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Aproximación a la estructura del mercado cambiario colombiano desde el análisis de redes

Author

Listed:
  • Jhonatan Pérez
  • Carlos León
  • Ricardo Mariño

Abstract

Con base en las métricas propias utilizadas para el análisis de redes complejas e información transaccional, este trabajo permite realizar una caracterización del mercado spot peso/dólar y forward peso/dólar colombiano. En particular, es posible establecer que estos pueden ser catalogados como redes de estructura jerárquica donde un reducido grupo de Intermediarios del Mercado Cambiario centrales (periféricas) poseen una gran (pequeña) porción tanto del número de transacciones como del monto promedio negociado. Dichos resultados sugieren que ambos mercados: (i) son robustos ante la extracción aleatoria de participantes; (ii) son frágiles ante la extracción determinística de participantes centrales; y (iii) la mejor manera de “inmunizar” (i.e. la intensidad de la regulación, supervisión y seguimiento) de manera óptima los mercados es enfocarse en los participantes centrales. Adicionalmente, este trabajo resalta el papel que tiene la infraestructura financiera del país como generador de información estandarizada y confiable de mercado, la cual puede ser considerada como insumo en la toma de decisiones que involucran a las entidades involucradas en las funciones de la regulación, supervisión y seguimiento de los mercados financieros.

Suggested Citation

  • Jhonatan Pérez & Carlos León & Ricardo Mariño, 2015. "Aproximación a la estructura del mercado cambiario colombiano desde el análisis de redes," Borradores de Economia 12583, Banco de la Republica.
    • Handle: RePEc:col:000094:012583
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    References listed on IDEAS

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    1. Craig, Ben & von Peter, Goetz, 2014. "Interbank tiering and money center banks," Journal of Financial Intermediation, Elsevier, vol. 23(3), pages 322-347.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Minimal spanning tree; análisis de redes; centralidad; power-law.;
    All these keywords.

    JEL classification:

    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • G2 - Financial Economics - - Financial Institutions and Services
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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