登入
選單
返回
Google圖書搜尋
Countercyclical Liquidity Policy and Credit Cycles
João Barata Ribeiro Blanco Barroso
Rodrigo Barbone Gonzalez
José-Luis Peydró
Bernardus Ferdinandus Nazar van Doornik
其他書名
Evidence from Macroprudential and Monetary Policy in Brazil
出版
Universitat Pompeu Fabra (upf), Department of Economics and Business
, 2019
URL
http://books.google.com.hk/books?id=-P22zQEACAAJ&hl=&source=gbs_api
註釋
We show that countercyclical liquidity policy smooths credit supply cycles, with stronger crisis effects. For identification, we exploit the Brazilian supervisory credit register and liquidity policy changes on reserve requirements, that affected banks differentially and have a monetary and prudential purpose. Liquidity policy strongly attenuates both the credit crunch in bad times and high credit supply in booms. Strong economic effects are twice as large during the crisis easing than during the boom tightening. Finally, in crises, liquidity easing: increase less credit supply by more financially constrained banks; and collateral requirements increase substantially, especially by banks providing higher credit supply.