Countercyclical liquidity policy and credit cycles: Evidence from macroprudential and monetary policy in Brazil
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- dc.contributor.author Barroso, João Barata R. Blanco
- dc.contributor.author Gonzalez, Rodrigo Barbone
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Nazar Van Doornik, Bernardus F.
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:26:52Z
- dc.date.available 2020-05-25T09:26:52Z
- dc.date.issued 2020-02-01
- dc.date.modified 2020-05-25T09:26:21Z
- dc.description.abstract 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1698
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44708
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1698
- 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 liquidity; reserve requirements; credit cycles; macroprudential and monetary policy.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Countercyclical liquidity policy and credit cycles: Evidence from macroprudential and monetary policy in Brazil
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper