Heterogeneidad en el uso de las fuentes de liquidez intradía en el sistema de pagos de alto valor

Fabio Ortega-Castro, Freddy Cepeda-Lopez and Constanza Martínez

Borradores de Economia from Banco de la Republica de Colombia

Abstract: En este documento se estudian las fuentes de liquidez que usan las entidades financieras que participan en el sistema de pagos de alto valor para cumplir con sus obligaciones diarias. Para este propósito, diseñamos e implementamos un algoritmo que descompone la unidad de caja de estas entidades en diferentes conceptos de fuente de liquidez, mediante reglas asociadas a los conceptos de pagos recibidos (fuentes) y enviados (usos). Los valores asignados por el algoritmo evidencian que a nivel agregado las fuentes preferidas son el ahorro de liquidez, la dinámica y los saldos overnight. A nivel de entidad, se observan diferencias en las preferencias que se pueden atribuir al tipo de negocio que realizan, a la disponibilidad (regulación y condiciones macroeconómicas) y a los costos de las fuentes. **** ABSTRACT: This document studies the sources of liquidity used by financial entities that participate in the large-value payment system to meet their daily obligations. For this purpose, we design and implement an algorithm that breaks down the cash unit of these entities into different concepts of liquidity source, through rules associated with the concepts of payments received (sources) and sent (uses). The values assigned by the algorithm show that at the aggregate level the preferred sources are liquidity savings, dynamics, and overnight balances. At the entity level, there are differences in preferences that can be attributed to the type of business they carry out, the availability (regulation and macroeconomic conditions) and the costs of the sources.

Keywords: Fuentes de liquidez; usos de liquidez; liquidez intradía; sistema de pagos de alto valor; sources of liquidity; uses of liquidity; intraday liquidity; large-value payment system (search for similar items in EconPapers)
JEL-codes: E42 E58 E70 (search for similar items in EconPapers)
Pages: 43
Date: 2021-08
New Economics Papers: this item is included in nep-mac and nep-pay
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https://doi.org/10.32468/be.1166

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Persistent link: https://EconPapers.repec.org/RePEc:bdr:borrec:1166

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