G2

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Authority Centrality and Hub Centrality as Metrics of Systemic Importance of Financial Market Infrastructures

Network analysis has been applied to identify systemically important financial institutions after the 2008 financial crisis. Such applications have stressed the importance of centrality within the too-connected-to-fail concept.

A Proposal on Macro-prudential Regulation

This paper assesses the choice of different regulatory policy instruments for crisis management and prevention.

Evidence of Bank Lending Channel for Argentina and Colombia

 In this paper we find empirical evidence of bank lending channel for Colombia and Argentina. As for Argentina, we do not find evidence that changes in the interbank interest rate affect the growth rate of total loans directly. However, it does indirectly through interactions: the interbank...

Identifying central bank liquidity super-spreaders in interbank funds networks

Evidence suggests that the Colombian interbank funds market is an inhomogeneous and hierarchical network in which a few financial institutions fulfill the role of “super-spreaders” of central bank liquidity among market participants. Results concur with evidence from other interbank markets and...

On the Social Value of Banks

I compare the utility of individuals in an economy with and without banks.  To make the comparison interesting, the economy without banks has cashin-advance money that the individuals use for consumption and for precautionary (emergency) purposes and that firms use to pay their wage bill. In the...

The role of the real sector in the derivatives market and the exchange rate in Colombia

Abstract