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Reserve requirements and capital flows in ...
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Document type :
Article dans une revue scientifique
DOI :
10.1016/j.jimonfin.2019.102079
Title :
Reserve requirements and capital flows in Latin America
Author(s) :
Brei, Michael [Auteur]
Lille économie management - UMR 9221 [LEM]
EconomiX
Moreno, Ramon [Auteur]
Journal title :
Journal of International Money and Finance
Pages :
102079
Publisher :
Elsevier
Publication date :
2019-12
ISSN :
0261-5606
English keyword(s) :
Reserve requirements
Monetary policy
Capital flows
HAL domain(s) :
Sciences de l'Homme et Société
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
The experience of a number of central banks in emerging economies indicates that capital flows can pose a dilemma. For example, raising policy rates can attract more capital inflows by raising deposit rates. It has been ...
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The experience of a number of central banks in emerging economies indicates that capital flows can pose a dilemma. For example, raising policy rates can attract more capital inflows by raising deposit rates. It has been suggested, however, that raising reserve requirements instead of the policy rate can address this dilemma, as deposit rates will not necessarily increase, even if lending rates rise. To investigate this possibility, this paper examines how banks adjust loan and deposit rates in response to changes in reserve requirements. We use data on 97 banks from five Latin American countries over the period 2000–14. Our results indicate that higher reserve requirements are associated with lower deposit rates, whereas loan rates remain unchanged during normal times and increase during periods of large capital inflows. Reserve requirements may therefore be a way to mitigate the dilemma posed by capital inflows in some Latin American economies.Show less >
Language :
Anglais
Peer reviewed article :
Oui
Audience :
Internationale
Popular science :
Non
Collections :
  • Lille Économie Management (LEM) - UMR 9221
Source :
Harvested from HAL
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