Colombian paper proposes measure of systemic importance

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A working paper published by the Central Bank of Colombia, on October 22, recommends an index for the measurement of financial institutions' size, connectedness with others and the substitutability of their brokerage role within payments systems, to help determine their systemic importance.

The authors, Carlos Leon and Andres Murcia, say this can be achieved by using data from financial infrastructures – such as large value payments systems – is more effective than balance sheet data in

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