06049oam 22012374 450 991077950130332120230802005521.01-4755-5364-11-4755-8185-8(CKB)2550000000107539(EBL)1606767(SSID)ssj0000949342(PQKBManifestationID)11494674(PQKBTitleCode)TC0000949342(PQKBWorkID)10997649(PQKB)10554596(MiAaPQ)EBC1606767(Au-PeEL)EBL1606767(CaPaEBR)ebr10579625(OCoLC)808345542(IMF)WPIEE2012142(IMF)WPIEA2012142(EXLCZ)99255000000010753920020129d2012 uf 0engur|n|---|||||txtccrCredit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin AmericaWashington, D.C. :International Monetary Fund,2012.1 online resource (30 p.)IMF Working PapersDescription based upon print version of record.1-4755-6348-5 1-4755-0399-7 Includes bibliographical references.Cover; Contents; I. Introduction; Table; 1. Recent Macroprudential Measures; II. Reserve Requirements as a Macroprudential Tool; Figures; 1. Reserve Requirements on Banks Liabilities; III. Literature Review; A. Some Theoretical Considerations; 2. Effects of Reserve Requirements when Financial Intermediation Involves a Competitive Loan Market and Market Power in the Deposit Market; 3. Effects of Reserve Requirements when Financial Intermediation Involves a Competitive Deposit Market and Market Power in the Loan Market; B. The Recent Latin American Experience4. Credit Dynamics and Interest Rates5. Reserve Requirements in Brazil; 6. Reserve Requirements in Colombia; C. Recent Empirical Literature on the Latin America Experience; 7. Reserve Requirements in Peru; IV. Empirical Analysis; 8 Latin America: Average and Marginal Reserve Requirements; A. Event Analysis; 9. Impact of RRs and other Macroprudential Measures on Private Credit Growth; B. Dynamic Panel Vector Autoregression; 10. Impulse Response of Private Credit Growth to Macroprudential Policy Shocks; 11. Complementary Role of Macroprudential Policies and Reserve Requirements; V. ConclusionsReferencesOver the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their widespread use, little is known about their effectiveness and how they interact with monetary policy. In this paper, we examine the role of reserve requirements and other macroprudential instruments and report new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments have a moderate and transitory effect and play a complementary role to monetary policy.IMF Working Papers; Working Paper ;No. 2012/142Credit controlLatin AmericaBanking lawLatin AmericaBanks and BankingimfMacroeconomicsimfMoney and Monetary PolicyimfCentral Banks and Their PoliciesimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial Institutions and Services: Government Policy and RegulationimfMonetary PolicyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFinancial Markets and the MacroeconomyimfInterest Rates: Determination, Term Structure, and EffectsimfMonetary economicsimfBankingimfReserve requirementsimfBank creditimfMacroprudential policy instrumentsimfCreditimfMonetary policyimfFinancial sector policy and analysisimfMoneyimfCentral bank policy rateimfFinancial servicesimfBanks and bankingimfEconomic policyimfInterest ratesimfPeruimfCredit controlBanking lawBanks and BankingMacroeconomicsMoney and Monetary PolicyCentral Banks and Their PoliciesBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial Institutions and Services: Government Policy and RegulationMonetary PolicyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFinancial Markets and the MacroeconomyInterest Rates: Determination, Term Structure, and EffectsMonetary economicsBankingReserve requirementsBank creditMacroprudential policy instrumentsCreditMonetary policyFinancial sector policy and analysisMoneyCentral bank policy rateFinancial servicesBanks and bankingEconomic policyInterest ratesDcWaIMFBOOK9910779501303321Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America3698047UNINA