Payment obligations, reserve requirements, and the demand for central bank balances

• 成果类型: Article
• 署名作者: Heller, D; Lengwiler, Y
• 署名单位: Swiss National Bank (SNB); University of Basel
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(03)00011-4
• 发表日期: 2003
• 页码: 419-432
• 关键词: Payment systems; reserve requirements; bank behavior

摘要

We develop a model in which a bank's demand for reserves depends on the joint distribution of transactions, reserve requirements, and the interest rate. By devoting resources to its liquidity management, a bank can save on costly reserves required to settle its payments on time. We test the model with data from the largest banks in the Swiss Interbank Clearing system. We find that the turnover ratio (the speed with which a bank turns over its reserves in the payment system) depends largely on the aggregate value of its payments. We also find that reserve requirements impose a highly uneven burden on the banks. (C) 2003 Elsevier Science B.V. All rights reserved.