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        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World
        Reserve Requirements in the Brave New Macroprudential World

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        Reserve Requirements in the Brave New Macroprudential World

        ABSTRACT

        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 stances.

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        • TypeReport, Research Paper
        • PriceFree
        • FormatPDF
        • Size1.05 MB
        • LanguageEnglish
        • Stacks0
        • Postedalmost 4 years ago
        • Authored-
        • Added byHashdoc Content Review
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