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Reciprocal Lending Relationships Between Financial Conglomerates: Evidence from the Mexican Repo Market

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dc.contributor.gruplacGrupo de Investigaciones. Facultad de Economía. Universidad del Rosariospa
dc.creatorCañón, Carlos
dc.creatorFlorez-Acosta, Jorge
dc.creatorGómez Portilla, Karoll
dc.date.accessioned2020-02-03T20:39:30Z
dc.date.available2020-02-03T20:39:30Z
dc.date.created2020-01-29
dc.date.issued2020-01-29
dc.description.abstractThis paper examines the reciprocal lending between Financial Conglomerates in the repo market to better understand both what motivates powerful firms to engage in this type of contemporaneous crossfunding relationships, and, on the other hand, some of the implications that such reciprocal transactions may entail for the agents involved and for the market as a whole. In particular, in terms of the implications we focus on two dimensions: first, the potential effects that reciprocal lending has on the market power of FCs and the competitiveness of the repo market for mutual funds and second, the potential implications that frequent and stable reciprocal lending can have in terms of the industry’s systemic risk. Using transaction-level data from the Mexican repo market, we show that reciprocal lending between financial conglomerates is mutually beneficial as it reduces search costs for borrowers and mitigates credit risk concerns for lenders. Further, we find that reciprocal lending favors market concentration of the repo lending in a few powerful funds and increases fund market power. Finally, we find that reciprocal lending also leads to centrality within the financial network and increases the dependence between the parties involved. Interestingly, a higher intensity of reciprocal lending can harmful, but this does not necessarily deteriorates financial stability.eng
dc.format.extent57spa
dc.format.mimetypetext/html
dc.format.mimetypeapplication/pdf
dc.identifier.citationCañón, Carlos y Florez-Acosta, Jorge y Gómez, Karoll, Relaciones de préstamos recíprocos entre conglomerados financieros: evidencia del mercado mexicano de repos (29 de enero de 2020).spa
dc.identifier.doihttps://doi.org/10.48713/10336_20793
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/20793
dc.language.isoengeng
dc.relation.citationTitleSerie Documentos de trabajo. Economía
dc.relation.urihttps://ssrn.com/abstract=3371036spa
dc.relation.urihttps://ideas.repec.org/p/col/000092/017801.html
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subject.ddcEconomía financieraspa
dc.subject.jelG01spa
dc.subject.jelG11spa
dc.subject.jelG21spa
dc.subject.jelG23spa
dc.subject.jelG28spa
dc.subject.jelL16spa
dc.subject.jelL22spa
dc.subject.jelL4spa
dc.subject.keywordReciprocal lendingeng
dc.subject.keywordReciprocal lendingspa
dc.subject.keywordrepoeng
dc.subject.keywordRepospa
dc.subject.keywordmutual fundseng
dc.subject.keywordasset managerseng
dc.subject.keywordAsset managersspa
dc.subject.keywordMarket powerspa
dc.subject.keywordFinancial stabilityspa
dc.subject.lembAnálisis de conglomerados empresarialesspa
dc.subject.lembAdministración de créditosspa
dc.subject.lembPolítica crediticiaspa
dc.subject.lembFinanciamiento de empresasspa
dc.subject.lembRiesgo (Finanzasspa
dc.subject.lembPréstamos recíprocosspa
dc.titleReciprocal Lending Relationships Between Financial Conglomerates: Evidence from the Mexican Repo Marketspa
dc.typeworkingPapereng
dc.type.spaDocumento de trabajospa
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