| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15274 |
| DP15274 Countercyclical Liquidity Policy and Credit Cycles: Evidence from Macroprudential and Monetary Policy in Brazil | |
| José-Luis Peydró; Rodrigo Gonzalez; João Barata R. Blanco Barroso; Bernardus van Doornik | |
| 发表日期 | 2020-09-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Liquidity Reserve requirements Credit cycles Macroprudential and monetary policy |
| URL | https://cepr.org/publications/dp15274 |
| 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/544249 |
| 推荐引用方式 GB/T 7714 | José-Luis Peydró,Rodrigo Gonzalez,João Barata R. Blanco Barroso,et al. DP15274 Countercyclical Liquidity Policy and Credit Cycles: Evidence from Macroprudential and Monetary Policy in Brazil. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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