<?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>S0186-10422023000100001</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.3396</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Spillover de volatilidad entre el mercado de las criptomonedas, los mercados financieros y commodities]]></article-title>
<article-title xml:lang="en"><![CDATA[Volatility spillover between the cryptocurrency and financial markets and commodities]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muñoz Henríquez]]></surname>
<given-names><![CDATA[Erik Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gálvez Gamboa]]></surname>
<given-names><![CDATA[Francisco Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Talca  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Católica del Maule  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>68</volume>
<numero>1</numero>
<fpage>1</fpage>
<lpage>24</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422023000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422023000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422023000100001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es analizar el efecto spillover entre el mercado de las criptomonedas, los mercados financieros y commodities, utilizando índices de volatilidad realizada de las diez criptomonedas con mayor capitalización de mercado y la volatilidad implícita de las cotizaciones del Oro (GVZ) y el Petróleo (OVX), y el mercado financiero norteamericano (VIX) y europeo (VSTOXX) a través del Spillover Index basado en un Vector Autorregresivo (VAR). Los resultados indican que Ethereum es el mayor transmisor de volatilidad, seguido por Cardamo, mientras que los mayores receptores de volatilidad son ChainLink y BinanceCoin. Además, demostramos a través de la utilización de la volatilidad implícita que la contribución de los mercados financieros al spillover no excede el 3%, incluso resultados menores se evidencian con ambos commodities. El análisis de impulso-respuesta muestra el mayor efecto sobre las criptomonedas proviene del VIX, junto con una respuesta negativa ante un shock en el OVX y GVZ.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim of this paper is to analyze the spillover effect between the cryptocurrency market and the financial markets, using realized volatility indices of the ten cryptocurrencies with the largest market capitalization and the implied volatility of Gold (GVZ) and Oil (OVX) prices, and the North American (VIX) and European (VSTOXX) financial market through the Spillover Index based on a Vector Autoregressive (VAR). The results indicate that Ethereum is the largest volatility transmitter followed by Cardamo, while ChainLink and BinanceCoin are the largest receivers. We demonstrate with implied volatility that contribution of volatility spillover from financial markets does not exceed 3%, even lower results are evidenced from both commodities. Impulse-response analysis shows the major effect of the VIX on cryptocurrencies, along with a negative response to a shock in commodities indices.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[criptomoneda]]></kwd>
<kwd lng="es"><![CDATA[efecto spillover]]></kwd>
<kwd lng="es"><![CDATA[volatility]]></kwd>
<kwd lng="en"><![CDATA[cryptocurrency]]></kwd>
<kwd lng="en"><![CDATA[spillover effect]]></kwd>
<kwd lng="en"><![CDATA[volatility]]></kwd>
</kwd-group>
</article-meta>
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