Determinantes del riesgo de liquidez y volatilidad diferenciada de los depósitos en el sistema financiero boliviano: Desempeño de las entidades de microfinanzas ante múltiples shocks sistémicos

In the Bolivian sociopolitical environment, characterized by frequent shockssystems that induce losses of confidence, the liquidity risk is reflected in the volatility of deposits. The effects of these shocks on each type of intermediary are not uniform. The article describes the evolution of this differentiated volatility in the face of recent political shocks. To do this, it formulates a new simple measurement of the volatility of deposits, focused on three attributes: incidence, depth and duration of withdrawal episodes. To explain why microfinance organizations showed a better ability to deal with shocks, it is based on a structure effect (derived from the composition of the total and the volatility of each type of deposit) and a perception effect (image of robustness and quality of service). Responding to why some intermediaries were less affected than others, the analysis indicates how to improve the management of liquidity risk.