Modular scale-free architecture of Colombian financial networks : evidence and challenges with financial stability in view

Borradores de Economia
Number: 
799
Published: 
Classification JEL: 
D85, E42, C38, D53, G20, L14
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Scale-free (inhomogeneous) connective structures with modular (highly clustered) hierarchies are ubiquitous in real–world networks. Evidence from the main Colombian payment and settlement systems verifies that local financial networks have self-organized