IDEAS home Printed from https://ideas.repec.org/p/col/000196/017481.html
   My bibliography  Save this paper

Medición del riesgo sistémico financiero en estudios de historia económica : propuesta metodológica y aplicación para la banca libre en Antioquia, 1888

Author

Listed:
  • Mejía Cubillos, Javier

Abstract

Resumen: Este trabajo propone una metodología para calcular el riesgo sistémico en estudios histórico-económicos, esto debido a que las características de los sistemas financieros no contemporáneos y la disponibilidad de información impiden para ellos el empleo de las técnicas existentes de medición de la estabilidad sistémica. El método propuesto, de simple empleo y escasos requerimientos de información, al utilizar el grado de apalancamiento como referente del riesgo individual y la teoría de redes para determinar la propagación de esos riesgos individuales en todo el sistema, resulta especialmente útil para estudios de la banca en periodos de incipiente corporativización. Luego de exponer la metodología, que toma como eje central a los accionistas y fundamenta los vínculos entre instituciones a partir de la propiedad, se presentan sus virtudes y deficiencias. Finalmente, el método es ejemplificado en la experiencia de banca libre en Antioquia para 1888. / Abstract : This paper proposes a methodology to calculate systemic risk in historical research, understanding that the characteristics of non-modern financial systems and the availability of information hinder the use of recent techniques for measuring financial risk. I propose a method of simple application and scarce information requirements that uses the degree of leverage as an approximation to individual risk, and network theory to determine the propagation of these risks throughout the system. This methodology is especially useful to study banking systems in early corporatization periods. After presenting the methodology, which is mainly focused on the shareholders and link institutions through property, its strengths and weaknesses are described. Finally, the method is tested by means of an application to the free banking experience in Antioquia in 1888.

Suggested Citation

  • Mejía Cubillos, Javier, 2012. "Medición del riesgo sistémico financiero en estudios de historia económica : propuesta metodológica y aplicación para la banca libre en Antioquia, 1888," Borradores Departamento de Economía 17481, Universidad de Antioquia, CIE.
    • Handle: RePEc:col:000196:017481
    as

    Download full text from publisher

    File URL: http://bibliotecadigital.udea.edu.co/bitstream/10495/3856/6/BorradCIE_46.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Masazumi Hattori & Yuko Suda, 2007. "Developments in a Cross-Border Bank Exposure "Network"," Bank of Japan Working Paper Series 07-E-21, Bank of Japan.
    2. Adolfo Meisel Roca, 2002. "Crecimiento a través de los subsidios: Cartagena de Indias y el Situado, 1751-1810," Cuadernos de Historia Económica 2211, Banco de la República, Economía Regional.
    3. Goetz von Peter, 2007. "International banking centres: a network perspective," BIS Quarterly Review, Bank for International Settlements, December.
    4. Ben S. Bernanke & Jean Boivin & Piotr Eliasz, 2005. "Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(1), pages 387-422.
    5. Bech, Morten L. & Atalay, Enghin, 2010. "The topology of the federal funds market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(22), pages 5223-5246.
    6. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2002. "Aggregate Price Shocks and Financial Instability: A Historical Analysis," Economic Inquiry, Western Economic Association International, vol. 40(4), pages 521-538, October.
    7. Ignacio Briones & Hugh Rockoff, 2005. "Do Economists Reach a Conclusion on Free-Banking Episodes?," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 279-324, August.
    8. Masazumi Hattori & Yuko Suda, 2007. "Developments in a cross-border bank exposure "network"," CGFS Papers chapters, in: Bank for International Settlements (ed.), Research on global financial stability: the use of BIS international financial statistics, volume 29, pages 16-31, Bank for International Settlements.
    9. Pier Angelo Toninelli, 2007. "The Atlantic divide: methodological and epistemological differences in economic history," Working Papers 112, University of Milano-Bicocca, Department of Economics, revised 2007.
    10. Adrian, Tobias & Shin, Hyun Song, 2010. "Liquidity and leverage," Journal of Financial Intermediation, Elsevier, vol. 19(3), pages 418-437, July.
    11. Michael Boss & Helmut Elsinger & Martin Summer & Stefan Thurner, 2004. "Network topology of the interbank market," Quantitative Finance, Taylor & Francis Journals, vol. 4(6), pages 677-684.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mejía Cubillos, Javier, 2012. "Propuesta metodológica para el cálculo del riesgo sistémico financiero en estudios de Historia Económica: Aplicación para el caso de la banca libre en Antioquia, 1888 [A methodology for assessing f," MPRA Paper 35460, University Library of Munich, Germany.
    2. Caballero, Julián, 2012. "Banking Crises and Financial Integration," IDB Publications (Working Papers) 4198, Inter-American Development Bank.
    3. Caballero, Julian, 2015. "Banking crises and financial integration: Insights from networks science," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 127-146.
    4. Fathin Faizah Said, 2017. "Global Banking on the Financial Network Modelling: Sectorial Analysis," Computational Economics, Springer;Society for Computational Economics, vol. 49(2), pages 227-253, February.
    5. Xu, Ying & Corbett, Jenny, 2020. "What a network measure can tell us about financial interconnectedness and output volatility," Journal of the Japanese and International Economies, Elsevier, vol. 58(C).
    6. Yamamoto, Shugo, 2020. "Banking Network Multiplier effects on cross-border bank inflows," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 493-507.
    7. Goetz von Peter, 2007. "International banking centres: a network perspective," BIS Quarterly Review, Bank for International Settlements, December.
    8. repec:zbw:bofrdp:2013_019 is not listed on IDEAS
    9. Giampaolo Gabbi & Alesia Kalbaska & Alessandro Vercelli, 2014. "Factors generating and transmitting the financial crisis: The role of incentives: securitization and contagion," Working papers wpaper56, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    10. Gai, Prasanna & Haldane, Andrew & Kapadia, Sujit, 2011. "Complexity, concentration and contagion," Journal of Monetary Economics, Elsevier, vol. 58(5), pages 453-470.
    11. Spiros Bougheas & Alan Kirman, 2015. "Complex Financial Networks and Systemic Risk: A Review," Dynamic Modeling and Econometrics in Economics and Finance, in: Pasquale Commendatore & Saime Kayam & Ingrid Kubin (ed.), Complexity and Geographical Economics, edition 127, pages 115-139, Springer.
    12. Harrison, Michael & Nakajima, Jouchi & Shabani, Mimoza, 2023. "An evolution of global and regional banking networks: A focus on Japanese banks’ international expansion," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    13. Marco Bardoscia & Paolo Barucca & Stefano Battiston & Fabio Caccioli & Giulio Cimini & Diego Garlaschelli & Fabio Saracco & Tiziano Squartini & Guido Caldarelli, 2021. "The Physics of Financial Networks," Papers 2103.05623, arXiv.org.
    14. Sadamori Kojaku & Giulio Cimini & Guido Caldarelli & Naoki Masuda, 2018. "Structural changes in the interbank market across the financial crisis from multiple core-periphery analysis," Papers 1802.05139, arXiv.org.
    15. Makoto Nirei & Vladyslav Sushko & Julián Caballero, 2016. "Bank Capital Shock Propagation via Syndicated Interconnectedness," Computational Economics, Springer;Society for Computational Economics, vol. 47(1), pages 67-96, January.
    16. Toivanen, Mervi, 2013. "Contagion in the interbank network : An epidemiological approach," Research Discussion Papers 19/2013, Bank of Finland.
    17. Alesia Kalbaska, 2013. "From Sovereigns to Banks: Evidence on Cross-border Contagion (2006-2011)," Department of Economics University of Siena 680, Department of Economics, University of Siena.
    18. Richard Bookstaber & Mark Paddrik & Brian Tivnan, 2018. "An agent-based model for financial vulnerability," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 13(2), pages 433-466, July.
    19. Toivanen, Mervi, 2013. "Contagion in the interbank network: An epidemiological approach," Bank of Finland Research Discussion Papers 19/2013, Bank of Finland.
    20. Minoiu, Camelia & Reyes, Javier A., 2013. "A network analysis of global banking: 1978–2010," Journal of Financial Stability, Elsevier, vol. 9(2), pages 168-184.
    21. John Nkwoma Inekwe & Yi Jin & Maria Rebecca Valenzuela, 2018. "Global financial network and liquidity risk," Australian Journal of Management, Australian School of Business, vol. 43(4), pages 593-613, November.

    More about this item

    Keywords

    riesgo sistémico; teoría de redes; banca libre; historia bancaria; Antioquia; siglo XIX;
    All these keywords.

    JEL classification:

    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • N86 - Economic History - - Micro-Business History - - - Latin America; Caribbean
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000196:017481. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad de Antioquia. Facultad de Ciencias Economicas. (Laura Maria Posada Arboleda) (email available below). General contact details of provider: https://edirc.repec.org/data/ciantco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.