<?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>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672020000400075</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.314.76617</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Demanda de dinero y captación bancaria en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Money demand and bank deposits in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valencia Romero]]></surname>
<given-names><![CDATA[Ramón]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[González Moya]]></surname>
<given-names><![CDATA[Jorge Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ríos Bolívar]]></surname>
<given-names><![CDATA[Humberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Politécnico Nacional Escuela Superior de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Politécnico Nacional Escuela Superior de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Instituto Politécnico Nacional Escuela Superior de Economía ]]></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>79</volume>
<numero>314</numero>
<fpage>75</fpage>
<lpage>105</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000400075&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000400075&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000400075&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Considerando las variables de actividad económica y de costo de oportunidad de mantener dinero que inciden en la demanda de dinero (M1), analizamos su efecto en la captación del sistema bancario mexicano (2006-2018). Por primera vez se introduce a M1 como determinante de la captación. El análisis emplea un modelo de vectores autorregresivos (VAR, Vector Autoregression) para evaluar la cointegración, así como modelos de corrección de errores. Concluimos que la captación bancaria no fue determinada por la variable actividad económica (el IGAE), sino por algunas variables de costo de oportunidad; sobresale el papel de M1 como determinante de la captación. Por último, obtuvimos un comportamiento estable de la captación. La estabilidad la analizamos con un modelo de cambio de régimen, e identificamos dos regímenes, alta y baja volatilidad; predomina este último.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT Considering that the variables economic activity and opportunity cost of holding money affect money demand (M1), their effect on deposits at the Mexican banking system is analyzed for the period 2006-2018. For the first time ever, M1 is introduced as a determinant of bank deposits. A Vector Autoregressive Model is used to assess cointegration. Error Correction Models were used. We concluded that bank deposits were not determined by the variable economic activity (IGAE), the rate of inflation nor the bank funding rate, but by some opportunity cost variables. The role of M1 stands out as a determinant of bank deposits. Finally, a stable behavior of bank deposits is obtained. Stability is analyzed using a Regime Switching-Model, two regimes are identified, high and low volatility, the latter predominates.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[demanda de dinero]]></kwd>
<kwd lng="es"><![CDATA[captación bancaria]]></kwd>
<kwd lng="es"><![CDATA[cointegración]]></kwd>
<kwd lng="es"><![CDATA[modelo de corrección de errores]]></kwd>
<kwd lng="es"><![CDATA[modelo de cambio de régimen]]></kwd>
<kwd lng="en"><![CDATA[Money demand]]></kwd>
<kwd lng="en"><![CDATA[bank deposits]]></kwd>
<kwd lng="en"><![CDATA[cointegration]]></kwd>
<kwd lng="en"><![CDATA[Error Correction Model]]></kwd>
<kwd lng="en"><![CDATA[Regime Switching Model]]></kwd>
</kwd-group>
</article-meta>
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