<?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>2477-9075</journal-id>
<journal-title><![CDATA[Revista Economía y Política]]></journal-title>
<abbrev-journal-title><![CDATA[Revista Economía y Política]]></abbrev-journal-title>
<issn>2477-9075</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Cuenca]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2477-90752025000200081</article-id>
<article-id pub-id-type="doi">10.25097/rep.n42.2025.05</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Análisis de los Indicadores Financieros de las Cooperativas de Ahorro y Crédito del Segmento I De Ecuador Usando HJ-Biplot y Clúster Jerárquico]]></article-title>
<article-title xml:lang="en"><![CDATA[Financial Indicators Analysis of Segment I Credit Unions in Ecuador Using HJ-Biplot and Hierarchical Clustering]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Llerena Sarsoza]]></surname>
<given-names><![CDATA[Grace Yolanda]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rosales Pallasco]]></surname>
<given-names><![CDATA[Francisco Orlando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Escuela Politécnica Nacional|Red IdeaCiencia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Central del Ecuador  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<numero>42</numero>
<fpage>81</fpage>
<lpage>99</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S2477-90752025000200081&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S2477-90752025000200081&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S2477-90752025000200081&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio analiza la aplicabilidad de la Hipótesis de Inestabilidad Financiera (HIF) de Hyman Minsky en las cooperativas de ahorro y crédito del segmento I del Ecuador, considerando su estructura patrimonial, eficiencia operativa y calidad de activos. Según la HIF, los períodos de estabilidad generan comportamientos financieros más arriesgados, debilitando el capital y aumentando la fragilidad sistémica. A partir del análisis HJ-Biplot y técnicas de clúster, se identificaron tres etapas de fragilidad financiera entre las cooperativas. Los resultados revelan que aquellas con mayor suficiencia patrimonial exhiben mayor estabilidad, mientras que las que presentan altos niveles de morosidad y activos improductivos están más expuestas a transitar hacia esquemas especulativos o Ponzi. Algunas implementan estrategias de reestructuración para mitigar riesgos, aunque su efectividad puede ser limitada durante crisis prolongadas. Los hallazgos respaldan la validez empírica de la HIF, destacando el papel de las decisiones microeconómicas en la configuración de la estabilidad financiera institucional.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study examines the applicability of Hyman Minsky&#8217;s Financial Instability Hypothesis (FIH) within Ecuador&#8217;s Tier I savings and credit cooperatives, focusing on their capital structure, operational efficiency, and asset quality. According to the FIH, periods of financial stability encourage riskier financial behavior, ultimately weakening capital buffers and increasing systemic fragility. Using HJ-Biplot analysis and cluster techniques, the study identifies three distinct stages of financial fragility among the cooperatives. The findings reveal that institutions with strong capital adequacy exhibit greater stability, while those with high levels of delinquency and non-performing assets are more likely to shift toward speculative or speculative financial strategies. Some cooperatives have adopted restructuring measures to mitigate risk, though their effectiveness may be limited in the face of prolonged crises. Overall, the results provide empirical support for the FIH, underscoring the influence of microeconomic decision-making on institutional financial stability.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Minsky]]></kwd>
<kwd lng="es"><![CDATA[cooperativas de ahorro y crédito]]></kwd>
<kwd lng="es"><![CDATA[indicadores financieros]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[Hj-Biplot]]></kwd>
<kwd lng="es"><![CDATA[clúster jerárquico]]></kwd>
<kwd lng="en"><![CDATA[Minsky]]></kwd>
<kwd lng="en"><![CDATA[savings and credit cooperatives]]></kwd>
<kwd lng="en"><![CDATA[financial indicators]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
<kwd lng="en"><![CDATA[HJ-Biplot]]></kwd>
<kwd lng="en"><![CDATA[hierarchical clustering]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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