Abstract

COMBITA MORA, Gonzalo. STRUCTURAL CHANGE AND FINANCIAL FRAGILITY IN THE COLOMBIAN BUSINESS SECTOR: A POST KEYNESIAN APPROACH. Cuad. Econ. [online]. 2020, vol.39, n.spe80, pp.567-594. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v39n80.82562.

This paper aims to establish the theoretical and empirical link between structural change and financial fragility based on the theories of Thirllwall's Law and Min-sky's financial instability. In order to do so, a descriptive and econometric panel analysis is carried out for 1846 Colombian companies during the period 19962015. A new indicator of financial fragility is created, and from this a relationship is established between the company's balance sheets, structural change, economic growth, the size of the firm, and the Minsky effect that measures the endogeneity of the debt cycle.

JEL: B26; C23; E12; L16.

Keywords : Financial fragility; panel data; post Keynesian theory; stractural change.

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