A Dilemma between Liquidity Regulation and Monetary Policy: Some History and Theory
通过历史回顾和理论模型，揭示了巴塞尔III流动性比率与货币政策之间的冲突，即流动性监管困境：更严格的流动性比率会减少银行可抵押资产，推高利率，反而增加央行干预需求。
Abstract History suggests a conflict between current Basel III liquidity ratios and monetary policy, which we call the liquidity regulation dilemma. Although forgotten, liquidity ratios, named “securities‐reserve requirements,” were widely used historically, but for monetary policy (not regulatory) reasons, as central bankers recognized the contractionary effects of these ratios. We build a model rationalizing historical policies: a tighter ratio reduces the quantity of assets that banks can pledge as collateral, thus increasing interest rates. Tighter liquidity regulation paradoxically increases the need for central bank's interventions. Liquidity ratios were also used to keep yields on government bonds low when monetary policy tightened.