This document presents an enhanced and condensed version of preceding proposals for identifying systemically important financial institutions in Colombia. Three systemic importance metrics are implemented: (i) money market net exposures network hub centrality; (ii) large-value payment system...

Defining whether a financial institution is systemically important (or not) is challenging due to (i) the inevitability of combining complex importance criteria such as institutions’ size, connectedness and substitutability; (ii) the ambiguity of what an appropriate threshold for those...

En este trabajo se presenta un modelo de equilibrio general dinámico y estocástico para analizar la estabilidad financiera de una economía cerrada y sin gobierno. El modelo se basa en el propuesto por Leao y Leao (2007), adicionando un incumplimiento endógeno del pago de la deuda por parte...

As a result of the most recent global financial crisis literature has embraced size, connectedness and substitutability as key indicators for financial institutions’ systemic importance. Despite the intuitiveness of these concepts, identifying systemic important institutions remain a...

En este artículo se realiza una revisión de los modelos de supervisión frecuentemente usados y las características que estos deben cumplir para alcanzar niveles óptimos de regulación y supervisión. Adicionalmente, se revisan las ventajas que surgen al involucrar al banco central en dicho...

To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two options, opacity versus truthful communication. However, the monetary policymaker may have incentives to misrepresent private information so as to reduce economic volatility by...

The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocate their use and maintain that their...

To date, there is still great controversy as to which exchange rate model should be used or which monetary channel should be considered, when measuring the effects of monetary policy. Since most of the literature relies on structural models to address identification problems, the validity of...

International reserves are very important for emerging economies, as they allow to buffer possible liquidity vulnerabilities within a countries' balance of payments. Consequently, the issue of how many reserves should each country hold is a relevant issue for economic policy. The literature has...

Este trabajo hace una contribución a la caracterización de las entidades sistémicas así como las vías mediante las cuales este riesgo se presenta en el sistema. Inicialmente, siguiendo la metodología propuesta por Zhou (2010), se estiman y analizan indicadores de riesgo sistémico para los...