Fragilidad financiera empresarial y expectativas de ingresos: evidencias de un modelo multi-agentes

This paper aims to link the financial fragility of non-financial firms to the way they expect proceeds from their sales: this is then represented in an agent-based macroeconomic model. Using Schumpeter’s monetary analysis, the model is based upon the payment and debt network between agents as well a...

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Bibliographic Details
Published in:Cuadernos de economía (Bogotá, Colombia) Colombia), 2018-01, Vol.37 (73), p.225-254
Main Author: STELLIAN, Rémi
Format: Article
Language:Spanish
Subjects:
abordagem monetário
Agent
agentes
Artificial
based macroeconomic modeling
Commercial credit
complex systems
Corporate finance
Economic models
Enfoque monetario
Expectativas de ingresos
expectativas de receitas
expected proceeds
financial fragility
Fragilidad financiera
fragilidade financeira
Macroeconomics
Modelización macroeconómica multi
modelização macroeconómica multi
monetary analysis
Sales
Sistemas complejos
sistemas complexos
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Description
Summary:This paper aims to link the financial fragility of non-financial firms to the way they expect proceeds from their sales: this is then represented in an agent-based macroeconomic model. Using Schumpeter’s monetary analysis, the model is based upon the payment and debt network between agents as well as the resulting net cash balances. As part of the model’s artificial economy, firms suffer financial fragility in relation with the credits granted by a single bank. They then use different adaptive mechanisms from their expected proceeds. The model is a complex system, and we extract results through numerical simulations.
ISSN:0121-4772
2248-4337
DOI:10.15446/cuad.econ.v37n73.58910