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The Financial Stability Board (FSB) determined that entities classified as shadow banking are of a credit nature because they are capable of affecting the financial system through the entry and exit of capital. This study aims at measuring the impact of shadow banking in the systemic risk in Chile. A sample of 91 institutions (Run) belonging to the mutual funds was used, with a series showing a continuous behaviour between 2004 and 2018.

The measurement is carried out using the conditional value at risk (CoVaR) methodology, which analyses the behaviour of an institution in a regular state against the same institution in a state of stress.

The results obtained reflect that liquidity mismatches do not have a relevant effect on the systemic risk, while the 2008 crisis does contribute to its decline.

There are less number of literature studies that apply statistical models regarding shadow banking, at least at a quantitative level, so this research is a beginning for other studies, supporting future authors in their new research as a basis.

El Consejo de Estabilidad Financiera determinó que las entidades clasificadas como Shadow Banking son de carácter crediticio debido a que son capaces de afectar al sistema financiero mediante la entrada y salida de capitales. Este estudio tiene como objetivo medir el impacto del Shadow Banking en el Riesgo Sistémico de Chile. Para esto se utilizó una muestra de 91 instituciones (Run) pertenecientes a los Fondos Mutuos, con series que muestran un comportamiento continuo entre 2004 y 2018.

La medición se lleva a cabo mediante la metodología CoVaR, la cual analiza la conducta de una institución en estado normal versus la misma institución en estado de estrés.

Los resultados obtenidos reflejan que los desajustes de liquidez no tienen un efecto relevante en el Riesgo Sistémico, mientras que la crisis del 2008 si contribuye a la disminución de este.

Existe muy poca literatura que aplica modelos estadísticos respecto al Shadow Banking, al menos a nivel cuantitativo, por lo que esta investigación es un inicio para otros estudios, apoyando como base a futuros autores en sus nuevas investigaciones.

Identificar los aspectos que los Actores Sociales consideran en la construcción de futuros compartidos en las comunidades. En su aplicación en los países emergentes, especialmente en el Sur Global, a menudo se pasan por alto las particularidades socioculturales de las comunidades y los actores, generando fricciones o conflictos sociales. Este artículo presenta dos elementos críticos que contribuyen al debate: a) la importancia de entender a los Actores Sociales dentro de un modelo de generación de futuros comunitarios en los países emergentes; b) los factores relevantes que influyen en los actores en un ejercicio de construcción de futuros en las comunidades.

A partir de la investigación cualitativa, se utilizó un estudio de caso de prospectiva comunitaria del futuro: El futuro de Puerto Gaitán 2037 (Meta, Colombia). Se aplicó un método de recolección de información a partir de la observación de los participantes y el análisis de la documentación. El método de análisis fue el DQA (Análisis Cualitativo Deductivo).

La participación de Los Actores Sociales presenta un modelo de cinco elementos relevantes que influyen en los actores para la construcción exitosa de futuros en las comunidades. Los primeros cuatro factores, revelados por la teoría, existen en la realidad. Asimismo, se demuestra un quinto factor: el Pensamiento a Largo Plazo, que se evidencia en un Modelo de aplicación de Estudios de Futuros para el contexto específico, aplicable al caso de comunidades en países del Sur Global.

Si bien existen ejemplos aislados de recomendaciones respecto a estudios para generar el futuro de las comunidades, este es el primer estudio que presenta factores concretos que contribuyen a orientar la construcción de futuros comunitarios desde Actores Sociales, especialmente en países del Sur Global como Colombia. También es uno de los primeros estudios en utilizar el DQA como método de análisis en un tema de Estudios de Futuros.

Este artículo aborda la relación emergente entre la sociedad civil y el sistema de innovación en América Latina y el Caribe –la financiación de la innovación, en particular– con la intención de sugerir una perspectiva conceptual diferenciada y plantear algunos de los interrogantes más relevantes en la actualidad.

Existe una desconexión estructural entre la sociedad civil y el mundo de la innovación. Empero, la exploración de las divergencias entre las perspectivas neo-institucional y neo-evolucionista de la triple hélice permite plantear que la evolución de los financiadores en distintos contextos puede generar una articulación emergente. Los efectos sobre la “sistematicidad” existente, en particular en América Latina y el Caribe, dependerán en buena medida del enfoque conceptual adoptado y de su institucionalización en términos de reestructuración de la sistematicidad de los sistemas de innovación y su governance.

La evolución de las relaciones entre los mecanismos de financiación emergentes y los proyectos innovadores en América Latina y el Caribe constituye tanto una oportunidad como un peligro. Si se logra re-estructurar la “sistematicidad”, la región podría seguir una senda con altas expectativas; si persisten las sub-dinámicas tradicionales, el fenómeno emergente podría verse despojado de todo su potencial.

Se propone un análisis conceptual y práctico diferente del tema de la financiación de la innovación, con énfasis en el caso latinoamericano y caribeño. Adicionalmente, se sugieren vías de investigación que permiten reducir la incertidumbre sobre la relación entre los actores del sistema de innovación y la sociedad civil y su impacto potencial.

Crowd-funding, América Latina y el Caribe, Cuarta hélice, Financiación de la innovación, Sistemas de innovación

Trabajo de investigación

The purpose of this paper is to deal with the emerging relationship between civil society and the innovation system in Latin America and the Caribbean – the financing of innovation, particularly – with the intention of suggesting a differentiated conceptual perspective and raising some of the most relevant questions presently.

There is a structural disconnect between civil society and the world of innovation. However, the exploration of the divergences between the neo-institutional and neo-evolutionist perspectives of the triple helix makes it possible to state that the evolution of funders in different contexts can generate an emerging articulation. The effects on the existing "systemness", particularly in Latin America and the Caribbean, will depend to a large extent on the conceptual approach adopted and on its institutionalization in terms of restructuring the systemness of innovation systems and their governance.

The evolution of the relationships between emerging financing mechanisms and innovative projects in Latin America and the Caribbean constitutes both an opportunity and a risk. If "systemness" is restructured, the region could follow a path with high expectations; if traditional sub-dynamics persist, the emerging phenomenon could be stripped of its full potential.

A different conceptual and practical analysis of the topic of financing innovation is proposed, with emphasis on the Latin American and Caribbean case. Additionally, research paths are suggested that reduce uncertainty about the relationship between the actors of the innovation system and civil society and its potential impact.

The purpose of this article is to analyse the characteristics and determinants of marketing innovation in companies, using the agribusiness sector as a case study due its economic and social importance in Latin America.

Data refer to the VI Innovation Survey undertaken in Chile (2010), based on the OECD guidelines. The authors compare the determinants of innovation in marketing, first among the agribusiness sector and other sectors of the economy, and then comparing their determinants using logistic regressions on other types of innovations in the agribusiness sector.

There are differences in the determinants of marketing innovation between agribusiness and other economic sectors. Also, there are differences in relation to the organisational, process and product innovations in the agribusiness sector.

The results imply the need for further study of marketing innovation and its relationship to other innovations considering different economic sectors and territories.

Business strategies and public programs that promote innovation should consider the differences between types of innovations.

This paper highlights and differentiates the marketing innovation with respect to other types of innovations—a topic not widely developed, especially in the agribusiness sector and in emerging countries.

El propósito de este artículo es analizar las características y determinantes de la innovación de marketing en empresas, tomando como estudio de caso el sector de agronegocios, de importancia económica y social en Latinoamérica.

Los datos corresponden a la VI Encuesta de Innovación de Chile (2010), basada en los lineamientos de la OECD. Se comparan los determinantes de las innovaciones en marketing, primero entre el sector de agronegocios y conjunto de otros sectores de la economía, para luego comparar mediante regresiones logísticas sus determinantes respecto de otros tipos de innovaciones en el sector de agronegocios.

Se establecen diferencias en los determinantes de la innovación en marketing entre el sector de agronegocios y conjunto de otros sectores de la economía, así como respecto de las innovaciones organizacionales, de procesos y productos para el sector de agronegocios.

Los resultados implican la necesidad de profundizar el estudio de la innovación en marketing y sus interrelaciones con otras innovaciones considerando distintos sectores económicos y territorios.

Las estrategias empresariales para fomentar la innovación, así como los programas públicos debieran considerar las diferencias entre tipos de innovaciones.

Este artículo destaca y diferencia la innovación en marketing de otros tipos de innovaciones, que es un tópico con poco desarrollo, especialmente en el sector de agronegocios y en países emergentes.

The purpose of this paper is to propose a combination of forecasting methods that enables a holistic understanding of a future situation, given certain influencing variables by a combination of real data and expert knowledge.

The proposal combines two well-known methods: first, system archetypes that correspond to generic structures, allowing us to handle model management issues, and second, system dynamics that offers technical support on a computational level to assess different scenarios or problem solutions.

The case study considers the situation of the mining industry in Chile and its related variables, including four different scenarios. Based on the proposed methodology, the results indicate that: first, the price of copper is paramount for the industry and its effects are not limited to company profits; second, a long period of downfall in copper prices could halt exploration and development projects.

Systemic archetypes are still a subject of research and their application in different fields of knowledge continues to increase to improve this simulation approach.

The case study illustrates the combination of a Vester matrix and initial system archetype models that are enriched using the system dynamics approach. Indeed, the case study aims to understand the consequences of different scenarios based on the problem-driven approach provided by Vester.

The goal of prospective studies of large-scale and complex situations is to model the real situation to obtain solutions that may enhance social welfare.

The proposed methodology contributes to the existing literature by integrating techniques such as the Vester matrix, system archetype modelling and system dynamics simulation, all of which were proposed previously in the literature as independent techniques.

Este artículo propone una combinación de métodos de pronósticos que permite una comprensión holística de una situación futura, dadas ciertas variables de influencia mediante una combinación de datos reales y conocimiento de expertos.

La propuesta combina dos métodos conocidos: (i) arquetipos de sistemas que corresponden a estructuras genéricas, lo que nos permite manejar los modelos, y (ii) la dinámica de sistemas que ofrece soporte técnico a nivel computacional para evaluar diferentes escenarios o soluciones de problemas.

El caso de estudio considera la situación de la industria minera en Chile y sus variables relacionadas, incluidos cuatro escenarios diferentes. Según la metodología propuesta, los resultados indican que i) el precio del cobre es primordial para la industria y sus efectos no se limitan a las ganancias de la empresa; ii) un largo período de caída en los precios del cobre podría detener los proyectos de exploración y desarrollo.

Los arquetipos sistémicos siguen siendo un tema de investigación y su aplicación en diferentes campos del conocimiento continúa aumentando para mejorar este enfoque de simulación.

El estudio de caso ilustra la combinación de una matriz de Vester y los modelos de arquetipos del sistema inicial que se enriquecen utilizando el enfoque de dinámica de sistemas. De hecho, el caso de estudio apunta a comprender las consecuencias de diferentes escenarios basados en el enfoque orientado a los problemas proporcionado por Vester.

El objetivo de los estudios prospectivos para situaciones de gran escala y complejas es modelar la situación real para obtener soluciones que puedan mejorar el bienestar social.

La metodología propuesta contribuye a la literatura existente mediante la integración de técnicas como la matriz de Vester, el modelado de arquetipos del sistema y la simulación de dinámica de sistemas, todo lo cual se propuso anteriormente en la literatura como técnicas independientes.

Today the garment industry in México is vulnerable to complex problems. This type of industry is subject to influences which over time, modify the perceptions of those involved in the design process due to the fact that they face problems that have both objective and subjective characteristics. In this study the authors used interviews, direct observation methodology, and theoretical argumentation to obtain the experts knowledge as they describe the problems that arise in the process of garment design for Mexican markets. The purpose of this paper is to generate a methodology so that the expert in this field will become highly specialized, resulting in heightened abilities and reinforcing them with the methodology of soft systems and the design management model (DMM). The results suggest that they are applicable to any area of design.

The success or failure of expert system (ES) depends directly on the acquisition of knowledge (Méndez-Gurrola, 2007, 2012), to accomplish that, three large groups of techniques are used to extract that knowledge: manual, semiautomatic, and automatic. Within the group of manual techniques, interviews, protocol analysis, questionnaires, direct on site observation, and the extraction of closed curves are emphasized. This technique is chosen for its ability to extract the particular type of knowledge being sought. The knowledge of the dominion expert in the design process applied to the clothing industry in México is based on processes and at the same time is episodic, meaning that part of the procedure is automated and each step of the process triggers the next. This knowledge is also based on experience which is of an autobiographical nature.

First, when one simulates human behavior, the hardest thing is to choose a knowledge representation that conforms as closely as possible to its emulation. According to, choosing a given type of knowledge representation is an art that is discovered little by little. And this is true as one designs and assembles a representation, when one realizes how far the authors are from imitating the design of the human brain processes, and discovers or invents methodologies to achieve it, combining the results of investigations into knowledge representation, cognitive psychology, and cognitive engineering. Second, solving any complex situation in the design process function of the clothing industry is no easy task. It requires plenty of experience in the manufacturing process. One needs the ability to identify the signals emitted by complex situations, and being able to stop them in time before they create irreversible damage. By merging the soft system methodology (SSM) and DMM with the experts’ abilities and knowledge (the result being the EXITUS model (EM)), makes knowledge modeling possible. A problem cannot be solved if it is unknown, if the problem persists and grows it becomes more complex. By describing a problem, based on: its origin, its relationship, and its effects, it also confers the ability to solve it. Thereby, an SBC with the characteristics presented in this paper, not only improves the design process function as a whole, it also contributes to achieving corporate success. Finally, it influences directly on: a quality product; market positioning; and good economic results. First, the SBC-EXITUS was tested and endorsed by expert management designers. When a designer identifies a complex problem using the SBC-EXITUS system, he is capable of verifying its existence with facts and real life situations. This enables quicker decision making decisions, which saves time and money, due to the fact that a non-desirable state of affairs may be contemplated in advance. Fourth, in this project an SBC named SBC-EXITUS has been implemented using the SSM and the DMM, with the purpose of detecting possible problems in the design process of the clothing industry. Its implementation is developed by the use of production rules. Fifth, utilizing the methodology and the production rules like knowledge representation technique, make possible to acquire dominion knowledge in complex problems as in the study case clothing industry in México. This approach is also applicable to other areas of design.

Utilizing the methodology and the production rules like knowledge representation technique, make possible to acquire dominion knowledge in complex problems as in the study case clothing industry in México. This approach is also applicable to the garment industry in the international context, as well as to other areas of design such as architecture, furniture, and others. The EM is a generic methodology. In this research and case, it has been applied in a design process within the garment industry, specifically in a case in Mexico. Yet this does not limit its use in a different context and problem situation. Having in mind the difference between countries in aspects such as sponsoring, technology, worker skills, marketing, etc. the tools for diagnostics in the Appendix 2, may be adapted to each context with enriched questions directed to specific aspects involved. Every new application allows facts and production rules that make the use of ES more efficient.

The ES-EXITUS was tested and endorsed by expert management designers. When a designer identifies a complex problem using the ES-EXITUS, he is capable of verifying its existence with facts and real life situations. This enables quicker decision making decisions, which saves time and money, due to the fact that a non-desirable state of affairs may be contemplated in advance.

Solving any complex situation in the design process function of the clothing industry is no easy task. It requires plenty of experience in the manufacturing process. One needs the ability to identify the signals emitted by complex situations, and being able to stop them in time before they create irreversible damage. By merging the SSM and DMM with the experts’ abilities and knowledge (the result being the EM), makes knowledge modeling possible. A problem cannot be solved if it is unknown, if the problem persists and grows it becomes more complex. By describing a problem, based on: its origin, its relationship and its effects, it also confers the ability to solve it. Thereby, an SBC with the characteristics presented in this paper, not only improves the design process function as a whole, it also contributes to achieving corporate success. Finally, it influences directly on a quality product, market positioning, and good economic results.