2024-05-12-国际清算银行-作为金融稳定工具的准备金要求（英）_44页_4mb

Reserve Requirements as a Financial Stability Instrument

Authors: Carlos Cantú, Rocio Gondo, Berenice Martinez
Objective: To evaluate the effectiveness of reserve requirements (RR) as a macroprudential policy tool for reducing financial stress episodes.
Key Findings:

• Using RR reduces the amplitude of the credit cycle, lowering the frequency and severity of financial stress but at a cost of reduced economic activity.
• Net benefits are positive: the gains from reduced financial stress outweigh the initial economic costs.
• RR are more effective in EMEs than AEs in terms of both costs and benefits due to differences in banking market structure and financial development.
• Uniform RR have a stronger effect than RR differentiated by maturity or currency.
• Trade-offs are positive, meaning RR can offset economic costs by reducing financial instability.
  Methodology: Employs a panel VAR model to quantify economic costs and an early-warning system model to assess benefits based on RR shock impacts.
  Conclusion: RR are a valuable instrument for enhancing financial stability, particularly in EMEs, by mitigating systemic risks.