Las transferencias procesadas por ACH Colombia: un análisis desde la perspectiva de topología de redes

Ortega, Fabio; León, Carlos

doi:10.17533/udea.le.n88a04

Cited by 3 publications

(3 citation statements)

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“…Density has been reported below 1 per cent in several interbank networks, such as those from the United States (see Furfine, 1999, Bech & Atalay, 2010, Germany (see Craig & von Peter, 2014), and Mexico (see Molina-Borboa, et al, 2015). In the Colombian case, most financial networks have been reported as sparse too, with some notable exceptions (see Berndsen, et al, 2018, Ortega & León, 2018, León & Miguélez, 2020. 19 For instance, banking institutions are not allowed to be the real beneficiaries of equity shares issued by other banking institutions.…”

Section: Resultsmentioning

confidence: 99%

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Securities cross-holding in the Colombian financial system: A topological approach

León¹,

Miguélez²

2020

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Cross-holding of securities in financial systems occurs when i) two financial institutions hold securities issued by each other or ii) more than two financial institutions hold securities issued by each other in a circular structure. Securities cross-holding is relevant for financial stability because they may further propagate and amplify shocks, therefore increasing the potential for contagion among interconnected financial institutions. We use a unique dataset of securities issued and held by financial institutions to measure the extent of securities cross-holding in Colombia. The dataset comprises bonds, certificates of deposit, and equity issued and held (in proprietary position) by financial institutions from 2016 to 2019. Results show that the extent of securities cross-holding in the Colombian financial system is particularly low-even when cross-holding across different types of securities is considered. The network topology suggests that potential contagion from securities cross-holding is rather limited.

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Section: Resultsmentioning

confidence: 99%

“…clustered (seeHüser, 2016). Also, they are at odds with other financial networks in the Colombian case, which have been reported to display high or mild transitivity (seeBerndsen, et al, 2018, Ortega & León, 2018, León & Miguélez, 2020.…”

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confidence: 95%

Securities cross-holding in the Colombian financial system: A topological approach

León¹,

Miguélez²

2020

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“…clustered (Hüser, 2016). Also, they are at odds with other financial networks in the Colombian case, which have been reported to display high or mild transitivity (see Berndsen et al, 2018;Le on et al, 2018;Ortega and Le on, 2018).…”

Section: Sef 384mentioning

confidence: 93%

Securities cross-holding in the Colombian financial system: a topological approach

León

Miguélez

2021

SEF

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Purpose From a financial stability viewpoint, this paper aims to study cyclical interdependencies arising from the cross-holding of securities in the Colombian financial system. Design/methodology/approach Cross-holding of securities in financial systems occurs when two financial institutions hold securities issued by each other or when more than two financial institutions hold securities issued by each other in a circular structure. Securities cross-holding is key for financial stability because of potential contagion arising from cyclical interdependencies in the connective architecture of financial systems. The presence of cyclical interdependencies is studied based on network analysis. The data set is a multilayer network that comprises bonds, certificates of deposit and equity issued and held by Colombian financial institutions from 2016 to 2019. Findings Results show that the extent of securities’ cyclical interdependencies is particularly low and stable – even when cross-holding across different types of securities is considered. Research limitations/implications The monetary value of exposures and their size with respect to financial institutions’ balance sheets are not considered. Studying the impact on the financial system’s solvency is a compulsory research path. Practical implications The network topology suggests that increased potential contagion by cyclical interdependencies and feedback effects from securities cross-holding is rather limited. Originality/value To the best of the authors’ knowledge, this is the first time that cyclical interdependencies arising from the securities cross-holding are studied. From a financial stability perspective, the methodology is general and promising for monitoring and analytical purposes.

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La naturaleza jurídica de la cuenta bancaria

Morales¹

2018

derpri

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El propósito de este artículo es analizar la naturaleza legal de la relación entre un banco y su cliente, en el contexto de la cuenta bancaria. El texto integra el análisis económico del negocio bancario a la teoría legal sobre la materia. Se argumenta que a partir del entendimiento de la estructura financiera del negocio es posible efectuar una determinación más precisa de la naturaleza jurídica del contrato que subyace a la relación bancaria.

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Las transferencias procesadas por ACH Colombia: un análisis desde la perspectiva de topología de redes

Abstract: Las transferencias procesadas por ACH

Cited by 3 publications

References 33 publications

Securities cross-holding in the Colombian financial system: A topological approach

Securities cross-holding in the Colombian financial system: A topological approach

Securities cross-holding in the Colombian financial system: a topological approach

La naturaleza jurídica de la cuenta bancaria

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