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Capital system, creative economy and knowledge city transformation:Insights from Bento Gonçalves, Brazil

Ana Cristina Fachinelli a,⇑, Francisco Javier Carrillo b, Anelise D’Arisbo c

a Caxias do Sul University, 1130 Francisco Getúlio Vargas Str, Caxias do Sul, Brazilb Instituto Tecnológico de Monterrey & World Capital Institute, E. Garza Sada 2501 Sur, Monterrey, Mexicoc Federal Institute of Education, Science and Technology of Rio, Grande do Sul, 785 São Vicente Av, Farroupilha, Brazil

a r t i c l e i n f o

Keywords:Creative economyCapital systemKnowledge cityKnowledge-based developmentBento GonçalvesBrazil

a b s t r a c t

This study pursues the advancement in the research of the use of the generic capital system as a value-based tool by identifying the complete capital system of a Brazilian city—i.e., Bento Gonçalves. In doingso, it also aims at identifying its unique characteristics and the potential knowledge-leveraging capabil-ities for planning its development as a knowledge city. The context of the study is the creative economyconsidering that in Brazil cities are encouraged to embrace and accept its culture as a factor in theirdevelopment. This paper builds on the points of conceptual convergence between the generic capital sys-tem taxonomy and the Brazilian model of creative economy. In doing so, it explores the potential value ofthis convergence for the development of an emerging knowledge city. This is the first case in Brazil wherethe generic capital system taxonomy is being applied. This exploratory study, carried out in a southernBrazil city of Bento Gonçalves, found viable economic development alternatives for communities withstrong cultural tradition deriving from the Italian immigration of the 19th century. As a result, the caseanalysis indicates that identity capital could be considered as an inducing factor for development espe-cially in social contexts strongly anchored in local culture.

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1. Introduction

The community studying urban communities around the worldfrom a knowledge-based development (KBD) perspective tends toagree that one of the main difficulties to construct a knowledgecity is the acquisition and organization of information in anaccountable base allowing for international benchmarking(Gonzalez, 2011; Leal & Garcia, 2012). Even if the knowledge econ-omy and knowledge society are considered signals of our times,the transition from the analysis of the phenomenon to a workingframework for the understanding and development of a knowledgecity is still at an early stage (Carrillo & Flores, 2012). This process iseven more complex when considering that each city has a uniquevalue structure that characterizes its complex social environment.Thus, a systematic and integrative perspective for a city is requiredto identify the value-based indicators that reveal the singularity ofan urban community, a system able to identify what Leal andGarcia (2012) call the knowledge-leveraging capabilities thatgreatly impact a knowledge city development. The generic capital

system taxonomy is a value-based tool for knowledge cities thatsystematically attempts to identify and develop its whole (tangibleas well as intangible) capital balance (Carrillo, 2006).

Several researchers have shown that the degree of competitive-ness of a country, region, or city may be related to their degree ofcreativity (Florida, 2005a, 2005b; Martin Prosperity Institute,2011). The United Nations Conference on Trade and Development(UNCTAD, 2010) states that the creative economy transforms thelabor market insofar it facilitates employability, encourages pro-ductive force qualification, fosters social inclusion and gender bal-ance and strengthens education, culture and art.

Brazilian authors like Reis (2008) state that the creative econ-omy provides a significant potential for the creation of innovativesocioeconomic development. She also suggests that current eco-nomic models require not only a global update, but also a nationaland regional application able to capture each specific context. Tak-ing into account the diverse nature of the Brazilian population as awhole, the influential Ministry of Culture (Secretaria da EconomiaCreative do Ministerio da Cultura) created in 2011 the CreativeEconomy Department (CED) as an independent unit within theMinistry. The CED purpose is the design and implementation ofpublic policies that support local and regional economic develop-ment by monitoring regional environments and prioritizing

http://dx.doi.org/10.1016/j.eswa.2014.02.0120957-4174/� 2014 Elsevier Ltd. All rights reserved.

⇑ Corresponding author. Tel.: +55 54 8116 0538.E-mail addresses: afachinelli@gmail.com (A.C. Fachinelli), fjcarrillo@itesm.mx

(F.J. Carrillo), anelise.darisbo@farroupilha.ifrs.edu.br (A. D’Arisbo).

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support for independent professionals as well as creative SMEs.This initiative reinforces the public acknowledgement that cultureprovides a strategic role in the process of economic growth andsocial inclusion in Brazil. From this perspective, the CreativeEconomy Department (2011) stated that the current Ministry ofCulture mission is to transform Brazilian cultural creativity intoinnovation that will spur economic, and social wealth. However,for this to happen, indicators and methodologies for producingreliable data become critical. Such requirement is also fundamen-tal for developing the creative skills, and improved infrastructurethat enable the production, circulation and consumption of goodsand creative services, within and outside the country. Reis (2008)stresses the importance of the measuring ability and the capabilityof defining what to measure according to the unique characteris-tics of the creative economy of each country or region. Accordingto him, the capability to measure is what makes it possible to iden-tify the advantages of the creative economy as well as the valuenetworks it may enable leading to an increase in social and eco-nomic development.

This work focuses on the conceptual convergence between thegeneric capital system taxonomy, the Brazilian model of creativeeconomy and the potential value of this convergence for the devel-opment of an emerging knowledge city. This is the first case inBrazil where the generic capital system taxonomy is being fullyapplied. Such development has taken place in the city of BentoGonçalves that, after hosting the 4th Knowledge City World Sum-mit in 2011 (see www.worldcapitalinstitute.org), deliberatelyaimed at KBD through the capital system model. Bento Gonçalvesis a city rich in culture and with a relative high level of economicprosperity. Located in de state of Rio Grande do Sul, it is an impor-tant industrial and touristic center in the Serra Gaucha region, with108,151 inhabitants. The city, formed by Italian immigrants in the19th century is today among the 10 largest economies in the RioGrande do Sul, a state in southern Brazil. The city is ranked firstin the IFDM of the state of Rio Grande do Sul in the year 2012.Within a group of approximately 5000 cities in Brazil about whichdevelopment data are compiled by FIRJAN, Bento Gonçalves is the15th most developed municipality of Brazil (Federação das Indús-trias do Rio de Janeiro (FIRJAN), 2012). The IFDM, FIRJAN MunicipalDevelopment Index is an annual study of FIRJAN - Industries Fed-eration of Rio de Janeiro, on the National Industry Confederationaccompanying the development of all over 5000 municipalities inthree areas: Employment and Income, Education, and Health. It isthe base of official government statistics for the Ministries of Labor,Education and Health.

2. Theoretical foundations

2.1. Creative economy and social innovation

Jeffcutt (2004) states that the creative economy resets old bor-ders, by allowing businesses to flourish by means of their own de-fined business cultures. Through this process the creative economyprompts new perspectives on value creation thus leading thetransformation of creative ideas into the tangible production ofproducts and services (Tarani, 2011). Such process can be relatedto social innovation as conceived by Pol and Ville (2009), i.e., thecreative economy can generate new ideas bringing positive impacton the quality and/or quantity of life of members of society. Manz-ini (2008) also addresses the need to follow unconventionalcourses of action in a society in order to of make social innovationand creativity sustainable. The creative economy can be regardedas social innovation insofar overall creativity, culture, and knowl-edge start to be seen as fundamental to economic and social devel-opment (Moraes, 2011). The creative economy incorporates and

reciprocally causes profound changes within social, organizational,political, educational and economic life. According to Manzini(2008), social innovation requires people capable to rearrangingexisting elements in new and meaningful combinations. Thus,the creative economy involves activities of intense dynamism. Itis a topic that has received attention in various parts of world fromresearchers and governments seeking to change their developmentmodel. Several themes around the creative economy have beenwidely studied such as creative cities, creative class and creativeworkers (Florida, 2002, 2005a, 2005b), creative cluster (Reis,2008), creative industries, (Howkins, 2001; UNCTAD, 2010), crea-tive ecosystem and creative ecology (Florida, 2005a; Florida,2005b; Jeffcutt, 2004), as well as hard and soft infrastructure tothe creative economy (Jeffcutt, 2004). More recent works point tothe creative economy as a strategy for sustainable developmentthrough a shift in mental model (Deheinzelin, 2011) as well asthe fostering of regional development. Additionally, some authors(Abankina, 2013; Shuaib & Enoch, 2012) acknowledge that the cre-ative economy can guide public policies aiming to the historictown quality development and conservation, while also bringingprosperity to the community. Such studies regard the work ofHowkins (2001) as pioneering research, by linking creativity andthe economic dynamics of a region. Under this perspective, creativ-ity subverts traditional notions of economy by providing a newform of perceived value.

Creativity is neither a new concept nor an economic term; how-ever, what is new is the nature and extent of the relationship be-tween economics and creativity, and how the two combine togenerate value and wealth. Florida (2002, 2005a, Florida 2005b)has carried out a research program on the creative workers, andtheir impact on public policies that drive the creative economy.During 2011, Florida launched the study ‘‘Creativity and Prosper-ity: The Global Creativity Index’’. This study attempts to grasp sus-tainable prosperity in 82 countries, according to a combination ofeconomic, social, and cultural rights, such as the ‘‘3Ts’’ of economicdevelopment: Technology, Talent, and Tolerance. Furthermore,UNCTAD has stressed that the creative economy contributes tothe growth and prosperity of countries; especially the developingones that want to diversify their economies and build resistanceto future economic crises.

The importance of the creative economy for the economic andKBD of Brazil had not been acknowledged until recently. In 2011,the Brazilian government, through the Ministry of Culture, createdthe Creative Economy Department. The CED is charged with a mis-sion to manage the formulation, implementation, and monitoringof public policies for the support of local and regional develop-ment. These policies include the prioritizing of support andencouragement to professionals in Brazilian creative SMEs. Accord-ing to De Marchi (2012), the creation of the Creative EconomyDepartment under the Culture Ministry (MINC), is a turning pointin Brazil’s history as it indicates a shift of the country’s cultural andeconomic policies. The SED plan argues that Brazil should provide asustainable economic development model based on the creativeeconomy and states that culture plays a key role in both economicgrowth and national social inclusion. The guiding principles of theplan are: social inclusion (access to goods and creative services),innovation, cultural diversity, and sustainability (social, cultural,environmental and economic). In this sense, it also indicates theconvergence in Brazil between creative economy and Social Inno-vation. Furthermore, it seeks changes in society for a more sustain-able and inclusive development through Brazilian culturaldiversity. The Creative Economy Department (2011) defines crea-tive economy as the dynamic cultural, social and economic activitythat leads to the cycle of creation, production, distribution/circula-tion/dissemination and use/enjoyment of goods and services fromcreative sectors, characterized by the prevalence of their symbolic

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dimension. The creative economy in Brazil is closely associated toregional cultural dimensions. According to De Marchi (2012) this isdifferent from some countries that show a certain abandonment oftheir cultural heritage in favor of a greater drive for economicexploitation with a more technological bias. For instance, Britainabandoned the view that its cultural heritage should be associatedwith contemporary trends in the entertainment market. Withinthe UK government, the Department of Cultural Heritage and theDepartment of National Heritage became the Department for Cul-ture, Media and Sport. Brazil still considers the diversity of the Bra-zilian people as a major source of raw material for the constructionof creativity, but without ignoring the exploitation of new knowl-edge in any other field as a way to generate innovation.

2.2. Generic capital system

The generic capital system is presented as a value-based thirdGeneration Knowledge Management model. It is defined as a uni-verse of the order of collective preferences in a human activity sys-tem. Hence, a capital system constitutes a taxonomy of first-leveland common value dimensions. It can be divided in progressivesubcategories, each expression a distinctive and complementaryvalue function for a particular human group. As it disaggregates,the resulting system becomes more distinctive. Each capitaldimension can have a positive (asset) or a negative (liability) sign(Carrillo, 2002; Carrillo, 2004). It aims to provide a formal systemof structured categories in a complete and consistent taxonomy.A capital system also aims to include all major tangible and intan-gible capital dimensions, as well as to be applicable all possiblecases with the lowest possible number of proto-categories. Onthe descriptive side, all empirically documented sub-categoriesmust be able to be hierarchically included within the mayor cate-gories. This allows the consideration of all possible cases and thedetermination of the general attributes of the value universe.One fundamental aspect of the capital system approach is the over-coming of the dichotomy between the intellectual capital (sym-bolic dimensions in a creative economy view) and traditionalaccounting capital. Thus, financial and material capitals shouldbe included in the same universe of natural dimensions as all formsof knowledge capital (Carrillo, 2006). The integration of all valuedimensions into a unified system of categories aims at renderinga general construct of capital. This is deemed a necessary conditionto develop a genuine accounting system for the knowledge econ-omy and thus to integrate an index or a composed indicator. Inthe research context of knowledge cities ‘[i]t adheres to the notionof knowledge as a social construction, in which the emergence ofknowledge societies adopting knowledge-based frameworks isencouraged [. . .] It elicits a systemic assessment of a city’s capitalbase (both tangible and intangible) and its capacity to recombineit in innovative ways’’ (Leal & Garcia, 2012, pp. 353). The adherenceof the capital system to the concepts and experiences of knowledgecities has been reported in some earlier works (Carrillo, 2002;Carrillo, 2004; Flores, 2006; Garcia, 2012; Gonzalez, 2011;González & Carrillo, 2012; Leal & Garcia, 2012). The developmentperspective of capital systems is drawn from another major tenant:the pursue of a value balance amongst all relevant categories andrespective weights, relative to the each individual community, beit a family, an organization, a village, a city-region or a country.The very self-consciousness of a community about its own capitalsystem forms the basis of its identity capital.

According to Carrillo (2006), when simplified to the irreducibleform of an input/process/output system, all production systemsconsist of (i) an input capital that is the given value base withwhich the system begins to operate (in the case of cities, the setof favorable circumstances that led to the foundation of a city—water supply, topography, climate, etc.); two process capitals—(ii)

the agent capital which performs production (in the case of con-temporary cities, basically its functional population) and (iii) theinstrumental capital, which constitutes all the means of production(in the case of cities, most of the traditional objects of urban plan-ning such as layout, water supply and sewage, etc.); finally, someform of value exists as (iv) product capital (surplus yield fromprimitive farming was simultaneous to the transition from noma-dic to urban societies). To sum up, all value creation systems in-clude an input capital, process capitals (agent capital plusinstrumental capital), and an output capital.

In building a well-defined capital system for a city it is neces-sary to look for the generic set of value elements required to sus-tain the production function. The value function does notnecessarily involve an increase in size or stock accumulation, buta preferred state relative to a specific value structure. Accordingto Carrillo (2006) the generic capital system is based on some basiccomponents: all value systems involve a production function. Thisrefers to the system’s capacity to achieve and sustain value bal-ance. All production functions involve an input, an agent, an instru-ment, and a product so that productive capitals account for allforms of material-based value systems. In the course of history,meta-capitals have been generated to multiply the value-generating potential of productive capitals. The creation of curren-cies allowed for the representation and exchange of productivecapitals, multiplying their potential in space in time. Referentialmeta-capital multiplies the effectiveness and efficiency of thesystem by providing focus, thus diminishing error (throughincreasingly precise internal and external feedback). The referen-tial meta-category includes identity and intelligence capitals.Articulating meta-capital multiplies the productivity of the systemby providing cohesion, thus diminishing transaction costs andredundancies. It includes financial and relational capitals. Theemphasis on meta-productive values helps us understand thatproduction per se does not have primacy in all systems. In fact,no singular form of value has primacy (unlike the overall primacyof monetary capital in industrial societies). Only the dynamicbalance of all value elements (taking into account their relativeweights) has precedence in a capital system.

Yigitcanlar and Dur (2013) suggest a strategic approach basedon assets as a way to apply capital systems to knowledge-based ur-ban development, thus enforcing the capital planning of cities. Inthis context, asset-based planning is introduced in parallel withthe communication rationality and strategic planning approach.From this perspective, rather than seeking a traditional planningapproach based on needs, communities should be planned consid-ering its endogenous assets and emphasizing the strengths and po-sitive value capitals that may be developed. Some cities build onendogenous assets, such as the brand. Other cities attract exoge-nous investments and talents, or both. In either case, the develop-ment should be driven by the characteristics and needs of a specificcommunity (see Yigitcanlar, 2010; Yigitcanlar & Lonnqvist, 2013;Yigitcanlar, O’Connor, & Westerman, 2008).

3. Conceptual and methodological background

This research project aims to advance the understanding of thecreative economy and the capital system, especially in regards tothe relationship of key points of convergence between both ap-proaches. Hence, the starting point for the study is the gatheringof evidences from each category of the capital system taxonomy(Table 1).

Identity and intelligence capitals are characterized as referencecapitals, i.e., elements that enable the identification and alignmentof all other capitals. The relational and financial capitals constitutearticulating capitals, or value elements enabling cross-capitals

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inter-connections and exchanges. Instrumental and human capi-tals are productive capitals, or value elements directly contributingto new value generation.

Eight mayor capital categories, which adhere to definitions ofknowledge cities as by the Most Admired Knowledge City Awards(MAKCi) nomination forms and general principles (Leal & Garcia,2012), have been applied in this research. Thus, the first phase ofthis study was to search for the convergence between the valuedimensions of the generic capital system and the creative econ-omy. The conceptual foundations for the capital system dimen-sions have been laid out in early research works by Carrillo(2002), Carrillo (2004, Carrillo (2006), Flores (2006), Garcia(2012), González and Carrillo (2012) and Leal and Garcia (2012).With regard to the creative economy, the conceptual foundationswere identified in earlier works published by Howkins (2001),Florida (2002, 2005a, 2005b), Reis (2008) and Caiado (2011). Thedescriptive conceptual dimension of each capital and the corre-sponding aspects relating to the creative economy are shown inTable 2.

The second phase of the study was the selection of indicatorsrelating to the creative economy as well as the collection of quali-tative and quantitative data for each of the capital categories. Themethod used was mixed method concurrent triangulation design(Creswell & Clark, 2011). Thus, qualitative and quantitative datawas collected with reference to the taxonomy of the generic capitalsystem. In mixed studies four aspects become critical: time distri-bution (concurrent or sequential); weight attribution to quantita-tive and qualitative research; the combination characterizingdata fusion; and finally the knowledge of the main theoretical per-spective guiding the research (Creswell & Clark, 2011).

Data collection was carried out concurrently, with equal weightassigned to both quantitative and qualitative dimensions. Thecombination took place in the analysis phase. The theoreticalfoundations are those of knowledge cities and KBD (Carrillo,2002; Carrillo, 2006), supported by the notion of knowledge as asocial construction and the creative economy as an analysisperspective (Howkins, 2001; Reis, 2008).

Data collection relied essentially on the information resources ofthe municipality of Bento Gonçalves, several international bench-marks, as well as official document sources (mostly state and federaldatabases and clearinghouses). First- and second-hand compari-sons, information regarding events, national and international rank-ings as well as direct and indirect observations regarding the citywere included. Public and private national and international dat-abases were also searched. On the other hand, qualitative data reliedmostly on fifteen interviews held with key public officers.

4. Results

Once data were collected and analyzed, the results were orga-nized according to the research phases outlined in Section 3. In

general terms, the data indicate that Bento Gonçalves has the bestrates of development in the State of Rio Grande do Sul as well as inthe entire Brazilian region that grew out of the Italian immigration.There is strong evidence in the identity capital of the city about thecultural roots laid out after years of heavy Italian immigration inthe region around 1875 (Câmara de Indústria e Comério de BentoGonçalves [CIC], 2012). The Italian immigrants who settled in thecity came from all over Italy including regions like Tirol, Veneto,Lombardy, and Trentino, as well as from the Italian cities of Cremo-na, Milan, and Belluno. The December 1876 census counted in 2000Italian immigrants living at the time in Bento Goncalves.

This immigration background is major factor in the culture ofBento Gonçalves and may represent a potential element for thecreative economy. In order to realize this potential, attention mustbe paid to the roots of the creative sector in the region, such astheir cultural heritage. Shuaib and Enoch (2012) characterizeheritage as an essential part of the present but also of the future.Tangible and intangible factors such as heritage, ideas, music, lan-guage, and symbols identify and differentiate creative agents. Thus,it is also a contemporary activity with far-reaching effects and it isa means for intercultural dialogue, ethical reflection and a poten-tial base for local economic development. It is both local and glo-bal—and thus shared. One aspect that stands out is that themedium salaries in the region are higher than in other parts ofBrazil including the rest of the Rio Grande do Sul State. Also out-standing is the fact that Bento Goncalves has achieved employ-ment (unemployment rate is 2%). A social and economic profileof the city is summarized in Table 3.

Moreover, Bento Gonçalves has gained visibility by concentrat-ing large events that energize the economy and stimulate innova-tion. Thus, the city gathers knowledge by combining new sourceswith ancient sources thus preserving and evolving the inheritanceof the Italian immigration. In the first phase of the research anidentification of the convergence between the generic capital sys-tem dimensions and the creative economy was carried out. Basedon such identification of conceptual convergence, the taxonomyof the generic capital system corresponding indicators was drawn.In order to do this, a complete compilation of all indicators corre-spondence in the taxonomy was necessary. This made possible toselect precisely those indicators that expressed the convergencebetween the creative economy and the generic capital system.

The main datasets used in this research were OECD, StatisticsPortal; United Nations Conference on Trade and Development;Brazilian Institute of Statistics; FIRJAN Federation of Industries ofRio de Janeiro; Brazilian economics and statistics reports; localonline sources and media news. The resulting compilation allowsbenchmarking with any other city of Brazil and Rio Grande doSul. Moreover and more importantly, the resulting set constitutesa first operational characterization of the city identity and a firstmanageable deployment of its capital system. The results of thisphase of the research are therefore presented in two separate

Table 1Construct operationalization (derived from Carrillo, Yigitcanlar, Garcia, & Lonnqvist, 2014).

Capital Systems: first-level value dimensionsCapital universe of collective

choice preference ordersMetacapitalmultiplicative(divisive)

Referential Structure:belonging rules

Identity self-significance

Capacity to distinguish value elements contributing to thesystem’s welfare as well as to align consequent action

Intelligencealto-significance

Capacity to register and respond to agent and events significantto the system’s welfare

Articulating Function:relationship rules

Financialexchange

Capacity to represent and enable the exchange of value elements

Relationallinkage

Capacity to establish and develop links with significant others

Productive additive (subtractive) Human agency Capacity to perform value addition actionsInstrumentalmediation

Capacity to leverage value addition performance

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tables. Table 4 presents the converging indicators and Table 5 sum-marizes the knowledge capital base for sustaining a creativeeconomy.

Once the data were compiled, a linear interpolation was carriedout to obtain a graphical distribution of values—in other wordsnormalized scores. Being the xmin the minimum value of a set, xmax

the maximum value and xk an intermediate value, these were

transformed to a 0, 1 and k, scale respectively, using themathematical procedure of linear interpolation, given by the fol-lowing equation:

k ¼ xk � xmin

xmax � xmin; ð1Þ

For benchmarking purposes, city data were compared withthose of the State of Rio Grande do Sul and Brazil as a whole. Thiscomparison is shown on Table 6.

Fig. 1 below deploys graphically the results shown in Table 6.The graph shows that identity capital as well as instrumental

material capital is the most prominent in Bento Gonçalves. Thesense of belonging and attractiveness are factors that drive thiscapital in the city, based on its distinctive cultural wealth. Theprominence of instrumental material capital provides a good infra-structure for information sharing in the city, thus leveraging theconsolidation of the creative class. The economic and social indica-tors of Bento Gonçalves seem to be also the foundation of healthyfinancial capital and collective human capital.

Table 2Generic capital system and creative economy conceptual convergences.

Capital Capital operational concept Aspects related to the creative economy

Identity capital City individuality, clarity and differentiation, i.e., formal andinformal elements those are distinct in the city and theattractiveness factors, developing a belonging sense

Executives and government leaders even when they want toattract the creative class have difficulties in creating theenvironment that is attractive to it. There is little investmentand initiatives are inefficient. Florida (2005a, 2005b)indicates that the government should ask the creative classprofessionals what they want, to create a unique environmentfor them

Intelligence capital Capacity to register, make sense of and respond to externalagents and events which are significant to the city welfare. Itcontributes to urban planning, professional studies and strategicKBD

Urban planning and studies and strategic development based onknowledge is useful to train skilled professionals that arerequired by the creative economy sector

Relational capital Capability to develop quality interactions with all significantinternal and external agents

One of its sources is sociocultural cohesion that benefits one ofthe three ‘Ts’ from Florida (2005a, 2005b): tolerance. Moreover,in Caiado’s study (2011) urban centers are cited as inducingspaces to creative industry development and one of the reasonsto that is the facilitation of interaction between creative agentsqualified

Financial capital Capability to generate and sustain a healthy monetary base.Monetary denomination of a set of value dimensions

It is necessary to enable investment in technologies and fosterdevelopment

Capital investment New production inputs. (Not included on the results) Includes indicator ‘‘creation of technology-based businesses’’,which can be related to the creative industries. Still, among thesource ‘‘attractiveness of human capital’’, control ‘‘attractivenessof the creative class’’ and ‘‘attractiveness of skilled labor’’

Human individual capital Capability to create conditions for the full biological andpsychological development of residents. Investigates the basesthat can foster the training of individual skills and performancein education environments, family and production

Relates to the ability to generate value starting from individualssupported by Howkins (2001) as the key point of creativeeconomy and by Florida (2005a, 2005b) as the factor Talent,which makes up the three ‘Ts’ of development. Has among itssources ethnic diversity, related to other ‘T’, Tolerance,and defended, as an enhancer factor required stimulatingcreativity and as a Brazilian differential for creativeeconomy

Human collective capital Capability to enhance the goal achievement potential of itsconstituent communities. Collective and team-based valuegenerating capacities

Contributes to the intellectual capital, according Howkins(2001), the source of value creation on the creative economy inpursuit of intellectual property as its result

Instrumental material capital Physical-based means of production through which othercapitals leverage their value generation capacity. Capability totake advantage of location and to build and renew a world-classphysical infrastructure. Geographic, environmental, urbaninfrastructure

This capital includes the source ‘‘communication’’, which relatesto the creative sectors, as well as allows data traffic andnecessary information to agile develop these sectors

Instrumental Intangible Capital Knowledge-based means of production through which othercapitals leverage their value generation capacity. Capability totransfer knowledge and foster innovation in all major areas ofcity life

Relates to the intellectual capital seen as a creative economysource by Howkins (2001), and is about knowledge coupled withcreativity and culture. Also includes as a source socialinnovation systems, as well as patents and licenses, which canbe seen as a way of measuring the ‘T’ of technology, fromFlorida (2005a, 2005b)

Table 3Salient characteristics of Bento Gonçalves.

Bento GonçalvesTotal population (2011) 108.151 inhabitantsArea (2011) 382.5 km2

Population density (2011) 282.7 inhabitants/km2

Urbanization rate (2010) 92.3%Illiteracy rate (2010) 2.23%Life expectancy at birth (2000) 77.41 yearsGDP at market prices (2010) R$ (thousand) 3.150.736GDP per capita (2010) R$ 29.353IFDM 0.9102

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Table 4Capital system and creative economy convergent indicators of Bento Gonçalves.

Capital Convergent Indicators BentoGonçalves

Rio Grande doSul

Brazil

Identity capital Factors of attractivenessPopulation growth (2000/2010) 117.26 104.96 112.32Demographic density 282.70 38.10 22.40Activity rate – 10 years or more 60.63 53.53 48.19% 25 years or more which are graduated 13.36 11.27 11.28% people attending college 6.50 4.51 3.73Education rankings: IFDM – education 0.847 0.751 0.750Education rankings: HDI – education 0.695 0.642 0.637Life expectancy at birth 77.41 72.05 73.9Health rankings: HDI – Longevity 0.842 0.840 0.816Health rankings: IFDM – health 0.936 0.873 0.809IFDM – municipal development 0.910 0.818 0.789Factors of socio economic performancePercentage of economically active population working 97 95 84Per capita income (R$) 1.19656 959.24 793.87HDI – income 0.805 0.769 0.739

Intelligence capital N/ARelational capital % Women in parliamentary seats 1.18 1.63 1.04

% Female income lower than the male 37 31 27.7% Of mothers householders without completed elementary and with children under15 years

12 15 17

% Of women 15–17 who have had children 3.71 5.39 6.94Socioeconomic cohesion – disparities in income distributionGini index 0.44 0.54 0.60% Of extremely poor 0.34 1.98 6.62% Of poor 1.31 6.37 15.20Quality of public perception of the city – National BenchmarksCity’s position among the 1754 Brazilian cities to host international events-ICCAranking

17.5

Top cities Trade balance Exports among 2462 Brazilian Cities 422

Financial capital Macro indicators and growth factorsGross value added of industry per capita (R$) 9.74905 3.50436 2.82760Gross value added of services per capita (R$) 14.63806 7.25912 6.27985GDP per capita in 2010 (R$) 29.35258 23.60636 19.01633Variation of annual GDP 2011/2012 0.029 �0.018 0.009Ratio of the trade balance and the total population 274.41 188.46 101.74% of poor 1.31 6.37 15.20Unemployment rate-10 years or more 3.02 5.12 7.98Per capita income (R$) 1.19656 959.24 793.87HDI income 0.805 0.769 0.739Balance-revenue minus expenditure per capita 399.55 280.86 199.94Number of creative professional on total population 164.28 348.64 396.26Ratio of average salary of professional creative and income per capita 1.62 2.70 4.30

Human individual capital Quantitative and qualitative changes in demographicsPopulation growth (2000/2010) 117.26 104.97 112.33Ratio between rural and urban population 0.082 0.175 0.185HDI – total 0.778 0.746 0.727Life Expectancy at birth 77.41 72.05 73.9Mortality at 1 year of age (per thousand live births) 12.1 12.38 16.7Socio economic factorsAverage weekly workload 43.53 40.4 39.8.Disparities in income distribution, Gini index 0.44 0.54 0.60% Of poor 1.31 6.37 15.20% Of extremely poor 0.34 1.98 6.62% Of extremely poor children 0.72 4.01 11.47Individual skills and performance in the family, education and production environments% Of mothers householders without completed elementary with children under15 years

12.56 15.75 17.23

Fundamental attendance rate at the primary school 90.79 92.88 92.14Elementary enrollment/population 5–14 years old 0.92 0.91 0.92% 12–14 years in the final or complete primary 90.46 86.14 90.5% 18 years or more with complete primary education 61.41 56.29 54.9% 11–13 year-old elementary school 89.83 89.69 84.9% 15–17 year-old elementary school complete 65.02 61.73 57.2% 15–17 year-old on elementary school 17.75 24.81 27.11Attendance rate to high school 42.45 45.35 43.38High school enrollment/population 15–19 years old 46.31 45.92 49.30% 18–20 years, with high school education 49.36 43.79 41Attendance rate at the higher education 23.25 18.5 13.95% 25 years or more to graduate 13.36 11.27 11.28Ratio of number of creative professional on the total population 164.28 348.64 396.26Expected years of schooling until age 18 10.02 10.00 9.54

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The study sought to gather evidence and make sense of it on thebasis of the generic capital system and the creative economy. Thestrength of cultural heritage permeates all capital categories. Inso-far creative economy policies for Brazil are anchored in a culturaldimension, Bento Gonçalves has a significant potential in termsof how culture can support future KBD policies.

5. Discussion

This study, on the conceptual convergence of the generic capitalsystem and creative economy, reveals that an attempt at integrat-ing production, culture and social welfare underlies approacheswith different nuances. The creative economy has a focus on sym-bolic sources such as creativity and culture as they have beenestablished within the creative sector. With this the qualificationof creative professionals increases, and the gradual generation ofsustainable value occurs. One of the main results of the creativeeconomy, according Howkins (2001), is intellectual property, andthe adding of symbolic and representational value to the productsand services created. The generic capital system, in turn, attemptsto capture all relevant value dimensions into a unified system of

categories (Carrillo, 2002). Hence KBD focuses on an array of alter-native for development in which knowledge capital is the strategicmeans. In this line Carrillo, Metaxiotis, and Yigitcanlar (2010) pro-pose a KBD perspective in which the capital system accounts be-come an instrument for balanced, equitable and sustainabledevelopment. This view focuses on the balance of collective capital,both intellectual and material. An epistemological, axiological andpolitical platform justifying the KBD is required which should en-able the mapping and management of its impacts not only in eco-nomic terms but also in all major social value dimensions (Carrillo,2006; Carrillo et al., 2010). Thus, the mains convergences of thegeneric capital system capital and creative economy are on aspectsrelated to the social dimension. Both promote social inclusion, cul-tural diversity and human development — particularly in Brazil,the creative economy takes the form of social inclusion throughthe appreciation of local culture and diversity both use creativityand intellectual capital as primary inputs either for social develop-ment, or to generate wealth; both are positioned at the intersectionbetween cultural sectors, services and industry and receive theircontinuous inputs while seeking to preserve the identity of thecommunity and encourage the arts.

Table 4 (continued)

Capital Convergent Indicators BentoGonçalves

Rio Grande doSul

Brazil

Ratio between the number of elementary schools and the total population 0.00044 0.0006 0.00076Ratio between the number of high schools and the total population 0.00013 0.00014 0.00014

Human collective capital State of mental and physical well-being and determinants conditionsProbability of survival to age 60 84.36 84.16 84.05Percentage of pregnant women with seven or more prenatal visits 80.2 70.74 61.28% Of people in households with water supply and sanitation inappropriate 0.19 0.89 6.12% Of the population in households with piped water 97.34 96.17 92.72% Of the population in households with electricity 99.91 99.71 98.58% Of people in households with inadequate walls 1.24 2.22 3.42% Of the population in households with garbage collection 99.88 99.24 97.02Aging rate in 2010 8.42 9.26 7.36City’s position in the ranking of national and international referencesHDI rank in their respective rankings 0.026 0.222 0.454Fundaparque Brazil’s second largest covered area to events. 2Movelsul, Brazil’s second biggest furniture event. 2IFDM-Municipal Development Index FIRJAN 0.910 0.819 0.790Skilled labor and educationTheil-L-labor income 18 years or more 0.30 0.44 0.51Degree of formalization, working 18-years old or more 79.59 66.38 59.32% Of employed persons with a complete top-18 or more 13.37 12.35 13.19

Instrumental materialcapital

Social and geographical infrastructure

Census of vehicles: vehicle index 64.6 50 39.22Net industry average per capita 436.11 15.20 11.56Net average services per capita 70.58 N/A 5.26Census of hospital beds 2.97 2.85 2.26Ratio of the population per health facilities 1205.37 1874.48 2027.56% Population in households with piped water and toilet 99.27 96.46 87.16% Of the population in households with garbage collection 99.88 99.24 97.02% People in households water supply and inadequate sanitation 0.19 0.89 6.12% Of the population in households with electricity 99.91 99.71 98.58

Instrumental intangiblecapital

Structural capacities

Reason firms formed in 2007 on the population 0.0055 0.0002 0.0027Survival rate of companies after two years 0.790 0.754 0.756Percentage of Children in households where no one has completed primary school 22.03 27.02 30.39Fundamental Reason enrollment / population 5–14 years old 0.924 0.917 0.924Percentage of children 6–14 years out of school 3.38 2.76 3.31% 15–17 years in school (late) 17.75 24.81 27.11Ratio of number of students per number of teachers in key 16.47 16.66 19.27Percentage of high schools on total schools 10.2 10.8 9.7Ratio of enrollment high school per population 15–19 years old 0.463 0.459 0.493% 18–20 years, with high school education 49.36 43.79 41Ratio of number of students per number of teachers in secondary school 17.26 12.98 15.54% 25 years or more with degree (at least graduate) 13.36 11.27 11.28

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This study allowed the construction of a closer relationshipbetween capital systems and the creative economy, collectingrelevant data to identify which capitals in the city contribute tothe creative economy, and which are intangible liabilities thatmust be overcome (see Table 6 and Fig. 1). Identity capital was re-lated to the attraction of the creative class insofar it conveyed dif-ferentiation features of the region under study. By mapping thedataset to Bento Gonçalves, we were able to identify identity cap-ital as a major potential driver of KBD for this city. Thus, the knowl-edge capital of Bento Gonçalves can be characterized in a way thatmay leverage its cultural evolution in a balanced and sustainablefashion.

With regard to the overall capital system, the survey hints at thepotential contribution of intelligence capital to future city plan-

ning. While there is not yet any concrete action aimed at strength-ening the creative economy in Bento Gonçalves, there areprospects for the future establishment of a study center, dedicatedto nurture this capital. Also, relational capital points to creativeeconomy issues involving tolerance in terms of gender equality(Florida, 2005a, 2005b). Data analysis indicates that with regardto relational capital there is room for initiatives to decrease socialliabilities. Both financial and investment capital contain assets aswell as liabilities for developing a creative economy. A generallyhealthy economic situation of the city makes it attractive andmay support a more fundamental development. On the other hand,the relative low pay of the creative class has a contrary effect. Inthe city, the percentage of creative professionals is high, but therelative remuneration is much lower than the compensation of-fered in the rest of the state and the country. This is particularlyrelevant in the design sector, where more than 50% of the formalcreative professionals work. Professional remuneration is 15% low-er than that at state level and 21% lower than nationwide. Individ-ual and collective human capital data reveals that Bento Gonçalvesneeds to invest in basic education, strengthening not just high, butparticularly lower education levels. It needs to overcome chal-lenges of ethnic diversity in the local population now restrictedby a relatively low number of national and international immi-grants despite the socioeconomic status and high rates of employ-ment. In the field of the intangible instrumental capital BentoGonçalves has a relatively high capacity for value creation, whichis achieved by facilitating communication and access to informa-tion and the currently positive economic outlook for the city. Oncethe information collected was organized and articulated, the study

Table 5Capital system and creative economy convergent evidences from Bento Gonçalves.

Capital Convergent evidences

Identity capital Bento Gonçalves makes annually a sort of events which has visibility not only locally, but nationally – i.e., the Movelsul, that nowadays is thesecond biggest event in Latin America in the turnover of the furniture sector (CIC, 2012). Its main industries are furniture, wine, metals,transport and the fruit (CIC, 2012)Either, the city is seen as the Brazilian capital of wine, and the Italian immigration anniversary is celebrated there (CIC, 2012)The city coat of arms reminds with symbols and colors to the industrial development of the municipality, the grape, the wine and thecharacter of its people, expressed by the dynamism and organization (CIC, 2012)As touristic places, the city has the Vale dos Vinhedos (Valley Vineyards), the Caminhos de Pedra (Stone Paths), Vale do Rio das Antas (Rio dasAntas Valley) and Rota das Cantinas Históricas (CIC, 2012)

Intelligence capital The Center of Industry, Trade and Services Bento Gonçalves (CIC/BG) in partnership with the University of Caxias do Sul, publishes thePanorama Socioeconomic magazine. The publication is based on Primary and Secondary data, which provide the foundation for intelligentmonitoring of socio-economic development of the municipality (CIC, 2012)

Relational capital While the city concentrates large events, it moves the economy and stimulates innovation through information share between internal andexternal agentsFundaparque, the pavilion of the exhibition center where the events take place, has over 50,000 m2 of built area fully air-conditioned, whatmakes it the second largest covered area of the country for its purpose (CIC, 2012)

Financial capital The municipality is among the 10 largest economies in the Rio Grande do Sul [12]. Its exports’ volume in 2010 was US$89.631.290CIC/BG [28] shows that 45% of output in the manufacturing of the township is from furniture industry, and responsible for 37% of furnitureexports from Rio Grande do Sul and 25% of Brazilian furniture exports. The highest percentage of corporate’ revenue (68% in 2011) belongsto the industry, which in 2011 reached R$4,898,091,865.00

Human individualcapital

In 2010, 96.9% of the population over the age of 5 years was literate, higher than the state and national average (PNUD, 2013)

Related to safety, between 2005 and 2009, the average homicide was 13Bento Gonçalves is a touristic and a national and international event center, and as so, receives visitors from all over the world, what makesthe diversity present? Besides, it has a high HDI and is close to full employment (CIC, 2012), what may attract emigrant to work in the city.In 2010, 58% of the inhabitants were born in the municipality (CIC, 2012)

Human collective capital Some of the city big events are related to the city history, to its community’s Italian heritage. I.e.: Fenavinho (Festival and National WineFair) and the Festa da Colheita (Harvest Festival)

Instrumental materialcapital

From the city population, 69% were economically active and 67% economically active and employed, which configures situation close to fullemployment (97% of the economically active population was working) (PNUD, 2013)The biggest sector, the furniture sector, had 560 companies and 13,000 workers employed in 2012 (CIC, 2012)The city has the Valley of the Vineyards, which is the first region in Brazil to obtain the origin indication seal for its wines. The recognitionoccurred in 2002, ensuring the achievement of the indication of origin to fine wines produced there(CIC, 2012)

Instrumental intangiblecapital

The furniture sector companies are distinguished by bold design and modern technology in their products, making them competitive in theindustry, serving both the domestic and international markets (CIC, 2012)

Table 6Capital data comparisons amongst the case city, state and the country.

Capital Bento Gonçalves(BG)

Rio Grande do Sul(RS)

Brazil(BR)

Identity 1.000 0.308 0.063Relational 0.747 0.599 0.143Financial 0.833 0.404 0.215Human individual 0.682 0.428 0.403Human collective 0.735 0.475 0.294Instrumental

material0.889 0.523 0.111

Instrumentalintangible

0.688 0.410 0.274

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allowed a benchmarking exercise between the city, the state andthe country. These comparisons enhance the understanding, notonly the micro level of the knowledge capital, but also a generalassessment of the city in the context in which it operates.

This research was able to show the possibility of adapting thegeneric capital system as well as the concepts of the creative econ-omy to local environments, with special reference to the culturalcontext. According to Carrillo (2006) knowledge objects or flowshave little if any significance without direct reference to the valuecontext. In addition, social transformations initiatives are to the ex-tent they understand and respond to the local conditions wherethe transformation is to take place. Methodologies and frameworksare needed to guide and follow economic and social transforma-tions within their cultural context. Carrillo (2006) raised a concernover the possibility to implement democratic policies that wouldallow the process of creating, storing, share, and use knowledge,if this was not done with a contextualized and participative meth-ods. Therefore the adaptation phase of indicators to the local Bra-zilian context and city reality was fundamental. A carefulselection of each of the indicators in the taxonomy allowed thegeneration of an adequate matrix for the Brazilian context andthe specific case of Bento Gonçalves.

This work contributes to the growing consensus worldwide thatthe creative economy cannot be based only on economic indicatorsbut needs to pay special attention to intangible indicators, as al-ready pointed out by some earlier works (Jeffcutt, 2004; Reis,2008; UNCTAD, 2010). According to UNCTAD (2010), economicindicators are not sufficient to capture all products of the creativeeconomy having an impact on the overall economy and thus onsociety. Some examples include the impact on individual, regionaland national identity, the role of the creative economy in commu-nity empowerment and the role of culture and creativity in socialmobilization (UNCTAD, 2010). The measures developed for thepurpose of economic analysis are partial and incapable of express-ing the actual impact of creative economy for society as a whole.This is because in grasping creativity as a measurable social pro-cess it is also important to assess the creative cycle through theinteraction of all forms of tangible and intangible capital insofardeterminants of a creative culture. This, according to UNCTAD(2010), is the composition of the structure of the creativity index,and the cumulative effects of these determinants are the resultsof creativity. Furthermore, with regard to concrete political actions

in Latin America, the cultural background has been deemed funda-mental to the creative economy. In this respect, the present studyadds to the literature in favor of the generic capital system as anintegrated platform capable of capturing the unique value struc-ture of a city due to its capacity by design of adapting to every hu-man community. Accordingly, the capital system meets thechallenge launched by UNCTAD (2010) to develop a measure andan evidence base for the creative economy that can be imple-mented in all countries and situations. Each country is unique,every region is unique, and should formulate a viable strategy topromote its creative economy, based on their own strengths, weak-nesses and realities. This strategy can be linked to the developmentof knowledge cities seeking to preserve their local character. Astrategy that takes into account and nurtures the history, charac-teristics, attitudes and needs of the region is in question.

According to Ergazakis, Metaxiotis, and Psarras (2006), theknowledge city is a place where new knowledge is continuouslycreated has excellence in research, establishing a flow of knowl-edge, constantly invests in the development of human capitaland in attracting skilled immigrants. This is additional to beingprone to various types of innovation: technological, organizationaland institutional. Therefore, the knowledge city provides an envi-ronment that fosters innovation and promotes the acquisitionand dissemination of knowledge and learning. According to theseauthors, this perspective is in contrast with an industrial capitalistdevelopment mode, which is heading toward an economic, socialand environmental collapse, whereas knowledge cities aim atbecoming environmentally sustainable, economically prosperousand equitable and therefore amenable to social and political stabil-ity (Ergazakis & Metaxiotis, 2011). Insofar this issue applies to thecity studied, when it comes to creative economy, one characteristicbecomes apparent regarding the capital system: the assigning ofsymbolic value to goods and services produced and the influenceof that value on the city’s identity. Also, the local creative classtreasures and sustains local culture through their strong sense ofbelonging. In Bento Goncalves, the Secretary of Culture nurturesthe leisure and entertainment capacities of the city, thus increasingits attractiveness. A key aspect revealed in this study is thestrength of the cultural heritage originated by Italian immigration,determining both the sense of belonging and local cultural produc-tion. This was the feature that most prominently emerged whencapturing identity capital. In this regard, the greatest potential

Fig. 1. Capital data comparisons amongst the case city, state and the country.

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for the city’s sustainable development might be what Shuaib andEnoch (2012) define as heritage. For these authors, this is anessential part of both present and future, including tangible andintangible factors such as music, language, and symbols identifyingthat differentiating communities. Thus, it is also a contemporaryactivity with far-reaching effects, and is a means for interculturaldialogue, ethical reflection and potential for local economic devel-opment base. It is local—and particularly—global, and thus shared.

With regard to the creative sector, cultural heritage and itsexpressions in identity capital are used in the city since its begin-nings in the 19th century for generating revenue through tourism,wine production, the organization of important regional and na-tional trade fairs and the design sector. Most prominently, regard-ing furniture design, the city has become a national landmark forthe furniture industry since its early days. Furthermore, identitycapital imbeds formal and informal elements of local urban cultureand highlights the symbolic value of goods and services produced.Thus, the cultural factor associated with inheritance of Italianimmigration characterizes the uniqueness of this city and can bea guide to the future by providing a platform for KBD.

6. Conclusion

The knowledge city is a place where new knowledge is con-stantly created, has excellence in research, sustains a flow of newknowledge, constantly invests in the development of human capi-tal and in attracting skilled immigrants, besides being prone to var-ious types of innovation: technological, organizational andinstitutional. Therefore, the knowledge city provides an environ-ment that fosters innovation and promotes the acquisition and dis-semination of knowledge and learning. In other words, inknowledge cities the incentive for the generation, disseminationand use of knowledge is present in an environmentally sustainable,socially just, economically secure manner and with a well-integrated human capital (Ergazakis et al., 2006). Moreover, theformulation of policies and strategies aimed at KBD underlyingknowledge cities are complex procedures that require leadershipcommitted to sustainable wellbeing of their community in orderto be successful. However, that is not enough. There also a needsfor a critical mass of change agents with sufficient understandingof the qualitative differences in KBD and with the technicalcapacity to articulate and develop social capital systems. Previousstudies already addressed in this work also reveal the importanceof a rigorous and transparent study of social capital based onknowledge to seek a balance between the assets and liabilities ofa city. Nevertheless, the measurements of the value system carrya substantial level of difficulty due to its predominantly immaterialnature and, actually, the lack of tradition and tools in handlingintangible dimensions.

This articulation of the capital system with its capacity to graspsocial assets and liabilities can contribute to the formulation ofpublic policies aimed at developing each capital in the city of BentoGonçalves having an impact on the creative economy. In doing so,the capital system would naturally seek a more sustainable devel-opment, not only driven by economic issues but also and moreprominently by the wider local development through the leverageof knowledge capital. In this work, the difficulty in determininginstruments capable of verifying and evaluate the processes andintensity of circulation of information and knowledge was identi-fied. Also, their role in local socioeconomic dynamism, consistingin the ability to capture and evaluate the flow of tacit knowledge,especially those generated unintentionally, was documented. Suchinstruments respond to the less formalized and unexplored territo-ries of symbolic or represented realities, i.e., knowledge-baseddimensions. However, it has been concluded that the generic cap-

ital system is a construct and an operationalization method that al-lows the deployment of specific measures for KBD. Furthermore,the capital system effectively helps to understand where the valueand potential existing in various sectors of a given city are, withspecial regard to the creative economy that has been the focusthe study. This way the value of the uniqueness of the city canbe grasped through an information platform that can also be thebasis for KBD policies. The practical side of the conclusions of thisstudy concerns the policy formulation for the creative economyinsofar it requires a sector mapping in order to raise societalawareness of its importance not only in terms of economic growth,but also as a policy for social and cultural inclusion.

Hence, the assessment of the creative economy potential as ameans for development can be based on the capital system as atool to monitor and stimulate KBD. As a perspective for futurestudies, the continuity of data collection and annual reporting inthe city could allow longitudinal studies as well as the analysesof the correlations and the influences among capital categories.An advancement in the understanding of the evolution of the cityand the use of that information to shape future local behavior un-der the academic scientific perspective, would be possible by com-bining the creative economy with KBD. The characteristiceconomic elements underlying the theoretical foundations of thecreative economy may be much better understood and mobilized.Economic goals continue to be relevant, but now a consequence ofthe growing capacity to generate knowledge-based social value.With this ongoing process, an adaptation of the value system ofthe city sustainable development and possibly a new economicculture may occur.

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Further reading

Carrillo, F. J., Gonzalez, O., Elizondo, G., & Correa, A. (2014). Marco Analítico deSistemas de Capitales. In Carrillo, F. J. (Ed.), Sistemas de Capitales y Mercados deConocimiento.

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