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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]

  • Mejía Cubillos, Javier

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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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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  1. Luz Stella Flórez Ríos, 2008. "Evolución de la Teoría Financiera en el Siglo XX," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT.
  2. Huang, Xin & Zhou, Hao & Zhu, Haibin, 2009. "A framework for assessing the systemic risk of major financial institutions," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2036-2049, November.
  3. Verwijmeren, Patrick & Derwall, Jeroen, 2010. "Employee well-being, firm leverage, and bankruptcy risk," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 956-964, May.
  4. Adrian, Tobias & Shin, Hyun Song, 2010. "Liquidity and leverage," Journal of Financial Intermediation, Elsevier, vol. 19(3), pages 418-437, July.
  5. Sylvester Eijffinger, 2011. "Defining and Measuring Systemic Risk," Chapters, in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 11 Edward Elgar.
  6. Angela Milena Rojas, 2008. "Deuda pública interna, patrón metálico y guerras civiles: interconexiones institucionales, la Colombia del siglo XIX," REVISTA LECTURAS DE ECONOMÍA, UNIVERSIDAD DE ANTIOQUIA - CIE.
  7. Carlos A. Molina, 2005. "Are Firms Underleveraged? An Examination of the Effect of Leverage on Default Probabilities," Journal of Finance, American Finance Association, vol. 60(3), pages 1427-1459, 06.
  8. Bech, Morten L. & Atalay, Enghin, 2008. "The topology of the federal funds market," Working Paper Series 0986, European Central Bank.
  9. Miguel Urrutia, 2007. "Precios y Salarios Urbanos en el Siglo XIX," DOCUMENTOS CEDE 004381, UNIVERSIDAD DE LOS ANDES-CEDE.
  10. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2000. "Aggregate Price Shocks and Financial Instability: An Historical Analysis," NBER Historical Working Papers 0125, National Bureau of Economic Research, Inc.
  11. 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, vol. 36(8), pages 1121-1141.
  12. Adolfo Meisel Roca, . "Autonomía de la Banca Central e Inflación: La Experiencia Colombiana, 1923-1995," Borradores de Economia 049, Banco de la Republica de Colombia.
  13. Bartram, Söhnke M. & Brown, Gregory W. & Hund, John E., 2005. "Estimating Systemic Risk in the International Financial System," MPRA Paper 6658, University Library of Munich, Germany.
  14. 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.
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