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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
We examine how liquidity is exchanged in different types of Colombian money market networks (i.e. secured, unsecured, and central bank’s repo networks). Our examination first measures and analyzes the centralization of money market networks. Afterwards, based on a simple network optimization…
According to traditional literature, liquidity risk in individual banks can turn into a system-wide financial crisis when either interbank credit exposures or bank runs are present. This paper shows that this phenomenon can also arise when individual liquidity risk trans- forms into system-wide…