procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have … new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments …

in credit allocation, increased independence for the central bank, and a deepening of money and securities markets. Such …

Monetary policy, at least in part, operates through both an interest rate and credit channel. The question arises … of credit and where investment and consumption are not financed by borrowing in local currency. This paper employs a … unrelated to the level of credit and that, instead, the willingness to allow exchange rate flexibility is a far more important …

procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have … new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments …