Uma Avaliação dos Recolhimentos Compulsórios

Leonardo Alencar, Tony Takeda, Bruno Martins () and Paulo Dawid

No 296, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: Reserve requirements are used as an additional policy instrument in many countries. The present paper examines whether the use of this instrument helps to improve macroeconomic stability. The analysis is conducted by estimating and simulating a semi structural model for the Brazilian economy. The results indicate that the use of reserve requirements – as a complement to the monetary policy interest rate – can provide stability gains both from the output and inflation perspective, as well as from a macroprudential point of view. In particular, reserve requirements showed to play an important role to accommodate shocks that arise in the financial sector.

Date: 2012-10
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