President Enrique Pena Nieto, speaking at a ceremony at the ornate Vasconcelos Library in Mexico City, hailed Paz as "the most clear, complete and brilliant Mexican mind of the 20th century."
The author of "The Labyrinth of Solitude," his 1950 seminal essay on the history, culture and psyche of Mexico and its people, was eulogized in an event that included other Nobel winners, including France's Jean-Marie Gustave Le Clezio and Nigeria's Wole Soyinka.
The founder of the magazines Plural and Vuelta was a firm defender of democracy, said Pena Nieto, whose Institutional Revolutionary Party was known for its authoritarian ways while in power for most of the 20th century.
Born in Mexico City on March 31, 1914, Paz died in the capital in 1998. Exhibits and forums have taken place in his honor in the past week, along with the publication of new editions of his works.