<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722018000100225</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v37n73.58910</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[FRAGILIDAD FINANCIERA EMPRESARIAL Y EXPECTATIVAS DE INGRESOS: EVIDENCIAS DE UN MODELO MULTIAGENTES]]></article-title>
<article-title xml:lang="en"><![CDATA[A company&#8217;s financial fragility and income expectations: evidence from a multi-agent model]]></article-title>
<article-title xml:lang="fr"><![CDATA[Fragilité financière entrepreneuriale et expectatives de revenus : évidences d&#8217;un modèle multiagents]]></article-title>
<article-title xml:lang="pt"><![CDATA[Fragilidade financeira empresarial e expectativas de receitas: evidências de um modelo multi-agentes]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Stellian]]></surname>
<given-names><![CDATA[Rémi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Danna-Buitrago]]></surname>
<given-names><![CDATA[Jenny Paola]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Londoño Bedoya]]></surname>
<given-names><![CDATA[David Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Pontificia Universidad Javeriana  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Fundación Universitaria Los Libertadores  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Pontificia Universidad Javeriana  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>37</volume>
<numero>73</numero>
<fpage>225</fpage>
<lpage>254</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722018000100225&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722018000100225&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722018000100225&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo vincula la fragilidad financiera de las empresas no financieras a la forma en que estas estiman los ingresos generados por sus ventas, en el marco de un modelo macroeconómico multiagentes. Siguiendo el enfoque monetario à la Schumpeter, el modelo se construye alrededor de la red de pagos y deudas entre agentes, así como de los subsecuentes saldos. En la economía artificial del modelo, las empresas experimentan fragilidad financiera en relación con los créditos otorgados por un banco, y utilizan diversos mecanismos adaptativos de estimación de sus ventas. El modelo es un sistema complejo, y se extraen resultados mediante simulaciones numéricas. JEL: B41, C63, E42, G31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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 macro-economic model. Using Schumpeter&#8217;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&#8217;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. JEL: B41, C63, E42, G31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Cet article lie la fragilité financière des entreprises non financières à la manière dont elles estiment les revenus issus de leurs ventes dans le cadre d&#8217;un modèle macroéconomique multiagents. Selon l&#8217;approche monétaire à la Schumpeter, le modèle s&#8217;articule autour du réseau de paiements et de dettes entre agents, ainsi que des soldes subséquents. Dans l&#8217;économie artificielle du modèle, les entreprises sont en situation de fragilité financière en rapport avec les crédits octroypes par une banque et utilisent plusieurs mécanismes adaptatifs d&#8217;estimation de leurs ventes. Le modèle est un système complexe dont des résultats sont extraits à partir de simulations numériques. JEL : B41, C63, E42, G31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo vincula a fragilidade financeira das empresas não financeiras à forma em que elas determinam as receitas geradas por suas vendas, no marco de um modelo macroeconômico multi-agentes. Seguindo a abordagem monetária à Schumpeter, o modelo se constrói arredor da rede de pagamentos e dívidas entre agentes, assim como dos decorrentes saldos. Na economia artificial do modelo, as empresas experimentam fragilidade financeira em relação com os créditos outorgados pelo banco, e utilizam diversos mecanismos adaptativos de cálculo de suas vendas. O modelo é um sistema complexo, e são obtidos resultados mediante simulações numéricas. JEL: B41, C63, E42, G31.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[enfoque monetario]]></kwd>
<kwd lng="es"><![CDATA[expectativas de ingresos]]></kwd>
<kwd lng="es"><![CDATA[fragilidad financiera]]></kwd>
<kwd lng="es"><![CDATA[modelización macroeconómica multiagentes]]></kwd>
<kwd lng="es"><![CDATA[sistemas complejos.]]></kwd>
<kwd lng="en"><![CDATA[Agent-based macroeconomic modeling]]></kwd>
<kwd lng="en"><![CDATA[complex systems]]></kwd>
<kwd lng="en"><![CDATA[expected proceeds]]></kwd>
<kwd lng="en"><![CDATA[financial fragility]]></kwd>
<kwd lng="en"><![CDATA[monetary analysis.]]></kwd>
<kwd lng="fr"><![CDATA[approche monétaire]]></kwd>
<kwd lng="fr"><![CDATA[expectatives de revenus]]></kwd>
<kwd lng="fr"><![CDATA[fragilité financière]]></kwd>
<kwd lng="fr"><![CDATA[modélisation macroéconomique multiagents]]></kwd>
<kwd lng="fr"><![CDATA[systèmes complexes.]]></kwd>
<kwd lng="pt"><![CDATA[abordagem monetário]]></kwd>
<kwd lng="pt"><![CDATA[expectativas de receitas]]></kwd>
<kwd lng="pt"><![CDATA[fragilidade financeira]]></kwd>
<kwd lng="pt"><![CDATA[modelização macroeconómica multi-agentes]]></kwd>
<kwd lng="pt"><![CDATA[sistemas complexos.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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