STRUCTURAL CHANGE AND FINANCIAL FRAGILITY IN THE COLOMBIAN BUSINESS SECTOR: A POST KEYNESIAN APPROACH

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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.

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