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How did the Complementary Deposit Facility affect commercial bank fs demand for reserve? Empirical analysis using bank fs financial data

Author

Listed:
  • Katsutoshi Takehana

    (Graduate School of Economics, Osaka University)

  • Hisashi Tanizaki

    (Graduate School of Economics, Osaka University)

Abstract

In this paper, we investigated how the Complementary Deposit Facility, interest on excess reserves, introduced by the Bank of Japan in Oct. 2008 affected commercial bank fs demands for reserves by empirical analysis using bank fs financial data. Our main findings are summarized as follows. First, interest on excess reserves has the significant impact on the commercial bank fs demand for reserves. Second, although the holdings of reserve with precautionary demand that was clarified in the previous researches w as confirmed in this study as well, the reasons why commercial banks have precautionary demand for reserve were not the same as these papers.

Suggested Citation

  • Katsutoshi Takehana & Hisashi Tanizaki, 2021. "How did the Complementary Deposit Facility affect commercial bank fs demand for reserve? Empirical analysis using bank fs financial data," Discussion Papers in Economics and Business 21-17, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:2117
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    More about this item

    Keywords

    reserve demand; the Complementary Deposit Facility ; bank fs financial data;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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