<?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>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462019000200353</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.2019.11.2.8</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Integración entre mercados de petróleo de diferente calidad con base en las correlaciones condicionales dinámicas]]></article-title>
<article-title xml:lang="en"><![CDATA[Integration among world and low quality crude oil markets based on dynamic conditional correlations]]></article-title>
<article-title xml:lang="pt"><![CDATA[Integração entre mercados de petróleo de diferente qualidade com base nas correlações condicionais dinâmicas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jesús-Gutiérrez]]></surname>
<given-names><![CDATA[Raúl de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma del Estado de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</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>11</volume>
<numero>2</numero>
<fpage>353</fpage>
<lpage>374</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462019000200353&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462019000200353&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462019000200353&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo prueba el grado de integración de México en los mercados internacionales del petróleo a través de la evolución de las correlaciones dinámicas en periodos estables, de crisis e inestables. Las estimaciones del modelo GARCH-CCD muestran que las correlaciones son positivas y cambian con el tiempo en respuesta al origen de choques en los precios del petróleo para los periodos de relativa calma, crisis y turbulencia financiera. Asimismo, los resultados del estadístico-t y valor-p bootstrap confirman que las correlaciones son significativamente diferentes en periodos de estabilidad e inestabilidad con respecto a las correlaciones del periodo de crisis, lo que favorece la hipótesis de regionalización entre los mercados de petróleo. Los hallazgos tienen importantes implicaciones económicas y financieras para el gobierno y los consumidores. JEL Classification: C22, F20, F41, Q40.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper tests the degree of integration between Mexico's and world crude oil markets throughout the evolution of dynamics correlations during the stable, crisis and volatile periods. The estimations of DCC-GARCH model show that the correlations are positive and time-varying in responds to the origin of the oil price shocks in periods of relative calm and financial turmoil. Likewise, the results of statistic-t and bootstrap p-value confirm strongly that the correlations in the crisis period are significantly different from those in the stable and volatile periods, which provides evidence in favor of the regionalization hypothesis between crude oil markets. The findings have important economic and financial implications for the government and consumers.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Este artigo testa o grau de integração do México nos mercados internacionais do petróleo por meio da evolução das correlações dinâmicas em períodos estáveis, de crise e instáveis. As estimativas do modelo GARCH-CCD mostram que as correlações são positivas e se transformam com o tempo em resposta à origem de choques nos preços do petróleo para os períodos de relativa calma, crise e turbulência financeira. Além disso, os resultados do estatístico-t e valor-p bootstrap confirmam que as correlações são significativamente diferentes em períodos de estabilidade e instabilidade a respeito das correlações do período de crise, o que favorece a hipótese de regionalização entre os mercados de petróleo. Os achados têm importantes consequências econômicas e financeiras para o governo e para os consumidores.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[correlaciones condicionales dinámicas]]></kwd>
<kwd lng="es"><![CDATA[crisis financieras]]></kwd>
<kwd lng="es"><![CDATA[integración de los mercados de petróleo]]></kwd>
<kwd lng="en"><![CDATA[Dynamics conditional correlations]]></kwd>
<kwd lng="en"><![CDATA[financial crises]]></kwd>
<kwd lng="en"><![CDATA[integration crude oil markets]]></kwd>
<kwd lng="pt"><![CDATA[correlações condicionais dinâmicas]]></kwd>
<kwd lng="pt"><![CDATA[crises financeiras]]></kwd>
<kwd lng="pt"><![CDATA[integração dos mercados de petróleo]]></kwd>
</kwd-group>
</article-meta>
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