<?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>1665-952X</journal-id>
<journal-title><![CDATA[Economía UNAM]]></journal-title>
<abbrev-journal-title><![CDATA[Economía UNAM]]></abbrev-journal-title>
<issn>1665-952X</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-952X2017000300072</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El circuito monetario: los bienes de capital y de las instituciones financieras no bancarias. Evidencia en la economía mexicana]]></article-title>
<article-title xml:lang="en"><![CDATA[The monetary circuit: capital goods and non-banking financial institutions. Evidence in the Mexican economy]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Levy Orlik]]></surname>
<given-names><![CDATA[Noemi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,UNAM Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>14</volume>
<numero>42</numero>
<fpage>72</fpage>
<lpage>92</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-952X2017000300072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-952X2017000300072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-952X2017000300072&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La teoría del circuito monetario es un marco teórico relevante para explicar la movilización de recursos financieros para la producción y el crecimiento económico, especialmente si se añade de manera explícita la recirculación de las ganancias. En este trabajo se discute de manera crítica la teoría del circuito monetario y se analiza su funcionamiento en entornos de economías en desarrollo. A partir de lo anterior se busca mostrar que los créditos bancarios están correlacionados con la masa salarial, mientras que los gastos de inversión están ligados a los instrumentos financieros no bancarios; resaltándose que en el periodo de financiarización se amplió la profundización financiera sin generar mayores volúmenes de financiamiento.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The monetary circuit theory is a relevant theoretical framework to discuss the mobilization of final resources for production and economic growth, especially if explicitly is included profit recirculation to the economy. In this work is discussed critically the monetary circuit theory and is applied to developing economies. We want to show that bank credits are related to the wage bill, while investment spending is linked to financial non-banking instruments. In addition, we want to show that financial depth although amplified the financial circuit did not increased finance for investment spending or production.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Circuito Monetario]]></kwd>
<kwd lng="es"><![CDATA[créditos y financiamiento no bancario]]></kwd>
<kwd lng="es"><![CDATA[Países en desarrollo]]></kwd>
<kwd lng="en"><![CDATA[Monetary Circuit]]></kwd>
<kwd lng="en"><![CDATA[Credit]]></kwd>
<kwd lng="en"><![CDATA[Finance]]></kwd>
<kwd lng="en"><![CDATA[Developing Economies]]></kwd>
<kwd lng="en"><![CDATA[E22]]></kwd>
<kwd lng="en"><![CDATA[E44]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E63]]></kwd>
</kwd-group>
</article-meta>
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