Banco de la República
Freddy H. Cepeda-López is a junior researcher in the Department of Financial Infrastructure Oversight at the Central Bank of Colombia (Banco de la República). He also has worked in the Economic Research Department and the Payment Systems and Banking Operations Division at the central bank. Freddy teaches Economic Growth and Macroeconomics at Universidad del Rosario. Related to payments systems, he has published papers on intraday liquidity optimization, foreign exchange settlement and recently on systemic risk in payment systems based on network topology and simulation analysis. He has participated as expositor and commentator at international seminars. He holds a BScs in Systems Engineering and Business Management and a Master´s degree in Economics from the Universitat Pompeu Fabra in Barcelona, Spain.
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 studies tiering in the case of a national payment system in an emerging economy: the large-value payment system Sistemas de Cuentas de Depósito (CUD, the Spanish acronym for the Deposit Accounts System) operated by the Colombian central bank.
This paper investigates how participants react to major incidents in a payment system, contributing to the literature on payment reaction functions.