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| Author: | Espinsa-Vega, M. |
| Title: | Multiple reserve requirements |
| Journal: | Journal of Money, Credit and Banking
1995 : AUG, VOL. 27:3, p. 762-776 |
| Index terms: | CREDIT MARKETS BANKING MONEY |
| Language: | eng |
| Abstract: | Although multiple reserve requirement schemes have been adopted in several countries, they have not been analyzed formally. This paper explores some of the inflationary and welfare consequences of these schemes. The paper studies an economy in which there will be non-bank holdings of currency under any reserve requirements regime, so that reserve requirements simply serve to enhance the demand for government liabilities. In this context, multiple reserve requirements can be thought of as a component of a second-best financing scheme. |
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