Panorama Económico
type: channel
description: PANORAMA ECONOMICO is a scientific journal biannually published which objective is to publish results of research work in the area of economics and related subjects with a rigorous theoretical and/or practical content. It has its headquarters in the Superior School of Economy of the National Polytechnic Institute. Founded in 2005 by a group of professors from the same institution. PANORAMA ECONOMICO has the purpose to become a reference for consultation in national and international spheres. PANORAMA ECONOMICO has support from prestigious researchers from Mexico and different universities abroad, which are part of the editorial board and reflect plurality in visions about the world economy. Journal incorporated to: SCIELO LATINDEX REPEC
publisher: Talleres Gráficos de la Dirección de Publicaciones del Instituto Politécnico Nacional
language: en
publication name: Panorama Económico
issn: 1870-2171
items: The professional minimum wage in the Mexican labor market
items: Mexico’s Integration into Global Value Chains.
items: Real options, an application in projects evaluation in the agricultural sector in Mexico
items: Recent overview of the development and evolution of DPPI in China
items: The dependence of trajectory in the institutions: mechanisms reinforcement and learning processes
items: Two game theory models applied to the Institutions Administrators of Retirement Funds (afores) in Mexico: a theoretical approach
items: Electronic invoice: asynchronous innovation
items: Analysis of welfare and food security: the case of soup kitchens in the City of Mexico
items: Impact of the degree of relative risk aversion, the interest rate and the exchange rate depreciation on economic welfare in a small open economy
items: Stock markets, volatility and economic growth: evidence from Cameroon, Ivory Coast and Nigeria
items: The formation of social capital for sustainable development among the population of the City of Puebla in 2025
items: The financing of commercial banking and the capital ma ket: its relationship with inequality in distribution of income in Mexico
items: New wave of mergers and acquisitions
items: Quartely analysis of the legal complexity of the Value Addea Tax law in the periodo from 1978 to 2016
items: Social capital and quality education. The program of girls and boys talent of the Mexico city
items: Monetary variables and the formation of speculative bubble: a frequency synchronization analysis (1992-2013)
items: STRUCTURAL CHANGE AND DEINDUSTRIALIZATION IN MEXICO
items: Spatial Analysis of Territorial Asymmetries in Multilevel Environmental Governance in Mexico (2012–2024)
items: Autoregressive econometric analysis of the real exchange rate flexible in Mexico 1999-2012
items: Do microenterprises' size and status matter to access informal finance?
items: MEXICO: A COUNTRY THAT DOES NOT MOVE. AN ANALYSIS OF SOCIAL MOBILITY FROM A CLASS APPROACH
items: EVOLUTION AND PROSPECTS OF THE NATIONAL FISCAL COORDINATION
items: FORECAST OF INCOMES BY INTERNATIONAL VISITOR TO MEXICO: A HIERARCHICAL SERIES APPROACH
items: Foreing direct investment and its role in economic development: Theory and empirical evidence
items: Hotelling model applied to the AFORES in Mexico
items: Towards a model of capital asset pricing for Mexico: analysis individual assetstime-varying coefficients
items: Parametric characterization yields prices oil 2010-2015
items: Private consumption and public deficit in latin america: theory and evidence of ricardian equivalence hypothesis
items: Financial innovations in Latin America: derivatives markets and determinants of risk management
items: Economic incentives in the decision of individuals and companies to operate in the formal or informal sector: popular insurance and collection efficiency

The professional minimum wage in the Mexican labor market
type: item
description: This article studies the effects of the minimum wage by occupation in the Mexican labor market from 2005-2024. First, the National Occupation and Employment Survey (ENOE) is used to obtain the average and median, general and professional minimum wage, among other variables related to human capital, such as age and schooling. Subsequently, a data panel is built with 29 occupations approved between the National Occupational Classification System and the Mexican Occupational Classification and the most outstanding variables that allow the identification of changes between labor supply and demand. It is found that when the bindingness of the wage is stronger, the market tends to be more flexible, but sometimes, at the cost of the worker's loss of bargaining power.
subject: Research
  topic: section
creator: Josue Salgado-Jurado
creator: Sheila Yazmín Solís Vázquez
creator: José Leonel López Robles
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-12
publication date: 2026-06-12
starting page: 137
ending page: 173
doi: 10.29201/75er4f78

Mexico’s Integration into Global Value Chains.
type: item
description: .
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Selene Viridiana Corona-Zamora
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-12
publication date: 2026-06-12
starting page: 45
ending page: 66
doi: 10.29201/ypcaj577

Real options, an application in projects evaluation in the agricultural sector in Mexico
type: item
description: The objective of this research is to show the advantages offered by the royal options in decision making in the agricultural sector, specifically the area of production of green tomato in Mexico. Using the historical price of the sale in the Central of Supply of Mexico City, obtained from the Sistema Nacional de Información e Integración de Mercados (SNIIM), prove that the price of the tomate present a marked behavior in the period of analysis, while that the trend is soft but statistically significant, so the price could be with certainty estimated. It is found that the methodology of the real options adds value to the project, however, different values were obtained in obtaining the project volatility. The results also suggest that farmers should postpone the harvest period.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Wulfrano Gómez Gallardo
creator: Daniel Cerecedo Hernández
creator: Sara Barajas Cortés
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 131
ending page: 151
doi: 10.29201/peipn.v13i25.405

Recent overview of the development and evolution of DPPI in China
type: item
description: The article analyzes the construction of China‘s institutional framework, from the reform and economic opening of the late 1970s to create and adjust its intellectual property rights system in all its forms, to adjust it the international standard. It also describes the stages China has undergone to design and build the institutional framework. It is postulated that China will only succeed in becoming an economy of medium economic development in this century if it achieves to keep an institutional framework ad hoc to its economic dynamism, as if it does not guarantee the right to intellectual property, it will not be able to maintain its recent leadership in the application trademarks and other names of intellectual property, which is the basis of the global economy. It concludes, with the analysis of the main challenges facing China, to become a knowledge economy.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Juan González García
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 105
ending page: 129
doi: 10.29201/peipn.v13i25.404

The dependence of trajectory in the institutions: mechanisms reinforcement and learning processes
type: item
description: Institutions change over time. The institutional change is incremental and its direction is path-dependent. In this paper, it is emphasized that the path dependency is not a deterministic inertia but imposes constraints that specifically frame the present decision alternatives of the agents of change. Moreover, it is shown that increasing returns are an important source of permanence of political, economic or social institutions. However, there are also other reinforcing mechanisms that can perpetuate the orientation of institutional frameworks, such as functional ones, of power, legitimating, layering and conversion.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Juan Ignacio Campa
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 93
ending page: 104
doi: 10.29201/peipn.v13i25.403

Two game theory models applied to the Institutions Administrators of Retirement Funds (afores) in Mexico: a theoretical approach
type: item
description: In Mexico the pension system based on Institutions Administrators of Retirement Funds (AFORES) is relatively new, that is why this study shows two game theory applications in order to provide different decisions tools to the economics agents involved into individual capitalization pension market in Mexico, and help them to maximize their economic and personnal profits. The results show the applicability of Bertrand model to modeling the way in AFORES compete in prices and the Hotelling model utility to modeling how AFORES compete for a horizontal differentiation market.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Humberto Banda Ortiz
creator: Denise Gómez Hernández
creator: Julia Hirsch
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 71
ending page: 92
doi: 10.29201/peipn.v13i25.402

Electronic invoice: asynchronous innovation
type: item
description: The electronic bill was introduced in Mexico to fight against tax evasion. In this paper, we show how the digital gap which exists in Mexico avoids the proper use of the electronic bill and becomes an obstacle for the formalization of enterprises. Hence, we observe asynchrony between the electronic tool imposed by a public policy and the technologic and institutional environment in which it is used. It is evident the need of a fiscal policy adequate for the Mexican micro and median firms. We proof this through a principal-agent model.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Hugo J. Fuentes Castro
creator: Grisel Ayllón Aragón
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 57
ending page: 69
doi: 10.29201/peipn.v13i25.400

Analysis of welfare and food security: the case of soup kitchens in the City of Mexico
type: item
description: The present paper aims to present an overview over the access to food of the inhabitants in Mexico City. Considering this as a basic social right of the human being in the development of all his faculties. Firstly, through the consultation of information available from the Food and Agriculture Organization of the United Nations (FAO), the National Council for Evaluation of Social Development Policy (CONEVAL) and the Evaluation Council of the Social Development of Mexico City (Evalúa CDMX) regarding the diagnosis of the problem of food in the Latin American region and in Mexico City. The outcomes of the present investigation focus on the analysis of the level of food insecurity present among the users of these spaces and how, through the Peoples Dinners in Mexico City has achieved that three quarters of them have reach food security thanks to the food rations to which they have access in such dining places.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: José Arturo Cerón Vargas
creator: Sergio Flores González
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 19
ending page: 55
doi: 10.29201/peipn.v13i25.399

Impact of the degree of relative risk aversion, the interest rate and the exchange rate depreciation on economic welfare in a small open economy
type: item
description: This paper is aimed at assessing the impact of the degree of relative risk aversion on economic welfare for different levels of the interest rate and the exchange rate depreciation in a small open beconomy. To do this, a representative consumer-producer makes decisions on consumption, money balances, and leisure. In order to find a closed-form solution of the household’s economic welfare, it is assumed that individual’s preferences belong to the family of Constant Relative Risk Aversion (CRRA) utility functions. Several comparative statics graphical experiments about the effects of the degree of relative risk aversion on economic welfare for different levels of nominal variables are carried out. Finally, we find that, under the stated assumptions, household’s economic welfare seen as a function of the degree of relative risk aversion is responsive to different values of nominal variables.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Yazmín Viridiana Soriano-Morales
creator: Benjamín Vallejo-Jiménez
creator: Francisco Venegas-Martínez
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-07-03
publication date: 2017-07-03
starting page: 1
ending page: 18
doi: 10.29201/peipn.v13i25.398

Stock markets, volatility and economic growth: evidence from Cameroon, Ivory Coast and Nigeria
type: item
description: This study examines in one hand the relationship between stock market return volatility and economic growth, and, in the other one, how stock market development can influence economic growth. The methods used in this paper are Generalized Autoregressive Conditional Heteroscedasticity (GARCH) framework to apprehend return volatility and VAR framework to capture any link between stock market and economic growth. Time series quarterly data used are from 2000 to 2015 for both Nigeria and Ivory Coast and from 2008 to 2015 for Cameroon. The study reveals that: 1) DSX results are not significant causing economic growth, neither the converse, showing how desperately Cameroon market needs to be boosted if the country wishes to reach an acceptable economic situation in 2035. The study also reveals, 2) none significant causality link going from stock market development to GDP in Ivory Coast and Nigeria; it also found that, 3) main macroeconomic variables influencing (or influenced by) stock market are Inflation and Money supply. The research finally reveals that, 4) NSE is more volatile than BRVM or DSX.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Joseph Nzomo Tcheunta
creator: Dany Rostand Dombou Tagne
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 139
ending page: 169
doi: 10.29201/peipn.v12i24.397

The formation of social capital for sustainable development among the population of the City of Puebla in 2025
type: item
description: The objective of this work is to share the results of research on the relationship between social capital and the promotion of sustainable development, based on a field study among 340 people living in the city of Puebla, carried out in mid-2025. The specific objectives of the research were: 1) to measure the social capital of the population from the point of view of its perception, using indicators traditionally accepted for this purpose; 2) detect the willingness of this population to carry out activities conducive to the formation of social capital, and; 3) detect their willingness to carry out activities to promote sustainable development. With the help of Pearson's correlation analysis and least squares regression, a strong positive relationship was found between the two detected dispositions, so it can be said that the greater the social capital, the greater the promotion of sustainable development among the population.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Mario Miguel Carrillo Huerta
creator: Laura Elena Carrillo Cubillas
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-12
publication date: 2026-06-12
starting page: 175
ending page: 208
doi: 10.29201/dzy4re87

The financing of commercial banking and the capital ma ket: its relationship with inequality in distribution of income in Mexico
type: item
description: This paper analyze the relationship between financing from commercial banks and the capital market with unequal income distribution in Mexico. It is found that the financing of commercial banking to companies is asso ciated with decreases in inequality of income distribution, while the capital market financing is associated with increases in inequality. This is because commercial banks can provide financing to a wider range of borrowers in cluding households and MSMEs, which generate about 50% of the product and the bulk of employment in Mexico. Instead, the capital market remains restricted to large companies, whose number has decreased.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: José Augusto Chamorro Gómez
creator: Christian Said Domínguez Blancas
creator: María Isabel García Morales
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 109
ending page: 138
doi: 10.29201/peipn.v12i24.394

New wave of mergers and acquisitions
type: item
description: The aim is to show that the mergers and acquisitions (M&A) process under going for the last years, has been opposite to the literature which states that such process during bonanza and boom growth periods. Through seven parts, we study the different and main financing options for the firms, basic M&A concepts and why they take place, their characteristics and macroeco nomic environment where they mainly happen, an historical review, some macroeconomic environment variables and the M&A process since the 2008 crisis, the most relevant cases in the recent years, and some interpretations. We conclude that the stagnation macroeconomic environment has not been an obstacle for a new M&A wave.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Gloria de la Luz Juárez
creator: Alfredo Sánchez Daza
creator: Germán Sánchez Daza
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 85
ending page: 108
doi: 10.29201/peipn.v12i24.393

Quartely analysis of the legal complexity of the Value Addea Tax law in the periodo from 1978 to 2016
type: item
description: Through the Katz and Bommarito's model, we studied the legal complexity of the Value Added Tax Law, from its original version published on 1978, until the current version (2016). The data reveals that the Law became more complex over time, in terms of structure, entropy and interdependence, the variables considered by this study for measuring legal complexity.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Javier Moreno
creator: Jaime H. Beltrán
creator: Leovardo Mata
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 59
ending page: 84
doi: 10.29201/peipn.v12i24.392

Social capital and quality education. The program of girls and boys talent of the Mexico city
type: item
description: As talented children in early stages of education are in a formative process, they must be stimulated to develop at their maximum capacity in order to increase their potential future incomes (for them and for their families) as well as their communities social capital. However, in less developed areas educa tional systems usually do not attend the students differences in talent and learning capabilities. In 2007, the government of Mexico City launched a pro gram called Niñas y Niños Talento, with the purpose of offering additional specialized courses in disciplines from the areas of sciences, arts and sports to talented children enrolled in the city’s public schools of basic education (primary and lower secondary). This paper presents the results of an analysis of the impact of that program on the students’ socio-affective and creative behavior and capabilities, carried out with the help of econometric analysis, applied to data gathered from two surveys directed by the author among beneficiaries of the program in 2008 and 2010. It is concluded that the pro gram has important positive effects on both types of students behavior which suggests a positive effect on the population’s associative behavior, which is the defining element of social capital.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Mario M . Carrillo Huerta
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 19
ending page: 57
doi: 10.29201/peipn.v12i24.391

Monetary variables and the formation of speculative bubble: a frequency synchronization analysis (1992-2013)
type: item
description: At present, there is an increasing tendency in studying phenomena of economic and financial nature from nonlinear approaches. In this sense, the present research tries to examine the existence of a relation between the instrumentation of monetary policy and the formation of speculative bubbles. To do that, we propose to study the relationship between these systems as chaotic to be able to determine the phase synchronization. The results show strong evidence of complete synchronization and delay synchronization between the examined sistems.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Angélica Alonso-Rivera
creator: Salvador Cruz-Aké
creator: Francisco Venegas-Martínez
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2017-01-09
publication date: 2017-01-09
starting page: 1
ending page: 18
doi: 10.29201/peipn.v12i24.390

STRUCTURAL CHANGE AND DEINDUSTRIALIZATION IN MEXICO
type: item
description: This paper presents an analysis of the Mexican economy. The Mexican economy has transformed and suffered major changes in its productiveand sectorial structures during recent decades. Becoming an open, stagnant economy that expels labor towards the US. This demonstrates how as the nine ties began along with foreign competition, the dynamic failure of the industry was strengthened and early outsourcing of the Mexican econo my deepened. Which resulted in an accelerated deindustrialization and con secutive spurious absorption of labor. This point of view reviews the main con cepts of development theory which describes the nature of structural change and analyzes the behavior of the Mexican economy during that period.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Cuauhtémoc Calderón-Villarreal
creator: Leticia Hernández-Bielma
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-07-04
publication date: 2016-07-04
starting page: 147
ending page: 184
doi: 10.29201/peipn.v12i23.388

Spatial Analysis of Territorial Asymmetries in Multilevel Environmental Governance in Mexico (2012–2024)
type: item
description: Environmental governance is widely regarded as an analytical framework for understanding public action in contexts characterized by institutional complexity, a diversity of actors, and environmental challenges that transcend territorial scales. In federal systems, these challenges are intensified by the distribution of competences across different levels of government and by asymmetries in subnational capacities, making the Multilevel Environmental Governance (MEG) approach particularly relevant. The aim of this study is to assess the level of development of Multilevel Environmental Governance across the 32 federal entities of Mexico during the period 2012–2024. The methodology is based on a non-experimental, descriptive–explanatory research design, grounded in the operationalization of indicators grouped into three dimensions: constitutional, legal, and programmatic. Each indicator was evaluated using an ordinal scale and analyzed through descriptive statistics and Exploratory Spatial Data Analysis (ESDA). The results reveal pronounced territorial heterogeneity in multilevel environmental governance. While states located in the central and western regions of the country exhibit higher levels of institutional consolidation and intergovernmental coordination, states in the arid northern region and the south–southeast show persistent normative, programmatic, and social participation gaps.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Janeth Yadira Rodríguez Galván
creator: Alfonso Vargas López
creator: Juan Francisco Islas Aguirre
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-12
publication date: 2026-06-12
starting page: 209
ending page: 239
doi: 10.29201/rv50rn84

Autoregressive econometric analysis of the real exchange rate flexible in Mexico 1999-2012
type: item
description: The theorical explanation about the behavior of the real Mexican exchange rate in the long term by internal and external factors, from prices levels to monetary levels in USA allows to propose a monetary and autoregressive model, considering the shocks analysis of each factor and its effects in the long-term. The results obtained explain the main reasons about the devaluations on the Mexican currency in the last twelve years
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: José C. Trejo-García
creator: Miguel Ángel Martínez-García
creator: Efraín Abraham Hernández-Saldaña
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 123
ending page: 154
doi: 10.29201/peipn.v11i22.385

Do microenterprises' size and status matter to access informal finance?
type: item
description: Formal microenterprises (MEs) when cannot obtain the resources they need through the formal financial sector may resort to other informal intermediaries. In this paper we analyze whether MEs, according to their size and registration, rely on informal financial lenders. Through a sample of 400 MEs drawn in the city of Puebla (Mexico) during 2006, we found that both informal and formal MEs resort to informal finance but, although MEs' status matters per-se, informal middle sized MEs rely on moneylenders as well as on loans from family and friends. As formal MEs, no matter their size, seek for funding in the fringe financial market too, the results suggest that credit for MEs is scarce.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Kristiano Raccanello
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-07-04
publication date: 2016-07-04
starting page: 117
ending page: 145
doi: 10.29201/peipn.v12i23.384

MEXICO: A COUNTRY THAT DOES NOT MOVE. AN ANALYSIS OF SOCIAL MOBILITY FROM A CLASS APPROACH
type: item
description: This study presents an analysis of social mobility considering a class path analysis. The structure of Mexican society, grouped into classes, shows inadequate social mobility. This phenomenon does not show fluency in terms of vertical mobility (between classes), and also the relative distances in living standards between classes are maintained over time. This paper presents evidence that social mobility inter and intra generational per class, are intrinsically linked. The social class, to which it belongs, guides the fate of the lives of individuals more than the wishes of the same persons. Origin becomes in destiny, and the living conditions of people depend on two conditions: class membership and the place that it has in the distribution of resources among the social classes and groups.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Miguel Santiago Reyes-Hernández
creator: José Arturo Cerón-Vargas
creator: Miguel López-López
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-07-04
publication date: 2016-07-04
starting page: 81
ending page: 116
doi: 10.29201/peipn.v12i23.383

EVOLUTION AND PROSPECTS OF THE NATIONAL FISCAL COORDINATION
type: item
description: The creation and evolution of the National System of Fiscal Coordination in Mexico is analyzed; from the tax national conventions of the 1920s and 1930s to today and how they have regulated the fiscal relations between the federal government and the states of Mexico, identifying the weaknesses of the current system of fiscal coordination and proposing a review of some of its key axes.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Genaro Aguilar-Gutiérrez
creator: Francisco Chiguil-Figueroa
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-07-04
publication date: 2016-07-04
starting page: 49
ending page: 79
doi: 10.29201/peipn.v12i23.382

FORECAST OF INCOMES BY INTERNATIONAL VISITOR TO MEXICO: A HIERARCHICAL SERIES APPROACH
type: item
description: The aim of this paper is to identify the most efficient forecasting model of income from visitors to Mexico. The received theory of forecasting claims that hierarchical methods are systematically the best forecasting models of hierarchical time series, a claim that has not been evaluated in a large number of cases. Consequently, in this research several methods are evaluated, following the conventional approach of selecting two samples (i.e. training and test sets). Based on the mean absolute scaled error (MASE), our results indicate that, in the case of the variable of interest, the bottom-up ARIMA is the most efficient forecasting method.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Rómulo Sánchez
creator: Nora Gavira-Durón
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-07-04
publication date: 2016-07-04
starting page: 23
ending page: 48
doi: 10.29201/peipn.v12i23.381

Foreing direct investment and its role in economic development: Theory and empirical evidence
type: item
description: This article analyzes the role of foreign direct investment (FDI) in the economic development of peripheral capitalist countries, combining a theoretical review with recent empirical evidence. At the conceptual level, it discusses the contributions of Hymer, Caves, and Kojima, highlighting the dual nature of FDI: on the one hand, a vector for the transfer of capital, technology, and organizational capabilities; on the other, a mechanism of oligopolistic control that may reinforce dependency relations. Empirically, the article examines the procyclical behavior and unequal global distribution of FDI flows, which remain concentrated in developed economies and only marginally directed toward the periphery. It also compares the effects of export-oriented, trade-complementary FDI in Asia (Japanese-type) with the experience of Latin America, where vertically integrated FDI (American-type) predominates and does not consistently promote growth or reduce inequality. The analysis concludes that the developmental impact of FDI depends on national development strategies, institutional quality, and the state’s capacity to channel FDI toward structural transformation.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Cuauhtémoc Calderón Villarreal
rights: Copyright (c) 2026 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-12
publication date: 2026-06-12
starting page: 67
ending page: 102
doi: 10.29201/wqwy5x11

Hotelling model applied to the AFORES in Mexico
type: item
description: The AFORES pension system in Mexico is quite new, that is why a high percentage of the population does not have this benefit and does not have the necessary information to maximize the amount of their pension when they will be retire. This work presents the applicability of the Hotelling Game Theory Model to the retirement savings system in Mexico. In order to do this, it is shown the worker’s utility function, which consists of calculating the excess of the net income per Administradora de Fondos para el Retiro (AFORE) with the performance of the index of prices and market rates of the Mexican Stock Exchange (IPC). The data used for this study was for the period of March 2009 to December 2015. Also, the existing 11 AFORES to date were compared. The results show wich AFORE would be chosen by a risk-averse worker, based on the relation risk-performance. Finally, we show the AFORES’demand to view if the decision-making by the workers in Mexico is based on the components presented.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Humberto Banda-Ortiz
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 99
ending page: 121
doi: 10.29201/peipn.v11i22.379

Towards a model of capital asset pricing for Mexico: analysis individual assetstime-varying coefficients
type: item
description: Analyzing the behavior of time-variyng beta coefficients estimated through the Kalman filter for a sample of Mexican assets listed on the Mexican Stock Exchange, it can be seen that a model with changing betas, in which asset returns depend on a local factor and an international one, allows to estimate risk premiums of these assets. Given the dependence exhibited all the studied assets in relation to a domestic factor, the evidence shown in this study supports the hypothesis that the Mexican market is not fully integrated into the international. That is, in our analysis is found that the characteristics of the systematic risk of the Mexican studied assets are consistent with the valuation of assets in the context of partially segmented market. Consequently, the results shown here suggest that it is appropriate to use a international model of asset valuation (ICAPM), with an international factor and a domestic factor, and time-varying beta coefficients instead of models with a single domestic factor.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Francisco López-Herrera
creator: Humberto Valencia-Herrera
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 69
ending page: 97
doi: 10.29201/peipn.v11i22.378

Parametric characterization yields prices oil 2010-2015
type: item
description: In this paper yields oil prices Brent, West Texas Intermediate and Mexican export mix are characterized by the parameters of a no-normal probability distribution. The period 2010-2015 is reviewed in two time windows: low oil prices and high crude prices. It is found evidence of an appropriate adjustment of the generalized hyperbolic distribution for both subperiods. Therefore can analyze the behavior of yields through changes in the parameters of the cumulative distribution.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Martha Beatriz Mota-Aragón
creator: Leovardo Mata-Mata
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 57
ending page: 68
doi: 10.29201/peipn.v11i22.377

Private consumption and public deficit in latin america: theory and evidence of ricardian equivalence hypothesis
type: item
description: This brief provides a theoretical and empirical analysis of the Ricardian Equivalence Hypothesis, this argument implies the neutrality of public deficit over the individual consumption. The theoretical analysis summarizes the various controversies that this theory has generated among economists and their confrontation with the classical and Keynesian theories. The empirical analysis provides an assessment of compliance of the hypothesis for the case of 11 countries in Latin America, and is contrasted against a Keynesian consumption model. By using a panel data model, the long term relations of the Ricardian Equivalence and Keynesian models are estimated. It is concluded that consumers in Latin America do not take into account the public financing way at the time of consumption.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Michel Eduardo Betancourt-Gómez
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 33
ending page: 55
doi: 10.29201/peipn.v11i22.376

Financial innovations in Latin America: derivatives markets and determinants of risk management
type: item
description: This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to individuals and businesses. It is shown that though Latin American firms use derivatives, there is a lack of research to understand its determinants. The causes and incentives for the development of the Chilean derivatives market are investigated, concluding that its development could not take off in exchanges; however, the OTC market has shown a healthy development. Finally, goals and challenges for Latin American countries are stated and potential research ideas to fill the gap on empirical aspects of risk management in these economies are proposed
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Francisco Ibáñez
creator: Rafael Romero-Meza
creator: Semei Coronado-Ramírez
creator: Francisco Venegas-Martínez
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2016-01-04
publication date: 2016-01-04
starting page: 1
ending page: 32
doi: 10.29201/peipn.v11i22.374

Economic incentives in the decision of individuals and companies to operate in the formal or informal sector: popular insurance and collection efficiency
type: item
description: Firms and individuals face economic incentives that affect their decision about to operate either formal or informal sector. In Mexico, the Seguro Popular acts as incentive towards informality because, its free origin re- duces the cost of illnesses and allows a greater consumption level; this reverts the natural bias of the labor remuneration offered in the formal sector. On the other hand, low tax collection efficiency reduces cost that firms have to deal for operating at the intormal sector, establishing an incentive tor this sector Also, formal firms will demand informal labor force, since the no credible menace for punishment. The aim of the paper is to model the labor market regarding these economic incentives. It is found that it is necessary to review social programs that substitutes formal remunerations, such as Seguro Popular, while improving tax collection efficiency in order to go out of not optimal equilibrium in terms of labor and economic growth.
subject: Research
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Omar Neme-Castillo
creator: Héctor Flores-Márquez
rights: Copyright (c) 2025 Panorama Económico https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2015-07-06
publication date: 2015-07-06
starting page: 122
ending page: 150
doi: 10.29201/peipn.v11i21.373