<?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>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962022000100201</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n96a345321</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Dynamic Stock Dependence and Monetary Variables in the United States (2000- 2016): A Copula and Neural Network Approach]]></article-title>
<article-title xml:lang="es"><![CDATA[Dependencia bursátil dinámica y variables monetarias en Estados Unidos (2000- 2016): estimación vía cópulas y redes neuronales artificiales]]></article-title>
<article-title xml:lang="fr"><![CDATA[Dépendance boursière dynamique et variables monétaires aux États-Unis (2000- 2016): estimation par copulations et réseaux de neurones artificiels]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bucio]]></surname>
<given-names><![CDATA[Christian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Calisto]]></surname>
<given-names><![CDATA[Edgar Ortiz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma del Estado de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<numero>96</numero>
<fpage>201</fpage>
<lpage>234</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962022000100201&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962022000100201&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962022000100201&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper investigates dynamic dependence between the American Stock Market (S&amp;P 500) and the World Share Market (MSCIW) and examines whether key monetary variables (short and long-term interest rates, interest rate spreads, and exchange rate) explain changes in this relation, during the period January 2000 - June 2016. The methodology includes a Dynamic Copula approach and a Multilayer Perceptron Network. Results suggest that there is interdependence between the American and global stock market and that the dynamic dependence is mainly explained by the short-term interest rate spread, 3-month T-bill&#8217;s rate and 3-month London Interbank Offered Rate LIBOR rate. JEL Classification: C45, C58, D53, E49, G15.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de la presente investigación es analizar la dependencia dinámica entre el índice bursátil americano S&amp;P 500 y el índice bursátil mundial (MSCIW), así como, examinar si variables monetarias clave (tasas de interés de corto y largo plazo, diferenciales de tasas de interés y tipo de cambio) explican los cambios en dicha relación de dependencia. El periodo de estudio es de enero de 2000 a junio de 2016, el cual incluye períodos de calma e incertidumbre. La metodología incluye las metodologías de cópula dinámica y red neuronal perceptrón multicapa. Los resultados sugieren que existe un fenómeno de interdependencia entre los mercados bursátiles. Las variaciones en la relación de dependencia se explican por los cambios en el diferencial de tasas de interés de corto plazo (LIBOR 3 meses - T-bill&#8217;s 3 meses).]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé: L&#8217;objectif de cette recherche est d&#8217;analyser la dépendance dynamique entre l&#8217;indice boursier américain S&amp;P 500 et l&#8217;indice boursier mondial (MSCIW), ainsi que d&#8217;examiner si des variables monétaires clés (taux d&#8217;intérêt à court et à long terme, différentiels de taux d&#8217;intérêt et taux de change) expliquent les changements dans cette relation de dépendance. La période d&#8217;étude s&#8217;applique de janvier 2000 à juin 2016, ce qui comprend des périodes de calme et d&#8217;incertitude. La méthodologie comprend les méthodologies de la copule dynamique et du réseau de neurones perceptrons multicouches. Les résultats suggèrent qu&#8217;il existe un phénomène d&#8217;interdépendance entre les marchés boursiers. Les variations du rapport de dépendance s&#8217;expliquent par les variations de l&#8217;écart de taux d&#8217;intérêt à court terme (LIBOR 3 mois - 3 mois de T-bill).]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[stock market dependence]]></kwd>
<kwd lng="en"><![CDATA[monetary variables]]></kwd>
<kwd lng="en"><![CDATA[Copula approach]]></kwd>
<kwd lng="en"><![CDATA[artificial neural network]]></kwd>
<kwd lng="es"><![CDATA[dependencia bursátil]]></kwd>
<kwd lng="es"><![CDATA[variables monetarias]]></kwd>
<kwd lng="es"><![CDATA[metodología Cópula]]></kwd>
<kwd lng="es"><![CDATA[Redes Neuronales Artificiales]]></kwd>
<kwd lng="fr"><![CDATA[dépendance boursière]]></kwd>
<kwd lng="fr"><![CDATA[variables monétaires]]></kwd>
<kwd lng="fr"><![CDATA[méthodologie Copule]]></kwd>
<kwd lng="fr"><![CDATA[Réseaux de Neurones Artificiels]]></kwd>
</kwd-group>
</article-meta>
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