Macroprudential policy and intra-group dynamics : the effects of reserve requirements in Brazil

Chris Becker, Matias Ossandon Busch, Lena Tonzer

We examine whether liquidity dynamics within banking groups matter for the transmission of macroprudential policy. Using matched headquarter-branch data for identification, we find a lending channel of reserve requirements for municipal branches whose headquarters are more exposed to the policy tool. The result is driven by the 2008-2009 crisis and is stronger for state-owned branches, especially when being less profitable and liquidity constrained. These findings suggest the presence of cross-regional distributional effects of macroprudential policies opera-ting via internal capital markets.

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Year of publication:	[2017] ; This version: September 2020
Authors:	Becker, Chris ; Ossandon Busch, Matias ; Tonzer, Lena
Publisher:	Halle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association
Subject:	macroprudential regulation \| financial intermediation \| intra-group dynamics \| Brasilien \| Brazil \| Finanzmarktaufsicht \| Financial supervision \| Finanzintermediation \| Financial intermediation \| Wirkungsanalyse \| Impact assessment \| Mindestreserve \| Reserve requirements \| Geldpolitik \| Monetary policy \| Bankenaufsicht \| Banking supervision \| Finanzmarktregulierung \| Financial market regulation

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Extent:	1 Online-Ressource (circa 68 Seiten) Illustrationen
Series:	IWH-Diskussionspapiere. - Halle, S. : IWH, ISSN 2194-2188, ZDB-ID 2836591-4. - Vol. 2017, no. 21 (November 2017)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/224488 [Handle]
Classification:	F30 - International Finance. General ; f65 ; G21 - Banks; Other Depository Institutions; Mortgages ; G28 - Government Policy and Regulation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012287422