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2008, vol. 37, iss. 7-8, pp. 28-41
Stopa obavezne rezerve kao instrument monetarne politike
(The title is not available in English)
aNarodna banka Srbije, Beograd
bNarodna banka Srbije, Odeljenje za monetarnu politiku i strategiju, Sektor za ekonomske analize iistraživanja, Beograd
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.
References
Bernanke, B., Blinder, A.S. (1988) Credit, money, and aggregate demand. American economic review, 78, Papers and Proceedings, May, str. 435-439
Gregorio, J., Edwards, S., Valdes, R. (2000) Controls on capital inflows: Do they work. NBER, Working paper br. 7645, Apr
le Fort, G., Lehmann, S. (2000) Reserve requirements, capital flows and spending: An empirical assessment. Banco central de Chile, Working paper br. 64
Marković, B., Sinclair, P. (2007) Economic implications of using reserve requirements as a monetary policy tool: Should a central bank pay interest rate on them, draft version. Bank of England
Newey, W.K., West, K.D. (1987) A simple, positive semidefinite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica, 55, 3, 703-708
Reinhart, C., Reinhart, V. (1999) On the use of reserve requirement in dealing with capital flow problems. International Journal of finance and economics, Jan. str. 27-54
Tasić, N. (2008) Pass-through deviznog kursa na cene u Srbiji - 2001-2007. Narodna banka Srbije, Radni papiri
Vilaret, S., Palić, M. (2006) Exchange rate pass-through effect on prices in Serbia. Narodna banka Srbije, Radni papiri, November
 

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article language: Serbian
document type: Materials
published in SCIndeks: 11/12/2008

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