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Heterogeneidad en el uso de las fuentes de liquidez intradía en el sistema de pagos de alto valor

Author

Listed:
  • Fabio Ortega-Castro
  • Freddy Cepeda-López
  • Constanza Martínez-Ventura

Abstract

En este documento se estudian las fuentes de liquidez que usan las entidades financieras que participan en el sistema de pagos de alto valor para cumplir con sus obligaciones diarias. Para este propósito, diseñamos e implementamos un algoritmo que descompone la unidad de caja de estas entidades en diferentes conceptos de fuente de liquidez, mediante reglas asociadas a los conceptos de pagos recibidos (fuentes) y enviados (usos). Los valores asignados por el algoritmo evidencian que a nivel agregado las fuentes preferidas son el ahorro de liquidez, la dinámica y los saldos overnight. A nivel de entidad, se observan diferencias en las preferencias que se pueden atribuir al tipo de negocio que realizan, a la disponibilidad (regulación y condiciones macroeconómicas) y a los costos de las fuentes. **** ABSTRACT: This document studies the sources of liquidity used by financial entities that participate in the large-value payment system to meet their daily obligations. For this purpose, we design and implement an algorithm that breaks down the cash unit of these entities into different concepts of liquidity source, through rules associated with the concepts of payments received (sources) and sent (uses). The values assigned by the algorithm show that at the aggregate level the preferred sources are liquidity savings, dynamics, and overnight balances. At the entity level, there are differences in preferences that can be attributed to the type of business they carry out, the availability (regulation and macroeconomic conditions) and the costs of the sources.

Suggested Citation

  • Fabio Ortega-Castro & Freddy Cepeda-López & Constanza Martínez-Ventura, 2021. "Heterogeneidad en el uso de las fuentes de liquidez intradía en el sistema de pagos de alto valor," Borradores de Economia 1166, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:1166
    DOI: 10.32468/be.1166
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    References listed on IDEAS

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    1. Bhattacharya, Joydeep & Haslag, Joseph H. & Martin, Antoine, 2009. "Why does overnight liquidity cost more than intraday liquidity?," Journal of Economic Dynamics and Control, Elsevier, vol. 33(6), pages 1236-1246, June.
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    More about this item

    Keywords

    Fuentes de liquidez; usos de liquidez; liquidez intradía; sistema de pagos de alto valor; sources of liquidity; uses of liquidity; intraday liquidity; large-value payment system;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General

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