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El mercado OTC de valores en Colombia: caracterizaci�n y comparaci�n con base en el an�lisis de redes complejas

Author

Listed:
  • Carlos Eduardo Le�n Rinc�n
  • Jhonatan P�rez Villalobos

Abstract

Este documento expone c�mo se conforma y articula el mercado OTC de valores en el caso colombiano. As� mismo, en el marco del mercado de deuda p�blica local, con base en el an�lisis de redes complejas, este documento describe, caracteriza y compara al mercado OTC con los organizados (SEN y MEC).Los resultados sugieren que (i) existe una semejanza estructural entre las redes del OTC y del MEC, donde, de acuerdo con la literatura, �stas se pueden catalogar como robustas ante choques aleatorios, pero fr�giles ante choques dirigidos; (ii) el SEN, por sus diferencias estructurales, es una red menos fr�gil, pero menos robusta; (iii) el SEN contribuye de manera decisiva a la estructura jer�rquica del mercado de valores de deuda p�blica; y (iii) pese a que el SEN es el que m�s contribuye al valor total de las operaciones, la estructura del mercado de valores de deuda p�blica en su conjunto se asemeja a las redes del OTC y del MEC.Adem�s de ser la primera aproximaci�n de este tipo al mercado secundario de deuda p�blica local, los resultados se�alan que (i) el mercado en su conjunto es robusto, pero fr�gil; (ii) la regulaci�n, supervisi�n y seguimiento deben dar prioridad a instituciones financieras que tengan un car�cter central; (iii) la utilizaci�n del SEN como benchmark de la estructura del mercado de deuda p�blica local es inconveniente; y (iv) la comprensi�n del mercado de deuda p�blica exige de un an�lisis estructural y consolidado de los sistemas y mercados que la componen.

Suggested Citation

  • Carlos Eduardo Le�n Rinc�n & Jhonatan P�rez Villalobos, 2013. "El mercado OTC de valores en Colombia: caracterizaci�n y comparaci�n con base en el an�lisis de redes complejas," Borradores de Economia 10744, Banco de la Republica.
  • Handle: RePEc:col:000094:010744
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    Keywords

    mercado sobre el mostrador; OTC; deuda p�blica; an�lisis de redes; minimal spanning tree.;
    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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