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Macroprudential policy and intra-group dynamics: The effects of reserve requirements in Brazil

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  • Becker, Chris
  • Ossandon Busch, Matias
  • Tonzer, Lena

Abstract

We examine whether liquidity dynamics within banking groups matter for the transmission of macroprudential policy. Using matched headquarter-branch data for identification, we find a lending channel of reserve requirements for municipal branches whose headquarters are more exposed to the policy tool. The result is driven by the 2008-2009 crisis and is stronger for state-owned branches, especially when being less profitable and liquidity constrained. These findings suggest the presence of cross-regional distributional effects of macroprudential policies operating via internal capital markets.

Suggested Citation

  • Becker, Chris & Ossandon Busch, Matias & Tonzer, Lena, 2020. "Macroprudential policy and intra-group dynamics: The effects of reserve requirements in Brazil," IWH Discussion Papers 21/2017, Halle Institute for Economic Research (IWH), revised 2020.
  • Handle: RePEc:zbw:iwhdps:212017
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    2. Glocker, Christian, 2019. "Do reserve requirements reduce the risk of bank failure?," MPRA Paper 95634, University Library of Munich, Germany.

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    Keywords

    macroprudential regulation; financial intermediation; intra-group dynamics;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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