https://journals.unam.mx/index.php/rme <p>Momento Económico is a bimonthly journal with the objective of promoting the economic research mainly about México and Latin America that is developed in national and international levels. The published articles are arbitrated by recognized economists that includes members of the Sistema Nacional de Investigadores (SNI)</p> es-ES Revista Momento Económico 0186-2901 https://journals.unam.mx/index.php/rme/article/view/4341 THIS PAPER POINTS OUT THE EVOLUTION OF THE FINANCIAL GROUP BANAMEX-ACCIVAL SINCE THE NATIONAL BANK OF MEXICO (BANAMEX) WAS SET UP IN THE CONTEXT OF THE CHANGES IN THE MEXICAN FINANCIAL SYSTEM AT THE END OF THE XIX CENTURY, TO ITS ACQUISITION BY CITIGROUP IN 2001. LIKEWISE, WE PRESENT THE DETAILS OF THIS OPERATION AND FORECAST THE NOMINAL VALUE OF THE SHARE BANACCIO, IN ORDER TO EVALUATE THE PRICE TRANSACTION, UNDER THE PROPOSITION THAT SUCH A TRANSACTION WOULD HAVE BEEN PERFORMED IN UNFAVORABLE CONDITIONS FOR THE MEXICAN INSTITUTION. HÉCTOR SALAS HARMS Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4342 THIS PAPER EXPLORES TRADE RELATIONS WITHIN THE COMMONWEALTH OF INDEPENDENT STATES (CIS) IN THE AFTERMATH OF THE URSS COLLAPSE IN DECEMBER 1991. THE AUTHOR ALSO EXAMINES THE FACTORS THAT ENCOURAGE ENCOURAGE ECONOMIC INTEGRATION AMONG THE CIE NATION´S POOR LEVEL OF ECONOMIC DEVELOPMENT IS A KEY ASPECT EXPLAINING THAT PROCESS, WHICH IS AGGRAVATED BY AN INCREASING ECONOMIC DIFFERENTIATION AMONG THEM. ECONOMIC INTEGRATION IS NOT FAVORED BY POLITICAL AND JUDICIAL IMMATURITY OF THEM AND BOTH THE ESCALATION OF NATIONALISM AND EFFORTS AT REDIRECTING POLITICAL AND ECONOMIC RELATIONS TOWARDS OTHER COUNTRIES AROUND THE WORLD. TATIANA SIDORENKO Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4343 THE OBJECTIVE OF THIS ESSAY IS TO ANALYZED THE FISHER HYPOTHESIS TROUGH THE PRESENCE OF UNIT ROOTS IN THE REAL INTEREST RATES IN THE INTERBANK MARKET IN SPAIN FOR THE PERIOD 1980-2001. DURING THIS PERIOD THE REAL INTEREST RATES HAVE TRAYECTORIES, WHICH MAKE VERY DIFFICULT TO DISTINGUISH BETWEEN A STATIONARY SERIES WITH STRUCTURAL CHANGES AND A NON STATIONARY SERIES. HOWEVER, THE UNIT ROOT TESTS INDICATE THAT THE SERIES ARE STATIONARY CONSIDERING THE PRESENCE OF STRUCTURAL CHANGES. THIS RESULT IS CONSISTENT WITH THE HYPOTHESIS THAT IN THE LONG RUN THE REAL INTEREST RATE CAN NOT GROWTH WITHOUT AN UPPER LIMIT AND THEREFORE THAT THERE IS MEAN REVERSAL PHENOMENA AND CONFIRMS THE RELEVANCE OF THE FISHER HYPOTHESIS FOR THE SPANISH ECONOMY. LUIS MIGUEL GALINDO JOSÉ V. SALCINES CRISTAL Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4344 FERNANDO ANTONIO NORIEGA UREÑA Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4346 THIS PAPER ENHANCED THE IMPORTANCE OF TECHNOLOGICAL INNOVATION IN THE IMPERFECT COMPETITION APPROACH. NOT ONLY TO LOWERING COSTS BUT ALSO TO DIVERSIFYING GOODS. LITERATURES ARGUES THAT FIRMS WHICH DO NOT INNOVATE WILL EXIT AS THEY CANNOT MAINTAIN A MINIMUN MARKET SHARE. IT IS THUS USED A MECHANISM OF MARKET SELECTION BASED ON A COMPETITIVENESS INDICADOR (DOSI, ET AL., 1994). FINALLY, IMPERFECT COMPETITION ASSUMPTIONS ARE COMPARED WITH EVIDENCE ON MEXICAN INNOVATION PATTERN CONSIDERING SEVERAL AUTHORS FINDINGS. ENRIQUE LEONARDO KATO VIDAL Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4347 THE OBJECTIVE OF THIS PAPER IS TO ANALYZE THE WAY IN WHICH LOAN AND DEPOSIT INTEREST RATES ARE DETERMINED IN A COURNOT-S DUOPOLY MODEL OF BANKING COMPETENCE. IT IS SHOWN THAT THE LOAN INTEREST RATE DEPENDS ON STRUCTURAL PARAMETERS OF THE FIRMS AND IT IS THE RESULT OF STRATEGIC INTERACTION BETWEEN BOTH BANKS. MEANWHILE, THE DEPOSIT INTEREST RATE IS DETERMINED BY MONETARY VARIABLES. SINCE THE LAST KIND OF INTEREST RATE IS DETERMINED BY MONETARY VARIABLES, THE MONEY IS NOT SUPER NEUTRAL IN THIS MODEL, FURTHERMORE, THE MONETARY POLICY CON INFLUENCE IN THE CREDIT MARKET PERFORMANCE. IN THE SAME WAY, WE TAKE AN INSIGHT OF THE ROLE OF THE EXCHANGE RATE IN THE CREDIT MARKET PERFORMANCE. RAMÓN TIRADO JIMÉNEZ Copyright (c) 2009-10-05 2009-10-05 127 https://journals.unam.mx/index.php/rme/article/view/4348 THIS PAPER ANALYSES THE SYNCHRONISATION BETWEEN THE REGIMES OF PRODUCTION, INFLATION, REAL EXCHANGE RATE AND TRADE BALANCE OF THE MEXICAN ECONOMY BY USING A NON PARAMETRIC APPROACH. OUR RESULTS VALIDATE PREVIOUS FINDINGS, YET THEY SUGGEST THAT THE RELATIONSHIP BETWEEN SOME VARIABLES IN STRONGER DURING SPECIFIC REGIMES. AN INTERESTING RESULT RELATES TO THE FACT THAT ECONOMIC GROWTH CAN BER COMPATIBLE WITH ANNUAL INFLATION RATES UP TO 10% WHICH POSE SERIOUS DOUBTS ON THE CONVENIENCE OF TARGETING THEM AT TOO LOW LEVELS. PABLO MEJÍA REYES Copyright (c) 2009-10-05 2009-10-05 127