<?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>0120-3584</journal-id>
<journal-title><![CDATA[Desarrollo y Sociedad]]></journal-title>
<abbrev-journal-title><![CDATA[Desarro. soc.]]></abbrev-journal-title>
<issn>0120-3584</issn>
<publisher>
<publisher-name><![CDATA[Universidad de los Andes]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-35842024000100006</article-id>
<article-id pub-id-type="doi">10.13043/dys.96.5</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Impacto de la política fiscal y la política monetaria en el valor de capitalización bursátil de las empresas: un enfoque de datos panel autorregresivo (PVAR) para el caso de México]]></article-title>
<article-title xml:lang="en"><![CDATA[Examining the influence of fiscal and monetary policies on firm market capitalization: a panel vector autoregressive (PVAR) analysis for Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Quintero M]]></surname>
<given-names><![CDATA[Washington]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Nava]]></surname>
<given-names><![CDATA[Abigail]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Vásquez]]></surname>
<given-names><![CDATA[Liliam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[León Villafuerte]]></surname>
<given-names><![CDATA[Domenica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Guayaquil  ]]></institution>
<addr-line><![CDATA[Guayaquil ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af5">
<institution><![CDATA[,Universidad de Guayaquil Facultad de Ciencias Psicológicas ]]></institution>
<addr-line><![CDATA[Guayaquil ]]></addr-line>
<country>Ecuador</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>
<numero>96</numero>
<fpage>121</fpage>
<lpage>145</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-35842024000100006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-35842024000100006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-35842024000100006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En la actualidad existe una gran diversidad de estudios de la relación existente entre la política monetaria y el mercado bursátil; sin embargo, pocos evalúan la incidencia del manejo fiscal en este mercado. Este documento examina en qué medida la política fiscal puede afectar a la capitalización bursátil de la empresa. Utilizando la metodología panel de vectores autorregresivos (PVAR), se encuentra que la capitalización bursátil en el IPC refleja completamente la información disponible sobre los movimientos de las variables relacionadas con la política monetaria; no obstante, el endeudamiento público total ejerce un efecto rezagado y significativo sobre la capitalización bursátil de las empresas mexicanas. Este hallazgo indica que el IPC no refleja completamente la información disponible sobre los movimientos de las variables de política fiscal. Un análisis exhaustivo de las medidas de política fiscal por parte de los inversionistas y los analistas financieros puede incrementar el rendimiento de los mercados bursátiles.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Several studies have examined the relationship between monetary policy and the stock market. However, few have assessed the impact of fiscal management on this market. This paper examines the extent to which fiscal policy affects a firm&#8217;s stock market capitalization using the Panel Vector Autoregressive (PVAR) methodology. The study finds that the stock market capitalization in the CPI fully reflects the available information on the movements of variables related to monetary policy. However, total public indebtedness exerts a significant lagged effect on the stock market capitalization of Mexican firms. This finding indicates that the CPI does not fully reflect the available information on the movements of fiscal policy variables. A comprehensive analysis of fiscal policy measures can enhance stock market performance for investors and financial analysts.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[endeudamiento público]]></kwd>
<kwd lng="es"><![CDATA[incertidumbre de la política económica]]></kwd>
<kwd lng="es"><![CDATA[mercado bursátil]]></kwd>
<kwd lng="es"><![CDATA[hipótesis de mercado eficiente]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="en"><![CDATA[Government debt]]></kwd>
<kwd lng="en"><![CDATA[economic policy uncertainty]]></kwd>
<kwd lng="en"><![CDATA[Stock exchange]]></kwd>
<kwd lng="en"><![CDATA[efficient market hypothesis]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="es"><![CDATA[C23]]></kwd>
<kwd lng="es"><![CDATA[G1]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[M4]]></kwd>
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