<?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>0120-3592</journal-id>
<journal-title><![CDATA[Cuadernos de Administración]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Adm.]]></abbrev-journal-title>
<issn>0120-3592</issn>
<publisher>
<publisher-name><![CDATA[Pontificia Universidad Javeriana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-35922016000200077</article-id>
<article-id pub-id-type="doi">10.11144/Javeriana.cao29-53.dssd</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes de spreads soberanos durante la reciente crisis financiera: el caso europeo]]></article-title>
<article-title xml:lang="en"><![CDATA[Sovereign bond spreads determinants during the last financial crisis: The European case]]></article-title>
<article-title xml:lang="pt"><![CDATA[Determinantes de spreads soberanos durante a crescente crise financeira: o caso europeu]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[Lisana B.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Teruel]]></surname>
<given-names><![CDATA[Mercedes]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Terceño]]></surname>
<given-names><![CDATA[Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Provincial del Sudoeste  ]]></institution>
<addr-line><![CDATA[Bahía Blanca ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universitat Rovira i Virgili  ]]></institution>
<addr-line><![CDATA[Reus ]]></addr-line>
<country>España</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universitat Rovira i Virgili  ]]></institution>
<addr-line><![CDATA[Reus ]]></addr-line>
<country>España</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<volume>29</volume>
<numero>53</numero>
<fpage>77</fpage>
<lpage>100</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-35922016000200077&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-35922016000200077&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-35922016000200077&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo se identifican los principales determinantes de spreads soberanos considerando el bono alemán y de EEUU como benchmarks de referencia, para países de la Unión Europea y de la Unión Monetaria Europea, desde 2004 hasta 2011. Se aplica la metodología econométrica de datos de panel con efectos fijos. Los resultados presentan altos ajustes ante los distintos benchmarks. La crisis financiera presenta mayor impacto en los países de la eurozona. Futuras líneas de investigación podrían contemplar un periodo de estudio más amplio, incluir más variables macroeconómicas y agrupar los países de acuerdo con la similitud de sus fundamentales para realizar un análisis más exhaustivo de los mercados de deuda.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper identifies the main determinants of sovereign bonds spreads, considering the German and US government bonds as benchmarks, for countries within the European Union and the European Monetary Union, from 2004 to 2011. The econometric methodology of panel data with fixed effects is applied, and the results indicate high adjustments in the face of the different benchmarks. The financial crisis shows a higher impact in those countries within the Eurozone. Future lines of research could contemplate a broader period of study, include more macroeconomic variables and group the countries according to the similarity of their fundamentals to conduct a more exhaustive analysis of the debt markets.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Neste artigo, identificam-se os principais determinantes de spreads soberanos considerando o bônus alemão e estadunidense como benchmarks de referência para países da União Europeia e da União Monetária Europeia desde 2004 até 2011. Aplica-se a metodologia econométrica de dados de painel com efeitos fixos. Os resultados apresentam altos ajustes entre os diferentes benchmarks. A crise financeira apresenta maior impacto nos país da eurozona. Futuras linhas de pesquisa poderiam compreender um período de estudo mais amplo, incluir mais variáveis macroeconômicas e agrupar os países de acordo com a semelhança de suas fundamentais para realizar uma análise mais exaustiva dos mercados de dívida.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[spreads de bonos soberanos]]></kwd>
<kwd lng="es"><![CDATA[euro área]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[datos de panel]]></kwd>
<kwd lng="en"><![CDATA[sovereign bond spreads]]></kwd>
<kwd lng="en"><![CDATA[euro area]]></kwd>
<kwd lng="en"><![CDATA[financial crisis]]></kwd>
<kwd lng="en"><![CDATA[panel data]]></kwd>
<kwd lng="pt"><![CDATA[crise financeira]]></kwd>
<kwd lng="pt"><![CDATA[dados de painel]]></kwd>
<kwd lng="pt"><![CDATA[eurozona]]></kwd>
<kwd lng="pt"><![CDATA[spreads de bônus soberanos]]></kwd>
</kwd-group>
</article-meta>
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