Coeficiente de reservas

What Is Coeficiente de reservas?

The coeficiente de reservas, or reserve ratio, is a fundamental concept in monetary policy and banking regulation that dictates the minimum fraction of customer deposits that commercial banks must hold as reservas bancarias rather than lending out. This fraction is set by a country's banco central and serves as a critical tool to influence the oferta monetaria, control inflación, and ensure the liquidez and stability of the financial system. By adjusting the coeficiente de reservas, central banks can either expand or contract the amount of funds available for préstamos, thereby impacting economic activity and credit conditions.

History and Origin

The practice of banks holding reserves against their depósitos dates back centuries, evolving from the necessity for early banks to have sufficient cash on hand to meet customer withdrawals. In the United States, formal reserve requirements were first established at the national level with the passage of the National Bank Act in 1863. Early on, these requirements aimed to ensure the liquidity of bank notes and deposits, particularly during periods of financial stress.

H¹³owever, the rationale for reserve requirements shifted significantly with the creation of central banking systems. For instance, the Federal Reserve System, established in 1913, took on the role of a "lender of last resort," diminishing the need for reserve requirements solely as a liquidity guarantor. Instead, they became a tool for influencing overall monetary and credit conditions.

O¹²ver time, many central banks have re-evaluated the role and necessity of the coeficiente de reservas. For example, effective March 26, 2020, the Federal Reserve Board reduced reserve requirement ratios to zero percent for all depository institutions, effectively eliminating them. Th¹¹is move was made in response to the COVID-19 pandemic to support the flow of credit to households and businesses. Conversely, the European Central Bank (ECB) continues to maintain minimum reserve requirements for credit institutions in the euro area, set at 1% of specific liabilities as of January 2012.

#¹⁰# Key Takeaways

• The coeficiente de reservas is the percentage of customer deposits that banks must hold in reserve.
• It is a key tool used by central banks to manage the money supply and influence economic activity.
• A higher reserve ratio reduces the funds available for lending, while a lower ratio increases them.
• Its role and application vary significantly across different countries' monetary policies, with some central banks, like the Federal Reserve, having eliminated them, while others, like the ECB, still utilize them.
• The ratio aims to ensure bank liquidity and financial system stability.

Formula and Calculation

The coeficiente de reservas is calculated as a simple ratio of required reserves to total eligible deposits.

Where:

• Reservas Requeridas represents the minimum amount of activos a bank must hold, typically as vault cash or deposits with the central bank.
• Depósitos Totales Elegibles refers to the specific types of depósitos subject to the reserve requirement, as defined by the central bank.

For instance, if a central bank sets a coeficiente de reservas of 10%, a bank with €100 million in eligible deposits must hold €10 million in reserves.

Interpreting the Coeficiente de reservas

The interpretation of the coeficiente de reservas hinges on its impact on the banking system's capacity for lending and, by extension, the overall economy. When a central bank increases the coeficiente de reservas, banks must hold a larger portion of their depósitos, reducing the funds they have available to lend. This contraction in the money supply can lead to higher interest rates and a slowdown in crecimiento económico. Conversely, a decrease in the coeficiente de reservas frees up more funds for préstamos, which can stimulate economic activity by making credit more accessible and affordable.

Furthermore, the coeficiente de reservas directly influences the multiplicador monetario, which describes how an initial change in reserves can lead to a larger change in the money supply. A lower reserve ratio results in a higher money multiplier, allowing for a greater expansion of the money supply from a given amount of reserves.

Hypothetical Example

Consider "Banco Diversificado," a commercial bank operating in a country where the central bank mandates a coeficiente de reservas of 5%.

1. Initial Deposit: A new customer deposits €1,000,000 into a checking account at Banco Diversificado.
2. Required Reserves: Based on the 5% coeficiente de reservas, Banco Diversificado must hold €50,000 (€1,000,000 * 0.05) as required reservas bancarias with the central bank or as vault cash.
3. Available for Lending: The remaining €950,000 (€1,000,000 - €50,000) becomes excess reserves that Banco Diversificado can now lend out to other customers seeking préstamos.
4. Money Creation: When Banco Diversificado lends out the €950,000, these funds are typically deposited into another bank, which then must also hold 5% in reserves (€47,500) and can lend out the rest (€902,500). This process continues, demonstrating how an initial deposit can lead to a multiplied increase in the overall money supply within the economy.

Practical Applications

The coeficiente de reservas has several practical applications in central banking and financial markets:

• Monetary Policy Tool: Historically, adjusting the coeficiente de reservas was a direct way for central banks to control the amount of money banks could lend, thereby influencing interest rates and the overall oferta monetaria. While some central banks, like the Federal Reserve, have moved away from using it as an active policy tool in favor of other instruments such as open market operations, it remains a statutory authority.
• Liquidity Management: F⁹or central banks that still impose it, the coeficiente de reservas ensures that bancos comerciales maintain a baseline level of liquidez to meet customer withdrawals and other short-term obligations, contributing to financial stability. The European Central Bank, for instance, mandates minimum reserves for euro area credit institutions.
• Financial System Stabilit⁷, ⁸y: By requiring banks to hold a portion of their depósitos in reserve, it can act as a buffer against unexpected withdrawals or economic shocks, potentially mitigating the severity of a crisis financiera.
• Influence on Interbank Lending: Changes in the coeficiente de reservas can impact the demand for and supply of reserves in the interbank market, affecting rates like the fondos federales rate in the U.S. (prior to its elimination).

Limitations and Criticisms

Despite its historical significance, the coeficiente de reservas as a monetary policy tool faces several limitations and criticisms:

• Blunt Instrument: Critics argue that changes to the coeficiente de reservas are a blunt instrument, as they affect all bancos comerciales simultaneously, regardless of their individual liquidity positions. A small change can have a significant and potentially disruptive impact across the entire financial system.
• Liquidity Hoarding: In t⁶imes of economic uncertainty, banks may choose to hold [reservas bancarias] (https://diversification.com/term/reservas-bancarias) in excess of the minimum required, known as "excess reserves." This can reduce the effectiveness of a lower coeficiente de reservas in stimulating lending, as banks may not necessarily lend out the newly freed-up funds.
• Shift in Central Bank Tool⁵s: Modern central banking often favors more flexible and precise tools like open market operations and interest rates on reserves. These tools allow central banks to fine-tune the supply of money and credit without imposing a direct, rigid requirement on banks. For example, the Federal Reserve moved to an "ample-reserves" framework, leading to the elimination of reserve requirements.
• **Competitive Disadvantage:⁴ For banks in jurisdictions with higher reserve ratios compared to those in countries with lower or zero ratios, it can create a competitive disadvantage by tying up a larger portion of their funds in non-interest-bearing or low-interest-bearing reserves.

Coeficiente de reservas vs. Requisitos de capital

While both the coeficiente de reservas and requisitos de capital are regulatory measures imposed on bancos comerciales to ensure financial stability, they serve distinct purposes and are calculated differently.

Confusion can arise because bot¹, ², ³h aim to safeguard the banking system. However, the coeficiente de reservas focuses on a bank's immediate ability to meet obligations from deposits, while requisitos de capital address a bank's long-term financial strength and capacity to withstand significant losses without failing.

FAQs

1. ¿Cómo afecta el coeficiente de reservas a la economía?

El coeficiente de reservas afecta la economía al influir en la cantidad de dinero que los bancos comerciales pueden prestar. Un coeficiente más alto reduce la capacidad de préstamo, lo que puede desacelerar el crecimiento económico y elevar las tasas de interés. Un coeficiente más bajo tiene el efecto contrario, estimulando la actividad económica.

2. ¿Todos los países tienen coeficiente de reservas?

No, no todos los países mantienen un coeficiente de reservas. Algunos bancos centrales, como la Reserva Federal de Estados Unidos, han eliminado sus requisitos de reservas, mientras que otros, como el Banco Central Europeo, aún los utilizan como parte de su marco de política monetaria.

3. ¿Qué son las reservas excedentes?

Las reservas excedentes son los fondos que un banco comercial tiene en reservas bancarias por encima del coeficiente de reservas mínimo requerido por el banco central. Estas reservas adicionales pueden ser utilizadas por el banco para préstamos o para invertir en el mercado interbancario.

4. ¿Cuál es el impacto de un coeficiente de reservas del cero por ciento?

Un coeficiente de reservas del cero por ciento, como el adoptado por la Reserva Federal, significa que los bancos no están legalmente obligados a mantener una proporción específica de sus depósitos como reservas. Esto les da a los bancos más flexibilidad para gestionar su liquidez y potencialmente aumenta la capacidad de préstamo disponible en la economía.