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Reserve requirements in the brave new macroprudential world /
Looks at the use of reserve requirements (RR) as a macroprudential tool. Its findings should be of particular interest to emerging market economists and policymakers that are faced with difficult questions regarding how to cope effectively with volatile capital flows. The analysis builds upon a new...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , , |
| Autor Corporativo: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, DC :
World Bank,
2014.
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| Colección: | World Bank studies.
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| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 082 | 0 | 4 | |a 332.414 |2 23 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Cordella, Tito, |e author. | |
| 245 | 1 | 0 | |a Reserve requirements in the brave new macroprudential world / |c Tito Cordella, Pablo M. Federico, Carlos A. Vegh, and Guillermo Vuletin. |
| 264 | 1 | |a Washington, DC : |b World Bank, |c 2014. | |
| 264 | 4 | |c ©2014 | |
| 300 | |a 1 online resource (xiii, 55 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a A World Bank study | |
| 500 | |a Cover photo by Michael S. Geller; photo credit, Ji Won Park. | ||
| 504 | |a Includes bibliographical references at the end of each chapters. | ||
| 520 | |a Looks at the use of reserve requirements (RR) as a macroprudential tool. Its findings should be of particular interest to emerging market economists and policymakers that are faced with difficult questions regarding how to cope effectively with volatile capital flows. The analysis builds upon a new dataset on quarterly RR covering a large number of industrial and developing countries for the period 1970-2011. It finds that while no industrial country has resorted to active RR policy since 2004, almost half of developing countries have. Indeed, together with interest rates adjustments and forex interventions, RR seem to be an important component of a trio of policy instruments that developing countries have relied upon to navigate through the boom-bust cycles driven by capital flows. The ultimate reason for resorting to RR lies essentially on the procyclical behavior of the exchange rate over the business cycle in developing countries (with the currency depreciating in bad times and appreciating in good times) that complicates enormously the use of interest rates as a countercyclical instrument. Under such circumstances, RR are an effective instrument that can be used countercyclically when concerns about the effects of interest rates on the exchange rate become paramount. Finally, the report suggests that while, from a macroprudential point of view, the most common macroprudential instruments are equivalent, from a microprudential one they are not. Conflicts may thus arise between the micro- and macro-prudential policy stances. In addition, the overall design of macroprudential policies should follow a careful analysis of the role that different financial frictions play in various environments since similar symptoms can reflect very different underlying forces. | ||
| 588 | 0 | |a Online resource; title from PDF title page (ebrary, viewed April 16, 2014). | |
| 505 | 0 | |a Front Cover; Contents; Preface; Acknowledgments; About the Authors; Abbreviations; Executive Summary; Chapter 1 Introduction; Chapter 2 Stylized Facts; Which Countries Have Used Reserve Requirements as a Macroeconomic Stabilization Tool?; Figures; Figure 2.1 Frequency of Changes in Reserve Requirements (1970-2011); What Have Been the Cyclical Properties of RR as a Macroeconomic Stabilization Tool?; Figure 2.2 Active versus Passive Reserve Requirement Policy (1970-2011); Figure 2.3 Frequency of Changes in Reserve Requirements (2005-11). | |
| 505 | 8 | |a Figure 2.4 Cyclicality of Reserve Requirement Policy (1970-2011); Figure 2.5a Cyclicality of Reserve Requirement Policy (1970-2004); Figure 2.5b Cyclicality of Reserve Requirement Policy (2005-11); How Is RRP Related to the Credit Cycle?; Figure 2.6 Correlation of Private Credit with GDP (1970-2011); What Is the Relation between RRP and Monetary Policy?; Figure 2.7 Private Credit for Developing Countries (1970-2011); Figure 2.8 Cyclicality of RRP versus Private Credit (Active Countries, 1970-2011); Figure 2.9 Cyclicality of Interest Rate Policy (1970-2011). | |
| 505 | 8 | |a Figure 2.10a Cyclicality of Interest Rate Policy (1970-2004); Figure 2.10b Cyclicality of Interest Rate Policy (2005-11); Tables; Table 2.1 Policy Mix Matrix (1970-2011); How Does Foreign Exchange Market Intervention Fit into the Picture?; Table 2.2a Policy Mix Matrix (1970-2004); Table 2.2b Policy Mix Matrix (2005-11); Figure 2.11 Cyclicality of International Reserves (1970-2011); Figure 2.12 Monetary versus Foreign Exchange Market Intervention Policy (1970-2011); Figure 2.13 RRP versus Foreign Exchange Market Intervention (1970-2011). | |
| 505 | 8 | |a Chapter 3 An Illustration of Policy Responses for Four Latin American Countries; Figure 3.1 Policy Response to a Real GDP Shock (One Standard-Deviation Shock); Figure 3.2 Policy Response to a Nominal Exchange Rate Depreciation Shock; Boxes; Box 3.1 The Narrative Approach to Identification; Chapter 4Policy Rationale; The Need for a Second Instrument; Figure 4.1 Cyclicality of Nominal Exchange Rates (1970-2011); Why Do RR Often Serve as the Second Instrument?; Figure 4.2 Monetary versus "Currency Defense" Policy (1970-2011); Which Country Characteristics Explain Different Policy Mixes? | |
| 505 | 8 | |a Figure 4.3 Relative Effect of Reserve Requirement versus Monetary PolicyTable; 4.1 Currency Crises and Policy Mix; Table 4.2 Credit and Policy Mix; Table 4.3 Capital Account Openness and Policy Mix; Chapter 5Microprudential Effects of Business Cycle Management; Box 5.1 Macroprudential Policy in Emerging Markets: The Cases of Brazil and Turkey; Tradeoffs over the Business Cycle; Chapter 6Policy Tensions and Tradeoffs; Chapter 7Policy Conclusions; Bibliography; Back Cover. | |
| 546 | |a English. | ||
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Money supply. | |
| 650 | 0 | |a Monetary policy. | |
| 650 | 0 | |a Capital movements. | |
| 650 | 0 | |a Foreign exchange rates. | |
| 650 | 0 | |a Business cycles. | |
| 650 | 0 | |a Money |v Tables. | |
| 650 | 6 | |a Politique monétaire. | |
| 650 | 6 | |a Mouvements de capitaux. | |
| 650 | 6 | |a Taux de change. | |
| 650 | 6 | |a Cycles économiques. | |
| 650 | 7 | |a Money |2 fast | |
| 650 | 7 | |a Business cycles |2 fast | |
| 650 | 7 | |a Capital movements |2 fast | |
| 650 | 7 | |a Foreign exchange rates |2 fast | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 650 | 7 | |a Money supply |2 fast | |
| 655 | 7 | |a tables (documents) |2 aat | |
| 655 | 7 | |a Tables (Data) |2 fast | |
| 655 | 7 | |a Tables |2 fast | |
| 655 | 7 | |a Tables (Data) |2 lcgft | |
| 655 | 7 | |a Tables (Données) |2 rvmgf | |
| 700 | 1 | |a Federico, Pablo, |e author. | |
| 700 | 1 | |a Végh Gramont, Carlos A., |d 1958- |e author. |1 https://id.oclc.org/worldcat/entity/E39PBJwD4Cj9rxV4cpPWFKth73 | |
| 700 | 1 | |a Vuletin, Guillermo Javier, |e author. | |
| 700 | 1 | |a Geller, Michael S., |e cover designer. | |
| 700 | 1 | |a Park, Ji Won, |e photographer. | |
| 710 | 2 | |a World Bank, |e sponsoring body. | |
| 758 | |i has work: |a Reserve requirements in the brave new macroprudential world (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFrGVDBJkTwChCxMJ3myBP |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |t Reserve requirements in the brave new macroprudential world. |d Washington, District of Columbia : World Bank, ©2014 |h 55 pages |k World Bank study. |z 9781464802126 |
| 830 | 0 | |a World Bank studies. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1678760 |z Texto completo |
| 938 | |a EBL - Ebook Library |b EBLB |n EBL1678760 | ||
| 938 | |a ebrary |b EBRY |n ebr10856314 | ||
| 938 | |a YBP Library Services |b YANK |n 11713291 | ||
| 994 | |a 92 |b IZTAP | ||