<?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>1657-4206</journal-id>
<journal-title><![CDATA[Ecos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[ecos.econ.]]></abbrev-journal-title>
<issn>1657-4206</issn>
<publisher>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1657-42062019000200029</article-id>
<article-id pub-id-type="doi">10.17230/ecos.2019.49.2</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Mexico&#8217;s Finance-Growth nexus with trade openness, FDI and portfolio investment: evidence From cointegration analysis]]></article-title>
<article-title xml:lang="es"><![CDATA[El nexo del crecimiento financiero de México con la apertura comercial, la IED y la inversión de cartera: Evidencias del análisis de cointegración del modelo de corrección de errores vectoriales (VECM)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fukuda]]></surname>
<given-names><![CDATA[Takashi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universiti Utara Malaysia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Japan</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>23</volume>
<numero>49</numero>
<fpage>29</fpage>
<lpage>44</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S1657-42062019000200029&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S1657-42062019000200029&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S1657-42062019000200029&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study investigates Mexico&#8217;s finance-growth nexus by controlling the &#8220;globalization&#8221; variables of trade openness, foreign direct investment (FDI) and portfolio investment together with the structural break dummy. Financial development is proxied by two indicators of size and efficiency. Implementing the cointegration and Granger causality tests in the framework of the vector error correction model (VECM), we found that: financial size is negative for economic growth with no feedback; financial efficiency and economic growth are in a negative bilateral relationship; trade openness and portfolio investment are positive for economic growth; and FDI is negative for economic growth and financial efficiency. JEL Classification: E44; F40; O54]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio analiza el nexo del crecimiento financiero de México al controlar las variables de la "globalización" de la apertura comercial, la inversión extranjera directa (IED) y la inversión de cartera junto con la variable ficticia de ruptura estructural. El desarrollo financiero es medido a través de dos indicadores: tamaño y eficiencia. Al implementar las pruebas de cointegración y de causalidad de Granger en el marco del modelo de corrección de errores vectoriales (VECM), encontramos que: el tamaño financiero es negativo para el crecimiento económico sin retroalimentación, la eficiencia financiera y el crecimiento económico tienen una relación bilateral negativa, la apertura comercial y la inversión de cartera son positivas para el crecimiento económico, y la IED es negativa para el crecimiento económico y la eficiencia financiera. JEL Classification: E44; F40; O54]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Finance-growth nexus]]></kwd>
<kwd lng="en"><![CDATA[Globalization]]></kwd>
<kwd lng="en"><![CDATA[VECM]]></kwd>
<kwd lng="en"><![CDATA[Cointegration]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="es"><![CDATA[Nexo del crecimiento financiero]]></kwd>
<kwd lng="es"><![CDATA[Globalización]]></kwd>
<kwd lng="es"><![CDATA[VECM]]></kwd>
<kwd lng="es"><![CDATA[Cointegración]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
</kwd-group>
</article-meta>
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