interest rates and banking risk is more complex. Ultimately, it depends on how much skin in the game banks have. The central … message of the paper is broadly complementary to those in the recent MCM board paper “Central Banking Lessons from the …

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 …

pronounced when either initial bank capitalization is thin or when monetary policy is tight. Moreover, in the face of credit …. While most of these effects are stronger in crisis times, we find them to operate both in and outside full-blown banking …

The typical portrait of monetary policy has the banks and the money supply being manipulated through changes in bank … reserves. However, with only a small portion of bank deposits now subject to reserve requirements, an alternative explanation … requirements for monetary policy. In particular, we identify a "bank balance-sheet channel" of monetary policy, which operates …

significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the … central bank reserves. …