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Análisis de redes aplicado al sistema de pagos de alto valor del BCCh

Author

Listed:
  • Álvaro González
  • Carmen López
  • María José Meléndez

Abstract

This document measures the importance of each bank in the payment system network administrated the Central Bank of Chile (Sistema LBTR), using two indicators of network analysis. The indicators are based on the liquidity and contagion risk concentrated in each participant. During the 10 years of the sample (2012-2022), the importance of each participant has changed, highlighting the evolution of merged banks and some smaller ones. In terms of liquidity provision, there are important participants of the network that are not systemic based on alternative metrics, such as size of total assets. Finally, the document concludes that the 2022 payment network is more resilient than 2012 to individual liquidity shocks, since both indicators decrease their concentration, spreading among more participants. This document contributes to the monitoring of the risks present in the local RTGS system, presenting a methodology to calculate the degree of importance of each participant of the payment network.

Suggested Citation

  • Álvaro González & Carmen López & María José Meléndez, 2024. "Análisis de redes aplicado al sistema de pagos de alto valor del BCCh," Working Papers Central Bank of Chile 1021, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:1021
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    File URL: https://www.bcentral.cl/documents/33528/133326/Documento+de+Trabajo+1021.pdf/ca1b6aa9-bf1c-cfc8-4b9b-3a1deb79b3f5?t=1723818440047
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    References listed on IDEAS

    as
    1. Michael Boss & Gerald Krenn & Valentina Metz & Claus Puhr & Stefan W. Schmitz, 2008. "Systemically Important Accounts, Network Topology and Contagion in ARTIS," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 15, pages 93-111.
    2. Becher, Christopher & Millard, Stephen & SoramÃÂäki, Kimmo, 2008. "The network topology of CHAPS Sterling," Bank of England working papers 355, Bank of England.
    3. Lana Embree & Tom Roberts, 2009. "Network Analysis and Canada's Large Value Transfer System," Discussion Papers 09-13, Bank of Canada.
    Full references (including those not matched with items on IDEAS)

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