Argentina, el aumento de los valores de deuda internacionales en circulación tiene que ver con la emisión de títulos gubernamentales. En México, el incremento está más relacionado con las nuevas necesidades de financiamiento de las corporaciones no financieras mexicanas. Mientras tanto, en Brasil el incremento en la emisión de los títulos de deuda se debe a una combinación de ambos factores.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper analyzes debt securitization in underdeveloped countries, using the case of Argentina, Mexico, and Brazil. We argue that the three countries have had a significant increase in the issuance of debt securities. However, the nature of the securities issued is different in each nation. In the case of Argentina, the increase in international debt securities in circulation has to do with the issuance of government securities. In Mexico, the increase is more related to the new financing needs of Mexican non-financial corporations. While in Brazil, the increase in the issuance of debt securities is due to a combination of both factors.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[financialization]]></kwd>
<kwd lng="en"><![CDATA[debt securities]]></kwd>
<kwd lng="en"><![CDATA[underdeveloped economies.]]></kwd>
<kwd lng="en"><![CDATA[G15]]></kwd>
<kwd lng="en"><![CDATA[G23]]></kwd>
<kwd lng="en"><![CDATA[N26]]></kwd>
<kwd lng="es"><![CDATA[financiarización]]></kwd>
<kwd lng="es"><![CDATA[títulos de deuda]]></kwd>
<kwd lng="es"><![CDATA[economías subdesarrolladas]]></kwd>
<kwd lng="es"><![CDATA[G15]]></kwd>
<kwd lng="es"><![CDATA[G23]]></kwd>
<kwd lng="es"><![CDATA[N26]]></kwd>
</kwd-group>
</article-meta>
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