Seminario para optar al título de Ingeniero Comercial, Mención Administración de Empresas / El objetivo de este trabajo es reconocer los factores críticos en el surgimiento de una Startup, desde el análisis del Ecosistema en el cual se desenvuelven, destacando las características que determinan el éxito y fracaso en su desarrollo, asociando a las Startups con el fenómeno de la trampa del Boom and Bust, identificando para ello, los factores y las relaciones causales que detonan esta situación. Para esto se realiza una revisión extensa de la literatura actual y se construye un modelo de una empresa tipo para el análisis de los efectos cuantitativos de la modificación de variables fijas. Por medio de la utilización de Sistemas Dinámicos se logró observar resultados no lineales del aporte directo de entidades (privadas o públicas) a través de proyectos, afectando al desempeño de la Startup y la duración de la misma. También se observa el comportamiento de la Startup con diferentes niveles de inversión en innovación y exigencias de capital, demostrando que el modelo propuesto ofrece resultados que validan la noción de la existencia de un óptimo para variables que son de control interno. Además, se concluye que el crecimiento constante es posible siempre y cuando se logre alinear la capacidad de producción con el uso no intensivo de capital, ampliando el ciclo de supervivencia de las compañías.

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Boom and bust cycles are widely documented in the literature on industry dynamics. Rigidities and delays in capacity adjustment in combination with bounded rational behavior have been identified as central driving forces. We construct a model that features only these two elements and we show that this is indeed sufficient to reproduce some stylized facts of a boom and bust cycle. The bifurcation diagrams summarizing the dynamic behavior reveal complex cycles and in particular also abrupt changes in the nature of these cycles. We apply new insights from the mathematical theory of piecewise smooth dynamic systems - in particular, results from the theory of border collision bifurcations - and show that the very existence of borders such as capacity constraints or nonnegativity constraints may lie behind abrupt changes in the dynamic behavior of economic variables. (author's abstract) / Series: Department of Economics Working Paper Series

La recente crisi finanziaria e la recessione che ne e' seguita hanno spinto molti a guardare al mercato immobiliare come ad una possibile fonte di fluttuazioni macroeconomiche. Inoltre, esse hanno evidenziato il ruolo cruciale dei paesi emergenti per la crescita globale e rianimato il dibattito sulla relazione tra politica monetaria e il prezzo degli asset. Questa tesi di dottorato, composta di tre saggi, si incentra sui mercati immobiliari dei paesi industrializzati e emergenti nonché sulla relazione tra i prezzi delle case e il ciclo macroeconomico. Il primo saggio descrive un data set originale di prezzi delle case per 19 paesi emergenti (con frequenza trimestrale e aggiornato al 2009:4) e li confronta con un data set esistente per 21 paesi industrializzati. Il secondo saggio studia la trasmissione internazionale di shock di domanda immobiliare negli Stati Uniti e il loro impatto sull'economia reale. Il terzo saggio analizza la relazione tra politica monetaria e macro-prudenziale in un semplice modello di asset-pricing. / The recent global financial crisis and ensuing recession led many to look at the housing market as a possible source of macroeconomic fluctuations, highlighted the crucial role played by emerging market economies as a source of world growth, and revived the much discussed issue of the interaction between monetary policy and asset prices volatility. Motivated by these issues, my Ph.D. thesis focuses on housing markets in both advanced and emerging economies and their interaction with the macroeconomy. This dissertation consists of three self-contained essays. The first essay describes a novel dataset on house prices for 19 emerging economies with quarterly data updated to 2009:4, to be compared with an existing database for 21 advanced economies. The second essay investigates the international spillovers of U.S. housing demand shocks across housing markets and their impact on real economic activity. The third essay studies the uncharted interaction between monetary and macro-prudential policies in a simple model of consumption-based asset pricing with collateralized borrowing.