The recent financial crisis has highlighted the need to go beyond a purely micro approach to
financial regulation and supervision. As a consequence, the number of policy speeches …

This paper reviews policy tools that have been used and/or are available for policy makers
in the region to lean against the wind and review relevant country experiences using them …

Over the past decade policy makers in Latin America have adopted a number of
macroprudential instruments to manage the procyclicality of bank credit dynamics to the …

In recent years, some central banks in Latin America and other emerging market regions
have used reserve requirements to pursue monetary or financial stability goals. In the past …

Reserve requirements are a prominent policy instrument in many emerging countries. The
present study investigates the circumstances under which reserve requirements are an …

Based on a novel quarterly dataset for 52 countries for the period 1970 $2011, we an $
alyze the use and cyclical properties of reserve requirements (RR) as a macroeconomic …

Abstract The Working Papers should not be reported as representing the views of the Banco
Central do Brasil. The views expressed in the papers are those of the author (s) and do not …

The purpose of this paper is to evaluate the effectiveness of two macroprudential policies in
Colombia: marginal reserve requirements and dynamic provisions. The first measure was …

The performance of a simple, countercyclical reserve requirement rule is studied in a
dynamic stochastic model of a small open economy with financial frictions, imperfect capital …

Emerging market central banks are often reluctant to raise interest rates when facing credit
booms driven by capital inflows, and they instead use reserve requirements as an additional …