Banco de la República
Constanza is a leading professional on Research and Development of the Financial Infrastructure Oversight Department at the Central Bank of Colombia (Banco de la República). She studied a MSc in Financial Economics and Econometrics at the University of Essex in the UK, and a master and BA in economics at Universidad del Rosario in Colombia. Her research interests include financial economics and applied econometrics. She is currently a PhD student at Tilburg University.
The functioning of a large-value payment system (LVPS) can be affected when some of its participants intentionally decide to delay their payments until they can fund them with payments received from other participants. This payment strategy, known as the…
This paper investigates how participants react to major incidents in a payment system, contributing to the literature on payment reaction functions.