Macroprudential and monetary policy : loan-level evidence from reserve requirements
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- dc.contributor.author Dassatti Camors, Cecilia
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Rodríguez Tous, Francesc
- dc.contributor.author Vicente, Sergio
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:26:44Z
- dc.date.available 2020-05-25T09:26:44Z
- dc.date.issued 2019-03-01
- dc.date.modified 2020-05-25T09:25:55Z
- dc.description.abstract We analyze the impact of reserve requirements on the supply of credit to the real sector. For identification, we exploit a tightening of reserve requirements in Uruguay during a global capital inflows boom, where the change affected more foreign liabilities, in conjunction with its credit register that follows all bank loans granted to non-financial firms. Following a difference-in-differences approach, we compare lending to the same firm before and after the policy change among banks differently affected by the policy. The results show that the tightening of the reserve requirements for banks lead to a reduction of the supply of credit to firms. Importantly, the stronger quantitative results are for the tightening of reserve requirements to bank liabilities stemming from non-residents. Moreover, more affected banks increase their exposure into riskier firms, and larger banks mitigate the tightening eects. Finally, the rm-level analysis reveals that the cut in credit supply in the loan-level analysis is binding for rms. The results have implications for global monetary and financial stability policies.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1650
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44682
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1650
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword
- dc.subject.keyword Macroeconomics and International Economics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Macroprudential and monetary policy : loan-level evidence from reserve requirements
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper