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The use of reserve requirements as a policy instrument in Latin America

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  • Carlos Montoro
  • Ramon Moreno

Abstract

In recent years, some central banks in Latin America and other emerging market regions have used reserve requirements to pursue monetary or financial stability goals. In the past decade, they have raised reserve requirements in the expansion phase of the cycle to tighten monetary conditions without attracting capital inflows. After the bankruptcy of Lehman Brothers, they lowered them sharply, helping to restore market functioning. In some cases, the use of reserve requirements can complement the policy rate in the conduct of monetary policy. However, there are trade-offs in the use of this instrument.

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Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2011)
Issue (Month): (March)
Pages:

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Handle: RePEc:bis:bisqtr:1103g

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  1. Reinhart, Carmen & Reinhart, Vincent, 1999. "On the use of reserve requirements in dealing with capital flow problems," MPRA Paper 13703, University Library of Munich, Germany.
  2. Alejandro Jara & Ramon Moreno & Camilo E Tovar, 2009. "The global crisis and Latin America: financial impact and policy responses," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, June.
  3. Forssbaeck, Jens & Oxelheim, Lars, 2007. "The transition to market-based monetary policy: What can China learn from the European experience?," Journal of Asian Economics, Elsevier, Elsevier, vol. 18(2), pages 257-283, April.
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