Offre optimale de liquidité bancaire par la Banque Centrale : une approche microéconomique
[Optimal Bank’s Liquidity Supply by the Central Bank: A Microeconomic Approach]
The excess liquidity of commercial banks is very often mentioned in the CEMAC as one of the limits of monetary policy implementation by BEAC. In this paper, we tried to address excess reserves in the CEMAC banking system looking from the point of view of commercial banks. Indeed, commercial banks may decide to hold reserves above the level required by the regulator for costs minimization perspectives. By minimising the cost function of each commercial bank, we derived the optimal level of excess liquidity desired by it. The obtained results allow classifying the banks of the CEMAC zone into two categories depending on the level of excess reserves necessary to minimize their costs and provide the amounts of liquidity desired by them. The Central Bank can then use this information to improve its liquidity supply to the banking system by anticipating the demands of liquidity by commercial banks during open market operations.
|Date of creation:||12 Mar 2012|
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- Agenor, Pierre-Richard & Aizenman, Joshua & Hoffmaister, Alexander W., 2004.
"The credit crunch in East Asia: what can bank excess liquid assets tell us?,"
Journal of International Money and Finance,
Elsevier, vol. 23(1), pages 27-49, February.
- P.R. Agenor & J. Aizenman & A. Hoffmaister, 2000. "The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?," NBER Working Papers 7951, National Bureau of Economic Research, Inc.
- Agenor, Pierre-Richard & Aizenman, Joshua & Hoffmaister, Alexander, 2000. "The credit crunch in East Asia : what can bank excess liquid assets tell us ?," Policy Research Working Paper Series 2483, The World Bank.
- Anil K. Kashyap & Jeremy C. Stein, 1994.
"Monetary Policy and Bank Lending,"
in: Monetary Policy, pages 221-261
National Bureau of Economic Research, Inc.
- William Poole, 1968. "Commercial Bank Reserve Management In A Stochastic Model: Implications For Monetary Policy," Journal of Finance, American Finance Association, vol. 23(5), pages 769-791, December.
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