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Aproximaci�n a la estructura del mercado cambiario colombiano desde el an�lisis de redes

Author

Listed:
  • Jhonatan P�rez
  • Carlos Le�n
  • Ricardo Mari�o

Abstract

Con base en las m�tricas propias utilizadas para el an�lisis de redes complejas e informaci�n transaccional, este trabajo permite realizar una caracterizaci�n del mercado spot peso/d�lar y forward peso/d�lar colombiano. En particular, es posible establecer que estos pueden ser catalogados como redes de estructura jer�rquica donde un reducido grupo de Intermediarios del Mercado Cambiario centrales (perif�ricas) poseen una gran (peque�a) porci�n tanto del n�mero de transacciones como del monto promedio negociado. Dichos resultados sugieren que ambos mercados: (i) son robustos ante la extracci�n aleatoria de participantes; (ii) son fr�giles ante la extracci�n determin�stica de participantes centrales; y (iii) la mejor manera de �inmunizar� (i.e. la intensidad de la regulaci�n, supervisi�n y seguimiento) de manera �ptima los mercados es enfocarse en los participantes centrales. Adicionalmente, este trabajo resalta el papel que tiene la infraestructura financiera del pa�s como generador de informaci�n estandarizada y confiable de mercado, la cual puede ser considerada como insumo en la toma de decisiones que involucran a las entidades involucradas en las funciones de la regulaci�n, supervisi�n y seguimiento de los mercados financieros.

Suggested Citation

  • Jhonatan P�rez & Carlos Le�n & Ricardo Mari�o, 2015. "Aproximaci�n a la estructura del mercado cambiario colombiano desde el an�lisis de redes," Borradores de Economia 12583, Banco de la Republica.
    • Handle: RePEc:col:000094:012583
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    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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