Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/229129 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2515
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area with difference-in-differences estimation techniques. Using a novel dataset and an identification strategy that exploits the cross-country heterogeneity in the regulatory treatment of reserves for LCR purposes prior to the announcement of a harmonised euro area standard as a quasinatural experiment, we find evidence that points to LCR-induced demand for reserves. Specifically, our results suggest that banks with low LCRs relative to peers increased their central bank reserve holdings as a result of the LCR regulation. Our findings have economically meaningful implications for the operational framework of monetary policy and imply that the Eurosystem's balance sheet may need to remain larger than it was prior to the financial crisis and the associated introduction of new liquidity regulation.
Schlagwörter: 
Basel III
Liquidity Coverage Ratio
monetary policy
central bank operational framework
ECB
JEL: 
C23
E52
G28
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4515-8
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
633.94 kB





Publikationen in EconStor sind urheberrechtlich geschützt.