| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15001 |
| DP15001 A dilemma between liquidity regulation and monetary policy: some history and theory | |
| Eric Monnet; Miklos Vari | |
| 发表日期 | 2020-07-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | History suggests a conflict between current Basel III liquidity ratios and monetary policy, which we call the liquidity regulation dilemma. Although forgotten, liquidity ratios, named “securities-reserve requirements”, were widely used historically, but for monetary policy (not regulatory) reasons, as central bankers recognized the contractionary effects of these ratios. We build a model rationalizing historical policies: a tighter ratio reduces the quantity of assets that banks can pledge as collateral, thus increasing interest rates. Tighter liquidity regulation paradoxically increases the need for central bank’s interventions. Liquidity ratios were also used to keep yields on government bonds low when monetary policy tightened |
| 主题 | Economic History ; Monetary Economics and Fluctuations |
| 关键词 | Liquidity ratios Reserve requirements Basel iii Monetary policy implementation Liquidity coverage ratio (lcr) Central bank history |
| URL | https://cepr.org/publications/dp15001 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543949 |
| 推荐引用方式 GB/T 7714 | Eric Monnet,Miklos Vari. DP15001 A dilemma between liquidity regulation and monetary policy: some history and theory. 2020. |
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