Hyman Minsky’s financial instability hypothesis provides a theoretical framework to understand the emergence of endogenous crises in modern economies and how capital flows amplify accumulated imbalances and exacerbate financial constraints in economic units. This inquiry operationalizes the Financial Instability Hypothesis within the Colombian non-listed manufacturing sector through the estimation of discrete-state dynamics and distributional sensitivities. The methodological design constructs two distinct fragility taxonomies to interrogate the determinants of the Hedge, Speculative, and Ponzi classifications. The first specification applies an open-economy cash-flow model derived from Castro (2011), which explicitly internalizes the valuation effects of nominal exchange rate fluctuations on debt service obligations. The second taxonomy, grounded in Nishi (2019), evaluates solvency th...