The impact of reserve requirement changes on the valuation of Australian bank holding companies |
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| Authors: | WP Hogan IG Sharpe PA Volker |
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| Institution: | University of Sydney, Sydney, N.S.W. 2006, Australia;University of Newcastle, Newcastle, N.S.W. 2308, Australia;Australian National University, Canberra, A.C.T. 2600, Australia |
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| Abstract: | The impact of changes in the level of reserve requirements imposed on banks and in the interest rate paid on impounded funds are examined using the Asset Pricing Model. Significant wealth effects are found to exist. These results are consistent with hypotheses advanced by Johnson (1972) and Penner and Silber (1973). |
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