Central Bank of Colombia paper on too-connected-to-fail
A Central Bank of Colombia paper, published in March, says the too-connected-to-fail concept broadens the base for identifying systemic risks.
Carlos León, Clara Machado, Freddy Cepeda and Miguel Sarmiento, the paper's authors, examine individual liquidity requirements and the central bank's ability to contain systemic risk via its liquidity facilities in the Colombian large-value payments system.
León, Machado, Cepeda and Sarmiento note the most recent episode of market turmoil exposed the
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