Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. The appeal of reserve requirements lies in the pro-cyclical behavior of...

The aim of this paper is to analyze the structure of the current financial system, including money circulation in it, and defi ne its infl uence on business cycles. The paper examines causes of disturbances in money circulation which lead to shallow or even deep economic crises. The role of...