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Algunas consideraciones sobre el Sistema de Pagos en Bolivia

Author

Listed:
  • Walter Orellana Rocha

    (Banco Central de Bolivia)

  • Gonzalo Forgues Puccio

    (Banco Central de Bolivia)

Abstract

Sistemas de pago seguros y eficientes son fundamentales en la estabilidad del sistema financiero y para facilitar la ejecución de la política monetaria y las transacciones en la economía. En el trabajo se han identificado dos sistemas de pago sistémicamente importantes en Bolivia por la trascendencia de sus flujos y por el impacto que tienen sobre los participantes del sistema financiero. El primero de ellos es el sistema de transferencias en el BCB, cuya operativa genera riesgo de liquidez que podría derivar en riesgo de crédito. Con la implantación del SIPAV, un sistema de liquidación bruta en tiempo real, estos riesgos serán eliminados y las entidades financieras podrán optimizar el manejo de su tesorería. Empero, los costos en términos de necesidades de liquidez que impone este sistema justifican el crédito intradiario del BCB, sin costo, totalmente colateralizado y limitado. Los resultados sugieren que el límite en MN sea similar al primer tramo del Fondo RAL y en ME se establezca entre el 5 y 10% de este Fondo, buscando un equilibrio entre la eficiencia del sistema y la exposición de las reservas y el acceso a la monetización automática de recursos. Asimismo, los colaterales tendrían que constituirse en la misma moneda y se deberían cobrar las operaciones cruzadas para desincentivarlas. Es necesario que tasas fuertemente penalizadas y un mecanismo de castigo por uso recurrente impidan que el crédito intradiario se convierta en overnight. El otro sistema es la cámara de compensación de cheques que presenta los riesgos inherentes al esquema de liquidación neta, los cuales podrían ser neutralizados mediante colaterales y la fijación de límites de exposición. En este sentido, es necesario determinar el porcentaje del Fondo RAL para el colateral y la relación del esquema de garantías con la intervención de un banco. La prudencia parece indicar que el segundo tramo de este Fondo sería suficiente para garantizar la liquidación bajo condiciones normales, evitando riesgo sistémico pero asegurando que una entidad con problemas no ocasione mayores pérdidas innecesarias. La utilización de las garantías para liquidar en cámara sería causal de intervención del banco para disponer su liquidación o venta forzosa.

Suggested Citation

  • Walter Orellana Rocha & Gonzalo Forgues Puccio, 2001. "Algunas consideraciones sobre el Sistema de Pagos en Bolivia," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 4(2), pages 57-98, December.
    • Handle: RePEc:blv:journl:v:4:y:2001:i:2:p:57-98
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    References listed on IDEAS

    as
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    4. Kahn, Charles M. & Roberds, William, 2001. "Real-time gross settlement and the costs of immediacy," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 299-319, April.
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    More about this item

    Keywords

    riesgo de liquidez; riesgo de crédito; riesgo sistémico; liquidación neta; liquidación bruta en tiempo real; crédito intradiario;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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