Resumo

MACHADO, Clara et al. Systemic Risk and Stability of the Large Value Payment System in Colombia: An Analysis Based on Network Topology and Payments Simulation. Ens. polit. econ. [online]. 2011, vol.29, n.65, pp.106-175. ISSN 0120-4483.

This article studies the stability of the high value payment system (PS) in Colombia (Deposit Account System) when faced with noncompliance on the part of a systemically important entity and evaluates the response capacity of the affected entities on the basis of the utilization of their resources, as well as through the liquidity mechanisms provided by the Banco de la República (the Central Bank of Colombia). According to the recent literature, systemically important entities are grouped under the term too-connected-to-fail (TCTF) in relation to different scenarios involving Colombian Treasury bonds (TES) and PS activities. PS stability is evaluated by means of network topology (NT) and a simulation model of payments (SMP), which incorporate a resolution algorithm recursive queue of the First In First Out (FIFO) kind and a multilateral compensation algorithm.

Palavras-chave : payments system; systemic risk; network topology; payments model simulation; monetary policy; lender of last resort; too-connected-to-fail.

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