<?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>0121-6805</journal-id>
<journal-title><![CDATA[Revista Facultad de Ciencias Económicas: Investigación y Reflexión]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.fac.cienc.econ.]]></abbrev-journal-title>
<issn>0121-6805</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas Universidad Militar Nueva Granada]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-68052023000100103</article-id>
<article-id pub-id-type="doi">10.18359/rfce.6413</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Macroeconomía y mercado bursátil: el impacto y la transmisión de volatilidad de las variables macroeconómicas al mercado bursátil colombiano]]></article-title>
<article-title xml:lang="en"><![CDATA[Macroeconomics and Stock Market: The impact and transmission of Macroeconomic Variables&#8217; Volatility to the Colombian Stock Market]]></article-title>
<article-title xml:lang="pt"><![CDATA[Macroeconomia e mercado de ações: o impacto e a transmissão da volatilidade das variáveis macroeconômicas no mercado de ações colombiano]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Candelo-Viáfara]]></surname>
<given-names><![CDATA[Juan Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Oviedo-Gómez]]></surname>
<given-names><![CDATA[Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lozano-Mejía]]></surname>
<given-names><![CDATA[Enerieth]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Valle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Valle  ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Cali</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Valle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<volume>31</volume>
<numero>1</numero>
<fpage>103</fpage>
<lpage>118</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-68052023000100103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-68052023000100103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-68052023000100103&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: este documento identifica el impacto y la transmisión de volatilidad de variables macroeconómicas a la bolsa de valores colombiana. Se utiliza el índice COLCAP, que refleja la variación de las empresas más líquidas de la bolsa de valores colombiana y a su vez contiene las acciones de las empresas más importantes del país. Como metodología, se aplicó el modelo de vectores autorregresivos generalizados (VAR), cuyos resultados mostraron que el índice COLCAP reacciona positivamente ante aumentos de la actividad económica, la actividad industrial y los precios del petróleo; y negativamente ante la tasa de cambio y la tasa de desempleo. Además, se encontró que el COLCAP es un receptor de volatilidad y sus mayores variaciones se presentan en momentos de incertidumbre.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This document identifies the impact and transmission of volatility from macroeconomic variables to the Colombian stock market. The COLCAP index, which reflects the variation of the most liquid companies on the Colombian stock exchange and includes the shares of the country&#8217;s most important companies, is used. As a methodology, the Generalized Vector Autoregressive (VAR) model was applied, and the results showed that the COLCAP index reacts positively to increases in economic activity, industrial activity, and oil prices while reacting negatively to the exchange rate and unemployment rate. Additionally, it was found that COLCAP is a recipient of volatility, with its greatest variations occurring during times of uncertainty.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: Este documento identifica o impacto e a transmissão da volatilidade das variáveis macroeconômicas no mercado de ações colombiano. Utilizou-se o índice COLCAP, que reflete a variação das empresas mais líquidas do mercado de ações colombiano e, concomitantemente, contém as ações das empresas mais importantes do país. Aplicou-se, como metodologia, o modelo de vetores autor- regressivos generalizados (VAR), cujos resultados mostraram que o índice COLCAP reage positivamente a aumentos na atividade econômica, atividade industrial e preços do petróleo; e negativamente à taxa de câmbio e à taxa de desemprego. Ademais, constatou-se que o COLCAP é um receptor de volatilidade, e suas maiores variações ocorrem em momentos de incerteza.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[mercado accionario]]></kwd>
<kwd lng="es"><![CDATA[variables macroeconómicas]]></kwd>
<kwd lng="es"><![CDATA[volatilidad]]></kwd>
<kwd lng="es"><![CDATA[modelos VAR]]></kwd>
<kwd lng="es"><![CDATA[COLCAP]]></kwd>
<kwd lng="en"><![CDATA[stock market]]></kwd>
<kwd lng="en"><![CDATA[macroeconomic variables]]></kwd>
<kwd lng="en"><![CDATA[volatility]]></kwd>
<kwd lng="en"><![CDATA[models, VAR]]></kwd>
<kwd lng="en"><![CDATA[COLCAP]]></kwd>
<kwd lng="pt"><![CDATA[mercado de ações]]></kwd>
<kwd lng="pt"><![CDATA[variáveis macroeconômicas]]></kwd>
<kwd lng="pt"><![CDATA[volatilidade]]></kwd>
<kwd lng="pt"><![CDATA[modelos VAR]]></kwd>
<kwd lng="pt"><![CDATA[COLCAP]]></kwd>
</kwd-group>
</article-meta>
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