Reserve Requirements in the Brave New Macroprudential World / Cordella, Tito
Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Verlag: Washington, D.C : The World Bank, 2014Beschreibung: Online-Ressource (48 p)Andere physische Formen: Cordella, Tito: Reserve Requirements in the Brave New Macroprudential World DOI: DOI: 10.1596/1813-9450-6793Online-Ressourcen: Zusammenfassung: Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. The appeal of reserve requirements lies in the pro-cyclical behavior of the exchange rate over the business cycle in developing countries. This enormously complicates the use of interest rates as a countercyclical instrument (because of its effect on the exchange rate) and calls for a second instrument. The paper suggests that conflicts may arise between the microprudential and macroprudential policy stancesPPN: PPN: 834981769Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBLDieser Titel hat keine Exemplare
Reproduktion, 2014. (World Bank eLibrary) |2014||||||||||