https://revistas.uexternado.edu.co/index.php/odeon/issue/feedOdeon2025-07-07T14:09:37-05:00Javier Sandoval Archilaodeon@uexternado.edu.coOpen Journal Systems<p>ODEON (ISSN impreso: 1794-1113; ISSN digital: 2346-2140) is the annual publication of the Observatory of Economy and Numerical Operations, of the Faculty of Finance, Government and International Relations of the Universidad Externado of Colombia. Since 2004, it is intended to promote the study of the problems rased by the development of the economy and finance. ODEON is a space for the dissemination of the work of research teams of the University and of the different groups that make up the scientific community, who from the theoretical reflection and observation of phenomena relating to the development of finance, can contribute to nurture and open discussions that bring elements to the knowledge of the economy and finance. It also encourages the exchange of views between its authors and readers through the publication of the notes that are sent to its Editorial Board.The circulation of this journal is open to all readers engaged in the study and research of the economy.</p>https://revistas.uexternado.edu.co/index.php/odeon/article/view/10638Presentación2025-07-07T14:09:37-05:00Javier H. Sandovalodeon@uexternado.edu.co<p>.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Javier H. Sandovalhttps://revistas.uexternado.edu.co/index.php/odeon/article/view/10640Democratic Capitalism: Divergent Trajectories and Perspectives2025-07-07T14:09:36-05:00Luis Armando Blanco Cruz luis.blanco@uexternado.edu.co<p>The article analyses the contradictory dynamics between economic growth, equity and democracy from Manchester capitalism to Silicon Valley capitalism. The main objective is to contrast the hypothesis of technological change and the hypothesis of institutions and the political process as the fundamental determinant of said historical evolution. Thus, the thesis of this article is that technological change determines structural dynamics, but political action can deepen trends or reorient the course of events.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Luis Armando Blanco Cruz https://revistas.uexternado.edu.co/index.php/odeon/article/view/10641Colombia’s environmental policy and multilateral scenarios: challenges and perspectives: Literature review on climate finance instruments2025-07-07T14:09:34-05:00Yazmín Lorena Álvarez Guerrero yazmin.alvarez@est.uexternado.edu.coManuela Lobo- Guerrero Duque manuela.lobo@est.uexternado.edu.coEliana Gyselle García Sotelo eliana.garcia1@est.uexternado.edu.coNathalia Martínez Castro nathalia.martinez@est.uexternado.edu.coMagda Lucía Perdomo García magda.perdomo@est.uexternado.edu.coCamilo Andrés Zamora Bonilla camilo.zamora@est.uexternado.edu.coMariela Andrea Mesa Suárez mariela.mesa@uexternado.edu.co<p>This study aims to conduct a literature review on the financial mechanisms which favor the implementation of the public policy recommendations of the Organization for Economic Cooperation and Development (OECD) on climate change in Colombia, within the framework of the National Development Plan (NDP) 2022-2026. The prioritized climate finance instruments were framed within the following three public policy approaches to transform the financial system proposed by the United Nations Environment Program, namely: i) instruments to increase market efficiency; ii) instruments to assign a price to the market; and iii) instruments to create markets.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Yazmín Lorena Álvarez Guerrero , Manuela Lobo- Guerrero Duque , Eliana Gyselle García Sotelo , Nathalia Martínez Castro , Magda Lucía Perdomo García , Camilo Andrés Zamora Bonilla , Mariela Andrea Mesa Suárez https://revistas.uexternado.edu.co/index.php/odeon/article/view/10642International impact of real estate crowdfunding as an emerging financing mechanism: An analysis in the Colombian context2025-07-07T13:36:52-05:00Diego Eduardo Parra joeyrow@hotmail.com<p>This article explores the evolution and international impact of real estate crowdfunding as an emerging financing mechanism. It begins with a historical overview of collaborative financing, tracing its roots from cultural examples in the 18th century to its consolidation as crowdfunding in the early 21st century. The study also reviews the key regulatory frameworks in countries like the United States, the United Kingdom, and Spain, which have adopted crowdfunding as a viable financial tool. Finally, the article discusses the potential of crowdfunding in Colombia’s real estate sector, particularly focusing on how it could be adapted to address the financing challenges faced by small and medium-sized enterprises (SMEs). The research highlights both the opportunities and risks of this innovative financing model, emphasizing the need for strong regulation to ensure its success in emerging economies.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Diego Eduardo Parra https://revistas.uexternado.edu.co/index.php/odeon/article/view/10643An Analysis of Customer Satisfaction Level at BMT Mandiri Sejahtera 2025-07-07T14:09:32-05:00Shofiyun Nahidloh shofiyun.nahidloh@trunojoyo.ac.idDahruji dahruji@trunojoyo.ac.idFarid Ardyansyah farid.ardyansyah@trunojoyo.ac.idTaufiqur Rahman taufiqur.rahman@trunojoyo.ac.idRudi Hermawan rudihermawan.fkis@trunojoyo.ac.id<p>The BMT Mandiri Sejahtera Savings and Loans and Sharia Financing Cooperative (KSPPS) of East Java Province, Sukodadi Lamongan Branch, offers rahn financing products, which are the most popular compared to other financing options. In 2020, 323 customers used rahn financing services. Consequently, the management of KSPPS BMT requires analysis and evaluation to retain and expand the customer base for rahn financing. To achieve this, the Importance-Performance Analysis (IPA) method was utilized to assess customer satisfaction levels. The objective of this study was to determine both the level of customer satisfaction and the relative importance of key service attributes. Primary data were collected from 76 respondents selected through simple random sampling techniques. The data analysis involved measuring the level of satisfaction, conducting a gap analysis, and applying the Importance-Performance Analysis. The results indicated a satisfaction rate of 95.40%, with a small gap value exceeding -1. These findings suggest that customers are satisfied with the quality of rahn financing products, and that the overall performance of these products is strong. Attribute 1 was positioned in Quadrant A, while attributes 3, 8, and 9 were located in Quadrant B. Attributes 4, 5, 6, and 10 were placed in Quadrant C, and attributes 2 and 7 were identified in Quadrant D.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Shofiyun Nahidloh , Dahruji , Farid Ardyansyah , Taufiqur Rahman , Rudi Hermawan https://revistas.uexternado.edu.co/index.php/odeon/article/view/10644Estimation of suspicious transactions for customers of an insurance company in Colombia applying Isolation Forest and Local Outlier Factor for Sarlaft risk control2025-07-07T13:44:35-05:00Silvia Alexandra Guevara Gonzálezsalexandraguevarag@hotmail.com<p>The article addresses the detection of suspicious transactions in clients of an insurance company in Colombia, focusing on the need to strengthen risk control under the SARLAFT regulations within the framework of the (Money Laundering and Terrorist Financing Risk Management System). By means of two anomaly detection methods: Isolation Forest and Local Outlier Factor (LOF).</p> <p>The study focuses on the importance of identifying unusual patterns in transactions to prevent money laundering and terrorist financing in Colombia, a country affected by social and economic conflicts, which is critical for the integrity of the financial system. Through the application of these machine learning algorithms, the aim is to improve accuracy in identifying anomalous behavior that could indicate criminal activity.</p> <p>The Isolation Forest method is based on the creation of random trees to isolate observations, while LOF evaluates the local density of the data to identify outliers. The article includes an analysis of the effectiveness of these techniques and their applicability in the insurance context, as well as recommendations for their implementation.</p> <p>In conclusion, the research seeks to strengthen controls based on the use of these two approaches to optimize the detection of suspicious transactions, contributing to better compliance with risk regulations and strengthening LAFT prevention practices in the Colombian insurance sector.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Silvia Alexandra Guevara Gonzálezhttps://revistas.uexternado.edu.co/index.php/odeon/article/view/10645Probable Bankruptcy Alert Model at two Years for Colombian Companies Using Machine Learning Algorithms2025-07-07T14:09:29-05:00Julián Andrés Villamizar Peñarandajulian.villamizar@gmail.com<p>This study develops a predictive bankruptcy model for Colombian companies using Machine Learning algorithms. Unlike traditional models focused on short-term bankruptcy prediction, this work proposes a model that projects bankruptcy two years ahead. The model was built using financial data provided by the Superintendency of Companies, which was refined to suit the Colombian business environment, excluding variables like EBITDA and market capitalization due to lack of information. The theoretical basis includes Altman’s models and recent improvements to the Z-Score, incorporating additional indicators such as Total Assets/Total Liabilities and Short-term Liabilities/Total Liabilities. The Random Forest algorithm demonstrated an area under the curve (AUC) of 92.89 % for two-year predictions, confirming its utility as an early warning tool for financial management.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Julián Andrés Villamizar Peñarandahttps://revistas.uexternado.edu.co/index.php/odeon/article/view/10646Application of unifactorial models and machine learning for the colombian fixed income market2025-07-07T14:09:28-05:00Paula Catalina Alejopaulacataap@hotmail.comBernardo Leónuniandinos2007@gmail.comDavid Gómez Aldanadavidgomez24.dga@gmail.com<p>We will implement the model proposed by Vasicek (1977) and Cox <em>et al. </em>(1985), in moving time windows and we will observe its forecasting performance in the tenor of 1 year for the Colombian public debt market.</p> <p>The results will be compared against machine learning models, specifically against Regression Trees, Neural Networks and Random Forest models, these models despite not having an economic support are widely used to handle forecasting problems in different areas of knowledge and like the unifactorial rate models, can be used to determine the future levels of interest rates, approaching it as a regression problem.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 Paula Catalina Alejo, Bernardo León, David Gómez Aldanahttps://revistas.uexternado.edu.co/index.php/odeon/article/view/10647Physics informed neural networks applied to solving an optimal investment and consumption problem with an exponential utility function2025-07-07T14:09:26-05:00John Freddy Moreno Trujillojhon.moreno@uexternado.edu.co<p>This work considers the optimal portfolio problem of Merton in the context of an uncertain financial market composed of two types of assets. The Hamilton- Jacobi-Bellman equation associated with this type of problem is posed, and it is shown how physics-informed neural networks (PINNS) can be implemented to find its solution.</p>2025-07-07T00:00:00-05:00Copyright (c) 2025 John Freddy Moreno Trujillo