Blanco Barroso, Joao; Barbone Gonzalez, Rodrigo; … - 2019
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 …