Liquidity ratios as monetary policy tools :: some historical lessons for macroprudential policy /
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between th...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2019]
|
| Schriftenreihe: | IMF working paper ;
WP/19/176. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce. |
| Beschreibung: | 1 online resource |
| ISBN: | 151351153X 9781513511535 |
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| 245 | 1 | 0 | |a Liquidity ratios as monetary policy tools : |b some historical lessons for macroprudential policy / |c Eric Monnet and Miklos Var. |
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| 520 | 3 | |a This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce. | |
| 650 | 0 | |a Bank capital. |0 http://id.loc.gov/authorities/subjects/sh85011559 | |
| 650 | 0 | |a Bank liquidity. |0 http://id.loc.gov/authorities/subjects/sh94001693 | |
| 650 | 0 | |a Monetary policy. |0 http://id.loc.gov/authorities/subjects/sh85086787 | |
| 650 | 6 | |a Banques |x Capital. | |
| 650 | 6 | |a Banques |x Liquidité. | |
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| 700 | 1 | |a Vari, Miklos, |e author. | |
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| spelling | Monnet, Eric, 1983- author. https://id.oclc.org/worldcat/entity/E39PBJfhb7Cj9RWpFb8qfjcF8C http://id.loc.gov/authorities/names/no2018098872 Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / Eric Monnet and Miklos Var. [Washington, D.C.] : International Monetary Fund, [2019] ©2019 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/176 Online resource; title from PDF title page (IMF, viewed Sept. 8, 2020). This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce. Bank capital. http://id.loc.gov/authorities/subjects/sh85011559 Bank liquidity. http://id.loc.gov/authorities/subjects/sh94001693 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Banques Capital. Banques Liquidité. Politique monétaire. Bank capital fast Bank liquidity fast Monetary policy fast Vari, Miklos, author. International Monetary Fund, issuing body. http://id.loc.gov/authorities/names/n81052755 has work: Liquidity ratios as monetary policy tools (Text) https://id.oclc.org/worldcat/entity/E39PCFKqgmRQvKrGDbVHfFQb7d https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/19/176. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2242535 Volltext |
| spellingShingle | Monnet, Eric, 1983- Vari, Miklos Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / IMF working paper ; Bank capital. http://id.loc.gov/authorities/subjects/sh85011559 Bank liquidity. http://id.loc.gov/authorities/subjects/sh94001693 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Banques Capital. Banques Liquidité. Politique monétaire. Bank capital fast Bank liquidity fast Monetary policy fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85011559 http://id.loc.gov/authorities/subjects/sh94001693 http://id.loc.gov/authorities/subjects/sh85086787 |
| title | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / |
| title_auth | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / |
| title_exact_search | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / |
| title_full | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / Eric Monnet and Miklos Var. |
| title_fullStr | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / Eric Monnet and Miklos Var. |
| title_full_unstemmed | Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy / Eric Monnet and Miklos Var. |
| title_short | Liquidity ratios as monetary policy tools : |
| title_sort | liquidity ratios as monetary policy tools some historical lessons for macroprudential policy |
| title_sub | some historical lessons for macroprudential policy / |
| topic | Bank capital. http://id.loc.gov/authorities/subjects/sh85011559 Bank liquidity. http://id.loc.gov/authorities/subjects/sh94001693 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Banques Capital. Banques Liquidité. Politique monétaire. Bank capital fast Bank liquidity fast Monetary policy fast |
| topic_facet | Bank capital. Bank liquidity. Monetary policy. Banques Capital. Banques Liquidité. Politique monétaire. Bank capital Bank liquidity Monetary policy |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2242535 |
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