LEADER 07256oam 22013574 450 001 9910788177103321 005 20230803200137.0 010 $a1-4843-1312-7 010 $a1-4983-9587-2 035 $a(CKB)2670000000587894 035 $a(EBL)1899707 035 $a(SSID)ssj0001435458 035 $a(PQKBManifestationID)11883611 035 $a(PQKBTitleCode)TC0001435458 035 $a(PQKBWorkID)11434142 035 $a(PQKB)11557516 035 $a(MiAaPQ)EBC1899707 035 $a(Au-PeEL)EBL1899707 035 $a(CaPaEBR)ebr11001052 035 $a(CaONFJC)MIL682311 035 $a(OCoLC)898771124 035 $a(IMF)1MEXEA2014002 035 $a(EXLCZ)992670000000587894 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMexico : $eSelected Issues 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (67 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-9543-0 311 $a1-322-51029-6 320 $aIncludes bibliographical references. 327 $aCover; Contents; THE IMPACT OF MEXICO'S ENERGY REFORM ON HYDROCARBONS PRODUCTION; A. Current Challenges in the Energy Industry; B. Most Significant Reform Effort in 75 Years; C. Impact on Energy Production; D. Resource Blessed; E. How Long Does it Take?; F. Production Scenarios; FIGURES; 1. Illustrative Baseline Scenarios; 2. Illustrative Downside Scenarios; G. How Much Investment and FDI?; H. Natural Gas Imports and Transport; I. Electricity Reform; J. Conclusion; References; MADE IN MEXICO: THE ENERGY REFORM AND MANUFACTURING OUTPUT; A. Introduction 327 $aB. The Mexican Manufacturing Sector Since NAFTAC. The Energy Reform: How Much of a Boost for Mexican Manufacturing?; D. Are There Additional Indirect Effects Through Spillovers?; E. Concluding Remarks and Policy Implications; References; TABLES; 1. Energy Consumption (in Petajoules) of the Industrial Sector; 2. Estimates of Elasticities of Manufacturing Output to Energy Prices; 3. Estimates of Elasticities When Energy Inputs Enter Separately; 4. Differential Effects Across Subsectors; APPENDIX; I. Panel VAR model; APPENDIX FIGURES 327 $a1. Impulse Response Functions to a Rise in Electricity Prices with Subsector Spillovers 2. Impulse Response Functions to a Rise in Electricity Prices with Regional Spillovers; CAPITAL FLOW VOLATILITY AND INVESTOR BEHAVIOUR IN MEXICO; A. Introduction; B. Recent Episodes of Extreme Capital Movements in Mexico; FIGURES; 1. Mexico: Extreme Capital Flow Episodes; C. Behavior of Foreign and Domestic Mutual Funds in Mexico; 2. Evidence of Herding (net sellers as a percent of total funds); 3. Evidence of Herding (based on the herding index) 327 $aD. Does Foreign Participation Amplify External Shock? A Time-Series Analysis of Mexican Sovereign Bond Market E. Concluding Remarks; BOXES; 1. OLS and Multivariate GARCH Models; 2. Data on Foreign Mutual Funds; TABLES; 1a. Bond Funds: Evidence of Positive Feedback Trading Behavior; 1b. Equity Funds: Evidence of Positive Feedback Trading Behavior; 2a. Robustness Check (1)-Using a Longer Sample for Foreign Mutual Funds; 2b. Robustness Check (2)-Using Dollar-Denominated Return on the 3-month Government Bonds; 3a. OLS Regression Results (VIX Shock); 3b. OLS Regression Results (U.S. Tapering Shock) 327 $a4a. Multivariate GARCH Results (VIX Shock)4b. Multivariate GARCH Results (U.S. Tapering Shock); References 330 3 $aThis Selected Issues paper analyzes the impact of Mexico?s energy reform on hydrocarbons production. These reforms aim to increase oil and gas production by eliminating the state oil company?s (PEMEX) monopoly on exploration and production of hydrocarbons, while retaining the prime directive that these resources are the property of the Mexican nation. This paper focuses on the nature of reforms and what problems these reforms are addressing. It presents illustrative production scenarios for crude oil and natural gas and estimates the commensurate investment costs and foreign direct investment associated with each scenario. The paper also examines the markets for the distribution of natural gas and electricity. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/320 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises$zMexico 606 $aEconomic development$zMexico 606 $aInvestments: Energy$2imf 606 $aInvestments: Bonds$2imf 606 $aIndustries: Energy$2imf 606 $aIndustries: Manufacturing$2imf 606 $aIndustries: Financial Services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aHydrocarbon Resources$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aElectric Utilities$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aInvestment & securities$2imf 606 $aPetroleum, oil & gas industries$2imf 606 $aFinance$2imf 606 $aManufacturing industries$2imf 606 $aInternational economics$2imf 606 $aNatural gas sector$2imf 606 $aMutual funds$2imf 606 $aBond yields$2imf 606 $aSovereign bonds$2imf 606 $aElectricity$2imf 606 $aEconomic sectors$2imf 606 $aFinancial institutions$2imf 606 $aCommodities$2imf 606 $aBonds$2imf 606 $aGas industry$2imf 606 $aElectric utilities$2imf 607 $aMexico$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises 615 0$aEconomic development 615 7$aInvestments: Energy 615 7$aInvestments: Bonds 615 7$aIndustries: Energy 615 7$aIndustries: Manufacturing 615 7$aIndustries: Financial Services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aHydrocarbon Resources 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aElectric Utilities 615 7$aIndustry Studies: Manufacturing: General 615 7$aInvestment & securities 615 7$aPetroleum, oil & gas industries 615 7$aFinance 615 7$aManufacturing industries 615 7$aInternational economics 615 7$aNatural gas sector 615 7$aMutual funds 615 7$aBond yields 615 7$aSovereign bonds 615 7$aElectricity 615 7$aEconomic sectors 615 7$aFinancial institutions 615 7$aCommodities 615 7$aBonds 615 7$aGas industry 615 7$aElectric utilities 676 $a330.90511 712 02$aInternational Monetary Fund, 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788177103321 996 $aMexico$9163857 997 $aUNINA