NDLI: Reserve Requirements for Price and Financial Stability: When Are They Effective?

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Reserve Requirements for Price and Financial Stability: When Are They Effective?

Content Provider	Semantic Scholar
Author	Glocker, Christian Towbin, Pascal
Copyright Year	2012
Abstract	Reserve requirements are a prominent policy instrument in many emerging countries. The present study investigates the circumstances under which reserve requirements are an appropriate policy tool for price or financial stability. We consider a small open economy model with sticky prices, financial frictions and a banking sector that is subject to legal reserve requirements and compute optimal interest rate and reserve requirement rules. Overall, our results indicate that reserve requirements can support the price stability objective only if financial frictions are important and lead to substantial improvements if there is a financial stability objective. Contrary to a conventional interest rate policy, reserve requirements become more effective when there is foreign currency debt.
Starting Page	65
Ending Page	114
Page Count	50
File Format	PDF HTM / HTML
DOI	10.2139/ssrn.2008665
Volume Number	8
Alternate Webpage(s)	https://www.banque-france.fr/sites/default/files/medias/documents/document-de-travail_363_2012_1.pdf
Alternate Webpage(s)	https://www.ijcb.org/journal/ijcb12q1a4.pdf
Alternate Webpage(s)	http://www.ijcb.org/journal/ijcb12q1a4.pdf
Alternate Webpage(s)	http://www3.tcmb.gov.tr/konferanslar/financial_stability/Conference_files/Glocker_Towbin_8_Nov_final.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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