<?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>2518-4431</journal-id>
<journal-title><![CDATA[Investigación & Desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. y Des.]]></abbrev-journal-title>
<issn>2518-4431</issn>
<publisher>
<publisher-name><![CDATA[UNIVERSIDAD PRIVADA BOLIVIANA]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2518-44312023000200005</article-id>
<article-id pub-id-type="doi">10.23881/idupbo.023.2-1e</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[FACTORES DETERMINANTES PARA EL DESARROLLO DE LAS BOLSAS DE VALORES EN LATINOAMÉRICA]]></article-title>
<article-title xml:lang="en"><![CDATA[DETERMINING FACTORS FOR THE DEVELOPMENT OF STOCK MARKET IN LATIN AMERICA]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Villarroel Alvarez]]></surname>
<given-names><![CDATA[Amanda Valeria]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jordán S.]]></surname>
<given-names><![CDATA[Juan José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Privada Boliviana Ingeniería Financiera ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Bolivia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<volume>23</volume>
<numero>2</numero>
<fpage>5</fpage>
<lpage>22</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_arttext&amp;pid=S2518-44312023000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_abstract&amp;pid=S2518-44312023000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_pdf&amp;pid=S2518-44312023000200005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN La presente investigación tiene como objetivo evaluar los factores determinantes para el desarrollo de las bolsas de valores en Latinoamérica. Se utilizó un modelo de Vectores Autorregresivos (VAR)para verificar la existencia de una relación entre las variables. Los países en estudio son Argentina, Brasil, Chile, Colombia, México y Perú, y se consideraron datos desde 1990 hasta el 2020. Los resultados indicaron que los factores queinfluyen principalmente al desarrollo de las bolsas de valores son la capitalización de mercado, el nivel de ingresos, el desarrollo del sector bancario, el ahorro, la liquidez de mercado y el capital privado. En particular, se encontróque el ahorro, la liquidez de mercado y el capital privado tienen un mayor efecto en el desarrollo de las bolsas de valores en los países estudiados. Estos resultados sugieren la importancia de estas variables para el desarrollo de los mercados de valores, lo que indica la necesidad de que los países latinoamericanos implementen políticas y mejoras que impulsen el desarrollo de los mercados de valores, dado que el desarrollo de las bolsas conlleva a un desarrollo económico de todo el país.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The objective of this research is to evaluate the determining factors for the development of stock markets in Latin America. AnAutoregressive Vector (VAR) model was used to verify the existence of a relationship between the variables. The countries under study are Argentina, Brazil, Chile, Colombia, Mexico, and Peru,and data from 1990 to 2020 were considered. The results indicated that the factors that mainly influence the development of stock markets are market capitalization, income level, banking sector development, savings, market liquidity, and private capital. In particular, it was found that savings, market liquidity, and private capital have a greater effect on the development of stock markets in the studied countries. These results suggest the importance of these variables for the development of stock markets, indicating the needfor Latin American countries to implement policies and improvements that promote the development of stock markets, given that the development of stock markets, given that the development of stock markets leads to economic development throughout the country.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Desarrollo Bursatil]]></kwd>
<kwd lng="es"><![CDATA[Cointegración]]></kwd>
<kwd lng="es"><![CDATA[Vectores Autogresivos]]></kwd>
<kwd lng="en"><![CDATA[Development,Cointegration]]></kwd>
<kwd lng="en"><![CDATA[Autoregressive Vectors]]></kwd>
</kwd-group>
</article-meta>
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