<?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>1870-3925</journal-id>
<journal-title><![CDATA[Región y sociedad]]></journal-title>
<abbrev-journal-title><![CDATA[Región y sociedad]]></abbrev-journal-title>
<issn>1870-3925</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de Sonora]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-39252018000300014</article-id>
<article-id pub-id-type="doi">10.22198/rys.2018.73.a932</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Regulación y expansión del endeudamiento público subnacional en México: un enfoque estadístico, 2006-2015]]></article-title>
<article-title xml:lang="en"><![CDATA[Regulation and expansion of subnational public indebtedness in Mexico: a statistical approach, 2006-2015]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Chávez Maza]]></surname>
<given-names><![CDATA[Luis Augusto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla Facultad de Economía ]]></institution>
<addr-line><![CDATA[Puebla Puebla]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>30</volume>
<numero>73</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-39252018000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-39252018000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-39252018000300014&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En esta investigación se analizan algunos determinantes de la expansión del endeudamiento subnacional en México, de 2006 a 2015, cuyo crecimiento fue provocado por factores regulatorios, políticos, económicos y financieros. Es importante valorar los límites de la regulación del endeudamiento, durante y después de la crisis financiera de 2009, una de las mayores de los últimos años. A partir de 2010, el costo del crédito disminuyó y generó más incentivos para contratar deuda; de tal forma que el mercado fomentó su expansión. La verificación empírica de los determinantes se realiza por medio de un modelo de regresión con datos en panel, con información para las 32 entidades federativas de México. Los resultados más robustos indican que una regulación fiscal severa restringe el endeudamiento, además de que la disminución del costo del crédito, la capacidad de pago más grande y el ciclo electoral inciden en que el endeudamiento sea mayor.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This research analyzes some determinants of the expansion of subnational indebtedness in Mexico, from 2006 to 2015, the growth of which was caused by regulatory, political, economic and financial factors. It is important to assess the limits of indebtedness regulation during and after the financial crisis of 2009, one of the biggest in recent years. As of 2010, the cost of credit declined, generating more incentives for debt contracting; therefore, the market fostered its expansion. Empirical verification of determinants is carried out through a regression model with panel data and information for the 32 Mexican states. The most robust results show that a strict tax regulation restricts indebtedness; furthermore, a decrease in the cost of credit, a greater payment capacity and the electoral cycle lead to increased indebtedness.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[subnacional]]></kwd>
<kwd lng="es"><![CDATA[regulación fiscal]]></kwd>
<kwd lng="es"><![CDATA[gasto público]]></kwd>
<kwd lng="es"><![CDATA[ciclo político-electoral]]></kwd>
<kwd lng="es"><![CDATA[panel de datos]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="en"><![CDATA[indebtedness]]></kwd>
<kwd lng="en"><![CDATA[subnational]]></kwd>
<kwd lng="en"><![CDATA[tax regulation]]></kwd>
<kwd lng="en"><![CDATA[public expenditure]]></kwd>
<kwd lng="en"><![CDATA[political-electoral cycle]]></kwd>
<kwd lng="en"><![CDATA[data panel]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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