Reservas bancarias voluntarias y la tasa de política monetaria en Uruguay

Elizabeth Bucacos () and Verónica Rodríguez ()
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Elizabeth Bucacos: Banco Central del Uruguay
Verónica Rodríguez: Banco Central del Uruguay

No 2013006, Documentos de trabajo from Banco Central del Uruguay

Abstract: This paper studies the relationship between voluntary bank reserves and monetary policy rate (MPR) for the Uruguayan case, between September 2007 and June 2013, while the interest rate was used as instrument of monetary policy. A negative correlation is found, in particular that relationship presents a negative sign and is statistically significant for the voluntary bank reserves associated to legal requirements on average deposits on domestic currency. Nevertheless, reserve response to MPR changes seems to be small

Keywords: voluntary bank reserves; real reserves; minimum compulsory reserves; policy rate; reservas bancarias voluntarias; sobrecumplimiento; encaje real; encaje mínimo obligatorio; tasa de política monetaria (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:bku:doctra:2013006

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