<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2010000300603</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Indicadores de desempeño, presión y vulnerabilidad de las finanzas públicas estatales en México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mendoza Velázquez]]></surname>
<given-names><![CDATA[Alfonso]]></given-names>
</name>
</contrib>
</contrib-group>
<aff id="A">
<institution><![CDATA[,  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<volume>77</volume>
<numero>307</numero>
<fpage>603</fpage>
<lpage>647</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2010000300603&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2010000300603&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2010000300603&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: La vulnerabilidad y presión de los sistemas financieros es un tema latente en la práctica y estudio de la economía a la luz de la crisis reciente. Este artículo define la presión financiera de los gobiernos estatales como aquella ejercida por el desequilibrio financiero, el incremento del gasto corriente, la falta de inversión, la acumulación excesiva de deuda pública y su servicio. A partir de un análisis multivariado en este artículo se desarrolla seis índices que miden en su conjunto la presión en las finanzas públicas estatales en México de 2001 a 2007. Estos índices, no correlacionados entre sí, captan más de 80% de la variabilidad estadística observada en las finanzas públicas estatales en México y muestran la posición relativa de cada entidad federativa contra el resto de los estados. Entre otros resultados se encuentran factores de finanzas públicas que confirman la existencia de una correspondencia (trade-off) entre inversión pública y superávit y entre el ahorro y el gasto ordinario. El conjunto de indicadores obtenido en este artículo puede ser usado por el funcionario local para comparar la posición relativa de su entidad respecto a otros estados y por el regulador/supervisor para determinar la presión financiera que experimentan los gobiernos subsoberanos en México.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The vulnerability and financial pressure of financial systems is a critical subject in light of the economic crisis we are currently facing. This paper defines financial pressure of local governments as the extreme situation characterized by financial imbalances, increasing current expenditure, lack of investment, excessive public debt and debt service. Using multivariate methods this paper develops six indexes that jointly measure the pressure on the states public finances in Mexico for the period 2001-2007. These indexes -which by construction are not correlated with each other- capture more than 80% of the variation of public finance variables and show the ranking of each state in relation to other states in Mexico. Among the results we find a trade-off between public investment and balance surpluses and between savings and current expenditure. The hence-obtained set of indexes can be used by local officials to assess the relative condition of his state public finances in relation to others and by the supervisors or regulatory bodies to asses the financial pressure experienced by state governments in Mexico.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[presión financiera]]></kwd>
<kwd lng="es"><![CDATA[vulnerabilidad]]></kwd>
<kwd lng="es"><![CDATA[inestabilidad]]></kwd>
<kwd lng="es"><![CDATA[gobiernos subsoberanos]]></kwd>
<kwd lng="es"><![CDATA[componentes principales]]></kwd>
<kwd lng="es"><![CDATA[análisis de factores]]></kwd>
<kwd lng="es"><![CDATA[trade off]]></kwd>
<kwd lng="es"><![CDATA[inversión pública]]></kwd>
<kwd lng="es"><![CDATA[déficit]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yorio]]></surname>
<given-names><![CDATA[Gabriel G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Calificaciones de riesgo crediticio de gobiernos subna-cionales en México. Aplicación del Modelo Probit Ordenado]]></source>
<year>2006</year>
<publisher-name><![CDATA[El Colegio de México]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
