<?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>2395-8715</journal-id>
<journal-title><![CDATA[Revista de economía]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. econ.]]></abbrev-journal-title>
<issn>2395-8715</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Economía, Universidad Autónoma de Yucatán]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2395-87152019000200009</article-id>
<article-id pub-id-type="doi">10.33937/reveco.2019.104</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Dinámica y desempeño de los fondos de pensión en México (1997-2018): un análisis de volatilidad condicional con cambios estructurales]]></article-title>
<article-title xml:lang="en"><![CDATA[Mexican pension funds dynamic and performance: a conditional volatility with structural breaks analysis]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez-Preece]]></surname>
<given-names><![CDATA[Marissa R.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zubieta-Badillo]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Azcapotzalco ]]></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>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Azcapotzalco ]]></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>36</volume>
<numero>93</numero>
<fpage>9</fpage>
<lpage>34</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2395-87152019000200009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2395-87152019000200009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2395-87152019000200009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente trabajo tiene por objetivo analizar la volatilidad condicional de los rendimientos del sistema de pensiones; así como la dinámica de la volatilidad y los cambios estructurales que se han presentado durante el periodo de estudio (julio/1997-abril/2018). Para lograr dicho objetivo, la metodología utilizada fue usar modelos GARCH (1,1) y realizar distintas pruebas para comprobar la presencia de cambios de régimen. Asimismo, se estimó un modelo autorregresivo con cambio de régimen markoviano MS-AR, distinguiendo entre dos regímenes de volatilidad: alta y baja. La contribución del presente trabajo consiste en ofrecer un análisis más detallado de la volatilidad del sistema de pensiones, principalmente mediante la detección de los cambios de régimen. Se concluyó que los rendimientos del sistema pensionario se encuentran en dos regímenes, uno de alta y otro de baja volatilidad, con aproximadamente la misma probabilidad. Aun cuando es necesario realizar un análisis más detallado de la política de inversión, se manifiesta un incremento en la volatilidad relacionado con la flexibilización de esta política.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this paper is to analyze the pension system returns conditional volatility, as well as the volatility dynamics and structural changes that have taken place during the period studied (July 1997 to April 2018). In order to achieve this objective, the methodology used was to implement GARCH (1,1) models, and to conduct various tests to ascertain the presence of regime switching. In addition, an Auto-regresive Markov Regime-Switching Model was estimated, which allowed to distinguish between high and low volatility regimes. This paper contribution is to present a broader analysis of pension funds volatility through the detection of volatility regimen switching. It was concluded that the returns of the pension system rested in two regimes, one of high and the other of low volatility, with approximately the same probability of occurrence. Even though a deeper analysis of the investment policy is required, it is observed a volatility increment related to the investment policy flexibilization.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[volatilidad condicional]]></kwd>
<kwd lng="es"><![CDATA[cambio de régimen markoviano]]></kwd>
<kwd lng="es"><![CDATA[cambios estructurales]]></kwd>
<kwd lng="es"><![CDATA[fondos de pensión]]></kwd>
<kwd lng="es"><![CDATA[Siefore]]></kwd>
<kwd lng="en"><![CDATA[conditional volatility]]></kwd>
<kwd lng="en"><![CDATA[Markov Regime-Switching]]></kwd>
<kwd lng="en"><![CDATA[structural changes]]></kwd>
<kwd lng="en"><![CDATA[pension funds]]></kwd>
<kwd lng="en"><![CDATA[Siefore]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andonov]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hochberg]]></surname>
<given-names><![CDATA[Y.V.]]></given-names>
</name>
<name>
<surname><![CDATA[Rauh]]></surname>
<given-names><![CDATA[J.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Political representation and governance: Evidence from the investment decisions of public pension funds]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2018</year>
<volume>73</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2041-86</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azariadis]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Intertemporal Macroeconomics]]></source>
<year>1993</year>
<publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Sociedades inversión especializadas fondos para retiro recursos y obligaciones. Financiamiento e información financiera de intermediarios financieros]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Banda]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evaluación de un portafolio de inversión institucional: el caso de los fondos de pensiones en México]]></article-title>
<source><![CDATA[Innovaciones de negocios]]></source>
<year>2017</year>
<volume>6</volume>
<numero>12</numero>
<issue>12</issue>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Banerjee]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Lumsdaine]]></surname>
<given-names><![CDATA[R.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Stock]]></surname>
<given-names><![CDATA[J.H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Recursive and sequential tests of the unit-root and trend-break hypotheses: Theory and international evidence]]></article-title>
<source><![CDATA[Journal of Business &amp; Economic Statistics]]></source>
<year>1992</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>271-87</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blake]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarno]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Zinna]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The market for lemmings: The herding behavior of pension funds]]></article-title>
<source><![CDATA[Journal of Financial Markets]]></source>
<year>2017</year>
<volume>36</volume>
<page-range>17-39</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bradley]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Pantzalis]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Yuan]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The influence of political bias in state pension funds]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2016</year>
<volume>119</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>69-91</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bollerslev]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Generalized autoregressive conditional heteroskedasticity]]></article-title>
<source><![CDATA[Journal of econometrics]]></source>
<year>1986</year>
<volume>31</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>307-27</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Casas]]></surname>
<given-names><![CDATA[M.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Cepeda]]></surname>
<given-names><![CDATA[C.E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modelos ARCH, GARCH y EGARCH: aplicaciones a series financieras]]></article-title>
<source><![CDATA[Cuadernos de Economía]]></source>
<year>2008</year>
<volume>27</volume>
<numero>48</numero>
<issue>48</issue>
<page-range>287-319</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chkili]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Hammoudeh]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[D.K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Volatility forecasting and risk management for commodity markets in the presence of asymmetry and long memory]]></article-title>
<source><![CDATA[Energy Economics]]></source>
<year>2014</year>
<volume>41</volume>
<page-range>1-18</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="">
<collab>Consar</collab>
<source><![CDATA[Información estadística]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="">
<collab>Consar</collab>
<source><![CDATA[Precios históricos de las SIEFORE]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Davies]]></surname>
<given-names><![CDATA[R.B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hypothesis testing when a nuisance parameter is present only under the alternative]]></article-title>
<source><![CDATA[Biometrika]]></source>
<year>1987</year>
<volume>74</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>33-43</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[De la Torre Torres]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Martínez Torre-Enciso]]></surname>
<given-names><![CDATA[M.I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pruebas de cointegración para demostrar el beneficio de emplear un portafolio de mínima varianza como benchmark en la gestión de fondos de pensiones mexicanos]]></article-title>
<source><![CDATA[Anuario Jurídico y Económico Escurialense]]></source>
<year>2017</year>
<numero>50</numero>
<issue>50</issue>
<page-range>321-44</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Espinosa-Vega]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Sinha]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A primer and assessment of social security reform in Mexico]]></article-title>
<source><![CDATA[Economic Review-Federal Reserve Bank of Atlanta]]></source>
<year>2000</year>
<volume>85</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-23</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Perron]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An analysis of the real interest rate under regime shifts]]></article-title>
<source><![CDATA[The Review of Economics and Statistics]]></source>
<year>1996</year>
<volume>78</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>111-25</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gökçen]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
<name>
<surname><![CDATA[Yalç&#305;n]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The case against active pension funds: Evidence from the Turkish Private Pension System]]></article-title>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2015</year>
<volume>23</volume>
<page-range>46-67</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hamilton]]></surname>
<given-names><![CDATA[J.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A new approach to the economic analysis of nonstationary time series and the business cycle]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1989</year>
<volume>57</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>357-84</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hinz]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Rudolph]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Antolín]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Yermo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Evaluating the Financial Performance of Pension Funds]]></source>
<year>2010</year>
<publisher-name><![CDATA[Banco Internacional de Reconstrucción y Fomento]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Joshi]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Crisis and Volatility Behaviour of Stock Markets of Asia]]></article-title>
<source><![CDATA[Quest-Journal of Management and Research]]></source>
<year>2012</year>
<volume>2</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>35-44</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kanas]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Regime linkages between the Mexican currency market and emerging equity markets]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2005</year>
<volume>22</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>109-25</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic linear models with Markov-switching]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1994</year>
<volume>60</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martínez Preece]]></surname>
<given-names><![CDATA[Marissa R.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas Martínez]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análisis del riesgo de mercado de los fondos de pensión en México]]></article-title>
<source><![CDATA[Contaduría y Administración]]></source>
<year>2014</year>
<volume>59</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>165-95</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martínez Preece]]></surname>
<given-names><![CDATA[Marissa R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zubieta Badillo]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fondos de pensión de México: dinámica de la volatilidad y quiebres estructurales]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Zubieta]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Santillán]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Valencia]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Administración de riesgos]]></source>
<year>2018</year>
<volume>7</volume>
<page-range>109-34</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mesa Lago]]></surname>
<given-names><![CDATA[Carmelo]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evaluación de un cuarto de siglo de reformas estructurales de pensiones en América Latina]]></article-title>
<source><![CDATA[Revista de la Cepal]]></source>
<year>2004</year>
<volume>84</volume>
<page-range>59-82</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<collab>OCDE</collab>
<source><![CDATA[Estudio de la OCDE sobre los sistemas de pensiones: México, versión en español Consar]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Raddatz]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmukler]]></surname>
<given-names><![CDATA[S.L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Deconstructing herding. Evidence from pension fund investment behavior]]></source>
<year>2011</year>
<publisher-name><![CDATA[Word Bank]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sales-Serrapy]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Solís-Soberón]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Villagómez-Amezcua]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pension system reform: The Mexican case]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Feldstein]]></surname>
<given-names><![CDATA[Martin]]></given-names>
</name>
</person-group>
<source><![CDATA[Privatizing Social Security]]></source>
<year>1998</year>
<page-range>135-75</page-range><publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[S. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Modeling Financial Time Series]]></source>
<year>1986</year>
<publisher-loc><![CDATA[Chichester ]]></publisher-loc>
<publisher-name><![CDATA[John Wiley]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thomas]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Spataro]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Mathew]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pension funds and stock market volatility: An empirical analysis of OECD countries]]></article-title>
<source><![CDATA[Journal of Financial Stability]]></source>
<year>2014</year>
<volume>11</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>92-103</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Theobald]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Regime-switching volatility of six East Asian emerging markets]]></article-title>
<source><![CDATA[Research in International Business and Finance]]></source>
<year>2008</year>
<volume>22</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>267-83</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zivot]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Andrews]]></surname>
<given-names><![CDATA[D.W.K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Further evidence of the great crush, the oil price shock and the unit root hypothesis]]></article-title>
<source><![CDATA[Journal of Business and Economic Statistics]]></source>
<year>1992</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>251-70</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
