03974nam 2200661Ia 450 991081040890332120200520144314.01-4755-5364-11-4755-8185-8(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)99255000000010753920111102d2012 uy 0engur|n|---|||||txtccrCredit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America /Camilo E. Tovar, Mercedes Garcia-Escribano and Mercedes Vera Martin1st ed.Washington, D.C. International Monetary Fundc20121 online resource (30 p.)IMF working paper ;12/142Description 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 paper ;12/142.Credit controlLatin AmericaBanking lawLatin AmericaCredit controlBanking law332.1/52Tovar Mora Camilo Ernesto1754053Garcia-Escribano Mercedes1670361Vera-Martin Mercedes1761792MiAaPQMiAaPQMiAaPQBOOK9910810408903321Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America4201418UNINA