<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462019000400633</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i4.434</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Rendimiento y volatilidades de los mercados mexicanos bursátil y cambiario]]></article-title>
<article-title xml:lang="en"><![CDATA[Yield and volatility of Mexican stock and foreign exchange markets]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mota Aragón]]></surname>
<given-names><![CDATA[Martha Beatriz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Iztapalapa ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>4</numero>
<fpage>633</fpage>
<lpage>650</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000400633&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000400633&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000400633&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se analiza la relación entre los rendimientos del mercado bursátil mexicano y los rendimientos (tasa de apreciación) del dólar estadounidense, así como la relación entre sus volatilidades. La evidencia al respecto, incluyendo el ámbito internacional, no es concluyente. El análisis se lleva a cabo mediante la metodología de cópulas, las cuales se seleccionan con base en los criterios de información de Akaike y Schwarz. Las volatilidades fueron estimadas por medio de modelos GARCH asimétricos con parámetros variantes en el tiempo de acuerdo con un proceso de cambios markovianos. La evidencia sugiere que las dinámicas bursátil y cambiaria no siempre están asociadas, pero existe asociación entre los rendimientos accionarios y la apreciación/depreciación del peso frente al dólar y una asociación positiva cuando las volatilidades son altas en ambos mercados. Una consecuencia obvia es que el riesgo cambiario puede ser un riesgo importante para la inversión bursátil, tal como lo asume la teoría financiera convencional, por lo que, aunque no es posible establecer que las dinámicas bursátil y cambiaria estén siempre asociadas, es conveniente establecer políticas de inversión bursátil considerando dicho riesgo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract It analyses the relationship between the yields of the Mexican stock market and the yields (appraisal rate) of the US dollar, as well as the relationship between its volatility. The evidence in this regard, including at the international level, is inconclusive. The analysis is carried out using the coping methodology, which are selected based on the Akaike and Schwarz information criteria. Volatility was estimated by asymmetrical GARCH models with time-variant parameters according to a Markovian change process. Evidence suggests that stock and exchange dynamics are not always associated, but there is an association between stock returns and the appreciation/depreciation of the peso against the dollar and a positive association when volatility is high in both markets. An obvious consequence is that exchange rate risk can be a significant risk to stock trading, as conventional financial theory assumes, so while it is not possible to establish that stock and exchange dynamics are always associated, itis should establish stock investment policies considering such a risk.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[bolsa de valores]]></kwd>
<kwd lng="es"><![CDATA[rendimientos bursátiles]]></kwd>
<kwd lng="es"><![CDATA[volatilidad accionaria]]></kwd>
<kwd lng="es"><![CDATA[volatilidad cambiaria]]></kwd>
<kwd lng="es"><![CDATA[F31]]></kwd>
<kwd lng="es"><![CDATA[F36]]></kwd>
<kwd lng="es"><![CDATA[F65]]></kwd>
<kwd lng="es"><![CDATA[G18]]></kwd>
<kwd lng="en"><![CDATA[Exchange rate]]></kwd>
<kwd lng="en"><![CDATA[stock exchange]]></kwd>
<kwd lng="en"><![CDATA[stock market]]></kwd>
<kwd lng="en"><![CDATA[stock volatility]]></kwd>
<kwd lng="en"><![CDATA[foreign exchange volatility]]></kwd>
<kwd lng="en"><![CDATA[F31]]></kwd>
<kwd lng="en"><![CDATA[F36]]></kwd>
<kwd lng="en"><![CDATA[F65]]></kwd>
<kwd lng="en"><![CDATA[G18]]></kwd>
</kwd-group>
</article-meta>
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