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National Bank of Serbia
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WORKING PAPER SERIES 11
Efficiency of Reserve Requirements as a Monetary Policy
Instrument Mirjana Pali and Nikola Tasi , , 2008. www.nbs.yu
Ntional Bank of Serbia, March, 2008. Available at www.nbs.yu
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. The views expressed in the papers constituting this series are
those of the author, and do not necessarily represent the official
view of the National Bank of Serbia.
, 12,
.: 011/3027-100
, 17,
.: 011/333-8000
www.nbs.yu
Economic Analyses and Research Department
THE NATIONAL BANK OF SERBIA
Belgrade, 12 Kralja Petra Street,
Telephone: (381 11) 3027-100
Belgrade, 17 Nemanjina Street,
Telephone: (381 11) 333-8000
www.nbs.yu
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: . . . , , . , 2W . , .
: , , , . JEL Code: E31, F34, E58 Efficiency of Reserve
Requirements as a Monetary Policy Instrument Mirjana Pali and
Nikola Tasi
Abstract: This paper investigates macroeconomic implications of
using reserve requirements as a monetary policy instrument. The
result suggests that reserve requirement has not been an efficient
instrument. We derive this broad conclusion as this instrument does
not have expected effect on the credit activity of commercial
banks. Furthermore, reserve requirements increases private foreign
debt, while the impact on the foreign liabilities is not
statistically significant. In contrast to reserve requirements,
2-weeks repo rate of NBS decreases private foreign debt, and this
impact is statistically significant. Core and headline inflations
are determined by the exchange rate movements, while the direct
effect of reserve requirements and NBS interest rate is not
confirmed. Key words: Reserve requirements, credit, foreign debt,
inflation. JEL Code: E31, F34, E58
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20
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Obavezna_rezerva_finalni_Ideo.pdfObavezna_rezerva_finalni_IIdeo.pdf
