06233oam 22013214 450 991096361210332120250426110610.09781475553642147555364197814755818501475581858(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)WPIEA2012142WPIEA2012142(EXLCZ)99255000000010753920020129d2012 uf 0engur|n|---|||||txtccrCredit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (30 p.)IMF Working PapersDescription based upon print version of record.9781475563481 1475563485 9781475503999 1475503997 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 AmericaBank creditimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral bank policy rateimfCentral Banks and Their PoliciesimfCreditimfDepository InstitutionsimfEconomic policyimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Markets and the MacroeconomyimfFinancial sector policy and analysisimfFinancial servicesimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMacroeconomicsimfMacroprudential policy instrumentsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoneyimfMortgagesimfReserve requirementsimfPeruimfCredit controlBanking lawBank creditBankingBanks and BankingBanks and bankingBanksCentral bank policy rateCentral Banks and Their PoliciesCreditDepository InstitutionsEconomic policyFinancial Institutions and Services: Government Policy and RegulationFinancial Markets and the MacroeconomyFinancial sector policy and analysisFinancial servicesInterest ratesInterest Rates: Determination, Term Structure, and EffectsMacroeconomicsMacroprudential policy instrumentsMicro Finance InstitutionsMonetary economicsMonetary PolicyMonetary policyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoneyMortgagesReserve requirements332.1/52DcWaIMFBOOK9910963612103321Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America4371300UNINA