<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422021000300003</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2021.2259</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Desarrollo del mercado accionario y crecimiento económico en México: un examen mediante los enfoques ARDL y No causalidad]]></article-title>
<article-title xml:lang="en"><![CDATA[Stock market development and economic growth in Mexico: An examination through ARDL and Non-causality approaches]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Villarreal-Samaniego]]></surname>
<given-names><![CDATA[Jesús Dacio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico de Parral  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2021</year>
</pub-date>
<volume>66</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422021000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422021000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422021000300003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo de investigación examina la interacción entre el desarrollo del mercado de valores y el crecimiento económico en México. Las pruebas de raíz unitaria con cambios estructurales muestran que de todas las crisis registradas entre 1993 y el primer trimestre de 2018, la llamada Crisis del Tequila de mediados de la década de 1990 fue la más relevante ya que afectó a todas las variables examinadas. Al aplicar el modelo ARDL con pruebas de límites, el estudio encontró cointegración entre la dinámica de los indicadores económicos y varias variables del mercado de valores, pero no con el Índice de Precios y Cotizaciones. Los resultados de la prueba de no causalidad de Granger a través de la metodología Toda &amp; Yamamoto sugieren que la capitalización de mercado provocó el crecimiento económico en México e indican una causalidad bidireccional entre el crecimiento económico y el índice de capitalización de mercado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research paper examines the interaction between the development of the stock market and economic growth in Mexico. Unit root tests with structural changes show that of all crises registered between 1993 and the first quarter of 2018, the so-called Tequila Crisis of the mid-1990s was the most relevant since it affected all the variables examined. When applying the ARDL model with limits tests, the study found cointegration between the dynamics of economic indicators and several variables of the stock market, but not with the Price and Quotations Index. The results of the Granger non-causality test through the Toda &amp; Yamamoto methodology suggest that market capitalization caused economic growth in Mexico and indicate a two-way causality between economic growth and the market capitalization index.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[Mercado accionario]]></kwd>
<kwd lng="es"><![CDATA[ARDL]]></kwd>
<kwd lng="es"><![CDATA[Causalidad]]></kwd>
<kwd lng="en"><![CDATA[Economic growth]]></kwd>
<kwd lng="en"><![CDATA[Stock market]]></kwd>
<kwd lng="en"><![CDATA[ARDL]]></kwd>
<kwd lng="en"><![CDATA[Causality]]></kwd>
</kwd-group>
</article-meta>
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