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Conectividade e Risco Sistêmico no Sistema de Pagamentos Brasileiro

Author

Listed:
  • Benjamin Miranda Tabak
  • Rodrigo César de Castro Miranda
  • Sergio Rubens Stancato de Souza

Abstract

This paper presents measures for the mitigation of systemic risk adopted in the Brazilian Payment System, and payments processed by this system are analyzed in order to identify potential sources of systemic risk. Measures for the mitigation of systemic risk within the Brazilian Payment System are meant to reduce possible financial contagion from spreading through this system in the event of defaults. In the case of clearinghouses, we find that the measures taken have reduced impacts of defaults, and in other cases we find that any possible contagion has its impact reduced. We also analyze a network derived from the payments using concepts from network theory, and from this analysis we obtain information about the interconnection of systemically important financial institutions and their possible fragility, which can help prevent systemic events.

Suggested Citation

  • Benjamin Miranda Tabak & Rodrigo César de Castro Miranda & Sergio Rubens Stancato de Souza, 2012. "Conectividade e Risco Sistêmico no Sistema de Pagamentos Brasileiro," Working Papers Series 300, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:300
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps300.pdf
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