LEADER 06049oam 22012374 450 001 9910779501303321 005 20230802005521.0 010 $a1-4755-5364-1 010 $a1-4755-8185-8 035 $a(CKB)2550000000107539 035 $a(EBL)1606767 035 $a(SSID)ssj0000949342 035 $a(PQKBManifestationID)11494674 035 $a(PQKBTitleCode)TC0000949342 035 $a(PQKBWorkID)10997649 035 $a(PQKB)10554596 035 $a(MiAaPQ)EBC1606767 035 $a(Au-PeEL)EBL1606767 035 $a(CaPaEBR)ebr10579625 035 $a(OCoLC)808345542 035 $a(IMF)WPIEE2012142 035 $a(IMF)WPIEA2012142 035 $a(EXLCZ)992550000000107539 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCredit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-6348-5 311 $a1-4755-0399-7 320 $aIncludes bibliographical references. 327 $aCover; 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 Experience 327 $a4. 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. Conclusions 327 $aReferences 330 3 $aOver the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their widespread use, little is known about their effectiveness and how they interact with monetary policy. In this paper, we examine the role of reserve requirements and other macroprudential instruments and report new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments have a moderate and transitory effect and play a complementary role to monetary policy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/142 606 $aCredit control$zLatin America 606 $aBanking law$zLatin America 606 $aBanks and Banking$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aMonetary Policy$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aReserve requirements$2imf 606 $aBank credit$2imf 606 $aMacroprudential policy instruments$2imf 606 $aCredit$2imf 606 $aMonetary policy$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aMoney$2imf 606 $aCentral bank policy rate$2imf 606 $aFinancial services$2imf 606 $aBanks and banking$2imf 606 $aEconomic policy$2imf 606 $aInterest rates$2imf 607 $aPeru$2imf 615 0$aCredit control 615 0$aBanking law 615 7$aBanks and Banking 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aCentral Banks and Their Policies 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aMonetary Policy 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Markets and the Macroeconomy 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMonetary economics 615 7$aBanking 615 7$aReserve requirements 615 7$aBank credit 615 7$aMacroprudential policy instruments 615 7$aCredit 615 7$aMonetary policy 615 7$aFinancial sector policy and analysis 615 7$aMoney 615 7$aCentral bank policy rate 615 7$aFinancial services 615 7$aBanks and banking 615 7$aEconomic policy 615 7$aInterest rates 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779501303321 996 $aCredit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America$93698047 997 $aUNINA