準備需要とインターバンク市場金利 : 中期モデルによる実証分析

概要

論文の詳細を見る
This paper studies the demand for bank reserves and its elasticity to interbank market rate by using a medium-term model. In Japan, it remains controversial whether the demand is interest rate elastic or not. Many of the past studies attempted a short-term analysis on this topic, but this paper attempts a medium-term analysis, where a banking sector can alter its loans and hence required reserves in response to a change in the interbank market rate. Such a medium-term analysis makes it possible to study a central bank's influence on the banking sector via the interbank market. This paper establishes a medium-term model of the banking sector, and then it estimates the model. The estimation result shows the negative elasticity of the demand for reserves to the interbank market rate.
関西学院大学の論文
1999-12-31