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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 financial systemic risk in economic history studies: An Application for free banking in Antioquia, 1888]

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Author Info

  • Mejía Cubillos, Javier

Abstract

This paper proposes a methodology to calculate the systemic risk in historical research, understanding that the characteristics of non modern financial systems and the availability of information do not enable the use of recent techniques of measuring financial risk. I propose a method of simple application and scarce information requirements, using the degree of leverage as an approximation of the individual risk, and the network theory to determine the allocation of individual risks throughout the system. The methodology is especially useful for studying the banking systems in early corporatizing periods. After been exposed the methodology, which takes as its central axis the shareholders, and the property as base linkages between institutions, it is mentioned its strengths and weaknesses; being, finally, tested in an application for the free banking experience in Antioquia.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35460.

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Date of creation: 17 Dec 2012
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Handle: RePEc:pra:mprapa:35460

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Keywords: systemic risk; social network analysis; financial history; free banking; 19th Century; Antioquia;

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  1. Bech, Morten L. & Atalay, Enghin, 2010. "The topology of the federal funds market," Physica A: Statistical Mechanics and its Applications, Elsevier, Elsevier, vol. 389(22), pages 5223-5246.
  2. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2000. "Aggregate Price Shocks and Financial Instability: An Historical Analysis," NBER Working Papers 7652, National Bureau of Economic Research, Inc.
  3. Angela Milena Rojas Rivera, 2007. "Deuda pública interna, patrón metálico y guerras civiles: interconexiones institucionales, la Colombia del siglo XIX," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, Universidad de Antioquia, Departamento de Economía, issue 67, pages 195-224, Julio-Dic.
  4. Adrian, Tobias & Shin, Hyun Song, 2010. "Liquidity and leverage," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 19(3), pages 418-437, July.
  5. Verwijmeren, Patrick & Derwall, Jeroen, 2010. "Employee well-being, firm leverage, and bankruptcy risk," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(5), pages 956-964, May.
  6. Huang, Xin & Zhou, Hao & Zhu, Haibin, 2009. "A framework for assessing the systemic risk of major financial institutions," Journal of Banking & Finance, Elsevier, Elsevier, vol. 33(11), pages 2036-2049, November.
  7. Battiston, Stefano & Delli Gatti, Domenico & Gallegati, Mauro & Greenwald, Bruce & Stiglitz, Joseph E., 2012. "Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 36(8), pages 1121-1141.
  8. Ana Babus, 2006. "The Formation of Financial Networks," Tinbergen Institute Discussion Papers 06-093/2, Tinbergen Institute.
  9. Luz Stella Flórez Ríos, 2008. "Evolución de la Teoría Financiera en el Siglo XX," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT, UNIVERSIDAD EAFIT.
  10. 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.
  11. Miguel Urrutia, 2007. "Precios y Salarios Urbanos en el Siglo XIX," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 004381, UNIVERSIDAD DE LOS ANDES-CEDE.
  12. Bartram, Sohnke M. & Brown, Gregory W. & Hund, John E., 2007. "Estimating systemic risk in the international financial system," Journal of Financial Economics, Elsevier, Elsevier, vol. 86(3), pages 835-869, December.
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Citations

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Economic History > Regional Economic History > Latin American Economic History > Economic History of Colombia > Colombian Regional History
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Cited by:
  1. Mejía Cubillos, Javier, 2011. "¿Puede ser considerado el auge antioqueño de la segunda mitad del siglo XIX un modelo de desarrollo económico local?
    [Can be considered the Antioquian economic takeoff during the second half of
    ," MPRA Paper 35627, University Library of Munich, Germany.
  2. Mejía-Cubillos, Javier, 2013. "Vínculos interregionales en la economía colombiana del siglo XIX: Empresariado del Caribe en el interior del país
    [Interregional links in Colombian economy during the 19th century: Caribbean ent
    ," MPRA Paper 48626, University Library of Munich, Germany.
  3. Mejía Cubillos, Javier, 2012. "Crecimiento económico de largo plazo en Antioquia, Colombia: Estimación del PIB. 1800-1913
    [Long term economic growth in Antioquia, Colombia: GDP estimates. 1800-1913]
    ," MPRA Paper 40041, University Library of Munich, Germany.

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