Financial development and reserve requirements |
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| Affiliation: | 1. Utrecht University School of Economics, The Netherlands;2. Utrecht University School of Economics, CPB Netherlands Bureau for Economic Policy Analysis, The Netherlands;1. Department of Pathology, Massachusetts General Hospital and Harvard Medical School, Boston, Massachusetts;2. Department of Oncology, Massachusetts General Hospital and Harvard Medical School, Boston, Massachusetts;3. Department of Pathology, University of Massachusetts Memorial Hospital, Worcester, Massachusetts;4. Department of Pathology, Duke University Medical Center, Durham, North Carolina;5. Dermatopathology Section, Department of Pathology and Laboratory Medicine, Veterans Affairs Consolidated Laboratories New England, Boston, Massachusetts;1. Universita'' degli Studi di Milano Bicocca, Milano, Italy;2. Griffith University, Brisbane, Australia |
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| Abstract: | Many countries have either eliminated or considerably reduced reserve requirements during the last decade. This paper derives the optimal reserve requirements of a simple economy with production and financial intermediation subject to costly state verification, and shows that one motivation for the widely observed reduction in the level of mandatory reserves is linked to the process of financial markets development. |
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