LEADER 03974nam 2200661Ia 450 001 9910810408903321 005 20200520144314.0 010 $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 $a20111102d2012 uy 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 /$fCamilo E. Tovar, Mercedes Garcia-Escribano and Mercedes Vera Martin 205 $a1st ed. 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (30 p.) 225 1 $aIMF working paper ;$v12/142 300 $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 paper ;$v12/142. 606 $aCredit control$zLatin America 606 $aBanking law$zLatin America 615 0$aCredit control 615 0$aBanking law 676 $a332.1/52 700 $aTovar Mora$b Camilo Ernesto$01754053 701 $aGarcia-Escribano$b Mercedes$01670361 701 $aVera-Martin$b Mercedes$01761792 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910810408903321 996 $aCredit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America$94201418 997 $aUNINA