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...
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详细
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2014/02/01
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政策研究报告
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WPS6793
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1
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1
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2014/02/01
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Disclosed
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Reserve requirements in the brave new macroprudential world
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reserve requirement