Análisis de los Indicadores Financieros de las Cooperativas de Ahorro y Crédito del Segmento I De Ecuador Usando HJ-Biplot y Clúster Jerárquico

This study examines the applicability of Hyman Minsky’s Financial Instability Hypothesis (FIH) within Ecuador’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.