Reaction functions of the participants in Colombia's large-value payment system

Borradores de Economia
Number: 
875
Published: 
Classification JEL: 
G21, E42, C24
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Large value payment flows can be disrupted by several types of failures such as operational incidents, problems experienced by the administrator of the payments settlement system, outages in the communications networks and the inability of a participant t