<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552024000100067</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2024v39n100/olvera</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efecto de la pandemia COVID-19 sobre el tipo de cambio bajo el enfoque de microestructura]]></article-title>
<article-title xml:lang="en"><![CDATA[Effect of the COVID-19 pandemic on the exchange rate under the microstructure approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Olvera]]></surname>
<given-names><![CDATA[Tania Alejandra]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Espinoza]]></surname>
<given-names><![CDATA[José Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cortez Alejandro]]></surname>
<given-names><![CDATA[Klender Aimer]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Nuevo León  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Nuevo León  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma de Nuevo León  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2024</year>
</pub-date>
<volume>39</volume>
<numero>100</numero>
<fpage>67</fpage>
<lpage>83</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552024000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552024000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552024000100067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La presente investigación tiene como objetivo determinar el efecto de la pandemia global COVID-19 sobre el tipo de cambio; para ello, se empleó el enfoque de microestructura, el cual utiliza las posiciones largas y cortas del mercado de futuros. Se utilizó información semanal para el periodo 2010-2023. Derivado de dicho análisis, por un lado, se ha encontrado una relación negativa entre tipo de cambio y posiciones netas, así como una relación positiva entre tipo de cambio y diferencial de tasas de interés de México y Estados Unidos, tal como indica la literatura existente. Por otro lado, se ha tenido como hallazgo principal, la presencia de cambio estructural en dicha relación, debido a la pandemia COVID-19. Se concluye que el enfoque de microestructura es un modelo adecuado para explicar las fluctuaciones del tipo de cambio en el corto plazo, donde dicha relación ha sufrido un cambio estructural por la pandemia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research aims to determine the effect of the global COVID-19 pandemic on the exchange rate, where the microstructure approach will be used, which uses long and short positions in the futures market. Weekly data will be available during the period 2010-2023. A negative relationship has been found between the exchange rate and the net positions, as well as a positive relationship between the exchange rate and the interest rate differential between Mexico and the United States, as indicates the existing literature. The main finding has been the presence of structural change in the relationship due to the COVID-19 pandemic. Therefore, it is concluded that the microstructure approach is an adequate model to explain exchange rate fluctuations in the short-term, where the relationship has suffered a structural change due to the pandemic.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[Mercado de futuros]]></kwd>
<kwd lng="es"><![CDATA[Cambio estructural]]></kwd>
<kwd lng="es"><![CDATA[Enfoque de microestructura]]></kwd>
<kwd lng="en"><![CDATA[Bexchange rate]]></kwd>
<kwd lng="en"><![CDATA[Future market]]></kwd>
<kwd lng="en"><![CDATA[Structural change]]></kwd>
<kwd lng="en"><![CDATA[Microstructure approach]]></kwd>
</kwd-group>
</article-meta>
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