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Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.
Banks and banking, Central. --- Bank reserves. --- Reserves, Bank --- Security reserve requirements --- Reserves (Accounting) --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Banks and Banking --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Interest Rates: Determination, Term Structure, and Effects --- Banking --- Monetary economics --- Reserve requirements --- Commercial banks --- Currencies --- Central bank policy rate --- Monetary policy --- Money --- Interest rates --- United Kingdom
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Money. Monetary policy --- politique monetaire --- pays industrialises --- monetair beleid --- geindustrialiseerde landen --- E-working papers --- Bank reserves --- Banks and banking, Central --- Interest rates --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Reserves, Bank --- Security reserve requirements --- Reserves (Accounting)
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If not carefully planned, the transition to indirect monetary policy instruments may result in a loss of control. The 1967-71 attempt in France failed because of a misconceived instrument-mix and sequencing. Credit controls, reintroduced in 1972, were only formally abolished in 1987. This paper attributes the successful 1987 reform to changes in the policy framework in the 1980s. The interest rate was already the key instrument because direct controls became less effective and because of the priority given to the exchange rate objective. Consequently, the 1987 transition was from pegging to guiding the interest rates. Empirical evidence underpins this interpretation.
Bank credit --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Credit controls --- Credit --- Demand for Money --- Demand for money --- Depository Institutions --- Micro Finance Institutions --- Monetary economics --- Monetary Policy --- Monetary policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Mortgages --- Reserve requirements --- France
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We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly patterns of the federal funds rate’s volatility and on its response to changes in target rates and in intervention procedures, such as those implemented by the Federal Reserve in 1994. Theoretical results are consistent with empirical patterns of interest rate volatility in the U.S. market for federal funds.
Banks and Banking --- Finance: General --- Money and Monetary Policy --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Portfolio Choice --- Investment Decisions --- Banking --- Finance --- Monetary economics --- Liquidity --- Reserve positions --- Reserve requirements --- Asset and liability management --- Central banks --- Monetary policy --- Banks and banking --- Economics --- Foreign exchange reserves --- United States
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Many central banks have abandoned credit ceilings in favor of monetary control frameworks based on indirect instruments. In the long run, ceilings limited competition, hampered the development of a money market, and caused disintermediation. Despite the many distortions associated with the use of credit ceilings, some countries continue to employ them, particularly during the transitional period before full reliance on indirect monetary instruments. The paper argues that the careful attention to design can help reduce distortions typically associated with the use of credit ceilings. It identifies a series of principles that may be followed in designing a system that can minimize those distortions.
Banks and Banking --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Central Banks and Their Policies --- Monetary economics --- Banking --- Credit ceilings --- Credit --- Bank credit --- Reserve requirements --- Money --- Monetary policy --- Commercial banks --- Financial institutions --- Banks and banking --- United Kingdom
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As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Information and Market Efficiency --- Event Studies --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- International Investment --- Long-term Capital Movements --- Monetary Policy --- International economics --- Monetary economics --- Currency --- Foreign exchange --- Reserve requirements --- Capital controls --- Capital inflows --- Exchange rates --- Capital flows --- Monetary policy --- Balance of payments --- Capital movements --- Chile
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This paper reviews economic developments in Guatemala during 1990–97. During 1992–97, Guatemala’s economic performance strengthened, with growth rates averaging 4 percent helped by declining inflation, progress in trade and financial reform, and favorable terms of trade. Efforts to improve fiscal and credit policies contributed to reducing the external current account deficit and strengthening the net international reserve position. The authorities succeeded in bringing the combined public sector position to balance in 1995–96. The tax effort was raised from less than 7 percent of GDP in 1994 to 8.7 percent of GDP in 1996.
Banks and Banking --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Public Enterprises --- Public-Private Enterprises --- Trade: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Monetary Policy --- Civil service & public sector --- International economics --- Banking --- Monetary economics --- Public sector --- Exports --- External debt --- Reserve requirements --- Economic sectors --- International trade --- Imports --- Monetary policy --- Finance, Public --- Banks and banking --- Debts, External --- Guatemala
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This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF’s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy.
Economic development. --- International finance. --- International Monetary Fund. --- Banks and Banking --- Inflation --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy --- Price Level --- Deflation --- Banking --- Monetary economics --- Macroeconomics --- Central bank policy rate --- Inflation targeting --- Reserve requirements --- Banks and banking --- Interest rates --- Monetary policy --- Prices --- Peru
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The paper measures the effects of the integration of European financial markets and lower inflation in the EMS on the revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by 1992 all EC members participate fully in the EMS and reserve requirements are unified, the revenue from seigniorage will be reduced by about 2 percentage points of GDP in Greece and Portugal and 0.5-0.8 percentage points in Italy and Spain. Two different measures of seigniorage yield similar results regarding the change, but differ regarding the level.
Currencies --- Deflation --- Finance --- Finance: General --- Financial integration --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Government and the Monetary System --- Inflation --- International finance --- Macroeconomics --- Monetary economics --- Monetary Policy --- Monetary policy --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Price Level --- Prices --- Regimes --- Reserve currencies --- Reserve requirements --- Standards --- Italy
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This Selected Issues paper and Statistical Appendix reviews the past conduct of monetary policy of Tonga. The paper considers the problems in the current system and discusses the policy options available to the authorities. It reviews Tonga’s exchange rate policy and explores its effectiveness in light of the economy’s structure and macroeconomic developments. The paper also discusses some of the key features of the framework supporting the Tonga Trust Fund. Its main shortcomings are assessed in light of the best international practices and some lessons for the future are discussed.
Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Reserve requirements --- Open market operations --- Exchange rate arrangements --- Credit --- Monetary policy --- Central banks --- Money --- International reserves --- Banks and banking --- Foreign exchange reserves --- Tonga
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