This paper analyzes the macroeconomic effects of macroprudential policy—in the form of legal reserve requirements—in three Latin American countries (Argentina, Brazil, and Uruguay). To correctly identify innovations in changes in legal reserve requirements, a narrative approach—based on contemporaneous reports from the IMF and central banks in the spirit of Romer and Romer (2010)—is developed in which each change is classified into endogenous or exogenous...
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详细
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2022/08/24
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政策研究报告
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WPS10145
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1
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2022/08/24
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Disclosed
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The Macroeconomic Effects of Macroprudential Policy : Evidence from a Narrative Approach