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2008, vol. 37, br. 7-8, str. 28-41
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Stopa obavezne rezerve kao instrument monetarne politike
aNarodna banka Srbije, Beograd
bNarodna banka Srbije, Odeljenje za monetarnu politiku i strategiju, Sektor za ekonomske analize iistraživanja, Beograd
Sažetak
Ovaj rad ispituje makroekonomske implikacije korišcenja obavezne rezerve kao instrumenta monetarnog regulisanja. Rezultati analize upućuju da se obavezna rezerva nije pokazala kao efikasan instrument. Do ovog zaključka dolazimo jer prosečna stopa obavezne rezerve nema očekivan uticaja na kreditnu aktivnost poslovnih banaka. Takođe, prosečna stopa obavezne rezerve povećava privatni spoljni dug, dok uticaj na obaveze prema inostranstvu nije statistički značajan. Za razliku od obavezne rezerve, 2W repo stopa NBS statistički značajno smanjuje privatni spoljni dug. Inflaciju određuju promene deviznog kursa, a direktan uticaj obavezne rezerve i referentne kamatne stope nije potvrđen.
Abstract
This paper investigates macroeconomic implications of using reserve requirements as a monetary policy instrument. The result suggests that reserve requirement has not been an efficient instrument. We derive this broad conclusion as this instrument does not have expected effect on the credit activity of commercial banks. Furthermore, reserve requirements increases private foreign debt, while the impact on the foreign liabilities is not statistically significant. In contrast to reserve requirements 2-weeks repot rate of NBS decreases private foreign debt, and this impact is statistically significant. Inflations is determined by the exchange rate movements, while the direct effect of reserve requirements and NBS interest rate is not confirmed.
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