a public finance analysis of multiple reserve requirements · please address questions regarding...

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The authors are grateful for comments from Peter Rangazas, Bruce Smith, participants in seminars at the Federal Reserve Bank of Atlanta and the Chinese University of Hong Kong, and sessions at the 1996 annual meetings of the Society for Economic Dynamics and the Latin American Econometric Society. Finally, the authors are indebted to Rodolfo Padilla of the Banco de Mexico for his assistance in providing data. The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. Any remaining errors are the authors’ responsibility. Please address questions regarding content to Marco Espinosa-Vega, Federal Reserve Bank of Atlanta, 104 Marietta Street, NW, Atlanta, Georgia 30303-2713, 404/521-8630, [email protected], and Steven Russell, Economics Department, 523 Cavanaugh Hall, IUPUI, 425 University Boulevard, Indianapolis, Indiana 46202-5140, shrusse@ iupui.edu. Questions regarding subscriptions to the Federal Reserve Bank of Atlanta working paper series should be addressed to the Public Affairs Department, Federal Reserve Bank of Atlanta, 104 Marietta Street, NW, Atlanta, Georgia 30303-2713, 404/521-8020. The full text of this paper may be downloaded (in PDF format) from the Atlanta Fed’s World-Wide Web site at http://www.frbatlanta.org/publica/work_papers/. A Public Finance Analysis of Multiple Reserve Requirements Marco Espinosa-Vega and Steven Russell Federal Reserve Bank of Atlanta Working Paper 98-1 January 1998 Abstract: This paper analyzes multiple reserve requirements of the type that have been imposed by a number of developing countries. We show that previous theoretical work on this topic has not succeeded in providing a social welfare rationale for the existence of multiple reserve requirements: in the basic reserve requirements model, any allocation that can be supported by a multiple-reserves regime can also be supported by a single-bond reserve requirement. We go on to present extended versions of the model in which it is possible for a multiple- reserves regime to improve social welfare relative to any single-reserve (currency or bond) and/or deposit-tax regime. We demonstrate the empirical plausibility of our approach by providing a case study of Mexico, a country with extensive historical experience with multiple reserve requirements. JEL classification: E5, E6, F3 Key words: multiple reserve requirements, developing countries, monetary policy

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The authors are grateful for comments from Peter Rangazas, Bruce Smith, participants in seminars at the Federal ReserveBank of Atlanta and the Chinese University of Hong Kong, and sessions at the 1996 annual meetings of the Society forEconomic Dynamics and the Latin American Econometric Society. Finally, the authors are indebted to Rodolfo Padilla ofthe Banco de Mexico for his assistance in providing data. The views expressed here are those of the authors and notnecessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. Any remaining errors are theauthors’ responsibility.

Please address questions regarding content to Marco Espinosa-Vega, Federal Reserve Bank of Atlanta, 104 Marietta Street,NW, Atlanta, Georgia 30303-2713, 404/521-8630, [email protected], and Steven Russell, EconomicsDepartment, 523 Cavanaugh Hall, IUPUI, 425 University Boulevard, Indianapolis, Indiana 46202-5140, [email protected].

Questions regarding subscriptions to the Federal Reserve Bank of Atlanta working paper series should be addressed to thePublic Affairs Department, Federal Reserve Bank of Atlanta, 104 Marietta Street, NW, Atlanta, Georgia 30303-2713,404/521-8020. The full text of this paper may be downloaded (in PDF format) from the Atlanta Fed’s World-Wide Website at http://www.frbatlanta.org/publica/work_papers/.

A Public Finance Analysis of Multiple Reserve Requirements

Marco Espinosa-Vega and Steven Russell

Federal Reserve Bank of AtlantaWorking Paper 98-1

January 1998

Abstract: This paper analyzes multiple reserve requirements of the type that have been imposed by a numberof developing countries. We show that previous theoretical work on this topic has not succeeded in providing asocial welfare rationale for the existence of multiple reserve requirements: in the basic reserve requirementsmodel, any allocation that can be supported by a multiple-reserves regime can also be supported by a single-bondreserve requirement. We go on to present extended versions of the model in which it is possible for a multiple-reserves regime to improve social welfare relative to any single-reserve (currency or bond) and/or deposit-taxregime. We demonstrate the empirical plausibility of our approach by providing a case study of Mexico, a countrywith extensive historical experience with multiple reserve requirements.

JEL classification: E5, E6, F3

Key words: multiple reserve requirements, developing countries, monetary policy

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