Structural change and financial fragility in the Colombian business sector: A post Keynesian approach

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Economic Theory and Policy Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

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 Minsky's financial instability. In order to do so, a descriptive and econometric panel analysis is carried out for 1846 Colombian companies during the period 1996-2015. 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.

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References

2007The Product Space Conditions the Development of Nations 1928Increasing Returns and Economic Progress 1975John Maynard Keynes 2017Linking Economic Complexity, Institutions, and Income Inequality 2013Technology, structural change and BOP-constrained growth: a structuralist toolbox 2003Financial fragility in developing economies 2013Economic Growth in an Open Developing Economy 2010Inclusive Growth, Full Employment, and Structural Change: Implications and Policies for Developing Asia

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