Riserva obbligatoria

Riserva obbligatoria

Riserva obbligatoria refers to the percentage of customer deposits that commercial banks are required to hold in reserve rather than lend out. It is a key tool within the broader field of Monetary Policy, allowing a nation's central bank to influence the liquidity available in the financial system. This mechanism ensures banks maintain a certain level of funds to meet withdrawal demands and other obligations, contributing to financial stability. The riserva obbligatoria impacts the amount of money banks have available for credit creation and can thus affect overall economic growth and inflation.

History and Origin

The concept of banks holding reserves dates back centuries, emerging as a practical necessity to prevent bank runs. Modern formal reserve requirements, or riserva obbligatoria, became a standard instrument of monetary policy with the establishment of central banking systems. Historically, these requirements were a primary tool for central banks to manage the money supply. For instance, the National Bank Act of 1863 in the United States imposed formal reserve requirements on banks. In the euro area, the European Central Bank (ECB) has applied a uniform minimum reserve ratio, which stood at 2% since its introduction in 1999 and was lowered to 1% on January 18, 2012.²⁴

A significant shift occurred in the United States when the Federal Reserve Board reduced reserve requirement ratios to zero percent, effective March 26, 2020. This action eliminated reserve requirements for all depository institutions, marking a move towards an "ample reserves regime" where other tools, such as the interest paid on reserves, play a more central role in implementing monetary policy.²³,²²

Key Takeaways

• Riserva obbligatoria mandates the minimum percentage of deposits that banks must hold in reserve.
• It is a core instrument of a central bank's monetary policy, influencing bank liquidity and the money supply.
• These reserves are typically held at the central bank or as vault cash.
• Changes to the riserva obbligatoria can impact lending activity, interest rates, and overall economic conditions.
• While some central banks, like the European Central Bank, still utilize riserva obbligatoria, others, such as the U.S. Federal Reserve, have reduced it to zero.

Formula and Calculation

The riserva obbligatoria itself is a ratio set by the central bank. To determine the actual amount of funds a bank must hold, known as its "required reserves," a simple calculation is applied to its eligible deposits.

The formula to calculate a bank's required reserves is:

Here:

• Required Reserves represents the absolute amount of funds a commercial bank must hold.
• Eligible Deposits refers to the specific types of liabilities (e.g., checking accounts, savings accounts) that the central bank includes in the reserve base calculation.
• Riserva Obbligatoria Ratio is the percentage set by the central bank.

These required reserves appear as assets on a bank's balance sheet.

Interpreting the Riserva obbligatoria

The riserva obbligatoria plays a role in influencing the flow of money and credit within an economy. A higher riserva obbligatoria means banks must hold more funds and have less to lend, which can tighten credit conditions and potentially slow down economic growth. Conversely, a lower riserva obbligatoria frees up more funds for banks to lend, potentially stimulating the economy.

When central banks vary the riserva obbligatoria, they aim to either curb inflation by reducing the money supply or encourage economic activity by increasing it. The impact of such changes can be substantial, affecting overall liquidity in the banking system and influencing short-term interest rates.

Hypothetical Example

Imagine the central bank of a country sets the riserva obbligatoria at 5%. A commercial bank, "Diversification Bank," receives €100 million in new customer deposits.

To calculate its required reserves:

Diversification Bank must hold €5 million as reserves, either in its vault or at the central bank. The remaining €95 million is considered "excess reserves" and is available for lending, subject to other regulatory and prudential considerations. This example illustrates how the riserva obbligatoria directly constrains the lending capacity of commercial banks and affects the overall money supply.

Practical Applications

The riserva obbligatoria serves as a direct lever for monetary policy. Central banks use it to manage aggregate liquidity in the banking system. For instance, the European Central Bank requires euro area banks to hold minimum reserves in their accounts at their national central bank. This ensu²¹res a stable demand for central bank money and helps stabilize money market rates.

In addit²⁰ion to its role in influencing the money supply, reserve requirements can also serve as a tool for financial stability. They can increase system-wide resilience against liquidity shocks and help contain systemic risks from broad-based credit growth. In some e¹⁹merging market economies, where financial markets may be less developed, varying the riserva obbligatoria can be a more direct way to influence credit conditions compared to other instruments like open market operations.

Limit¹⁸ations and Criticisms

While historically a powerful tool, the effectiveness and relevance of riserva obbligatoria have been subject to debate and have diminished in some major economies. One significant criticism is its bluntness compared to other monetary tools, such as adjusting interest rates or conducting open market operations. Changing the riserva obbligatoria can cause significant disruptions to banks' balance sheet management and profitability.

Furthermore, in an era where central banks often manage monetary policy in an "ample reserves" environment—meaning banks hold more reserves than legally required—the riserva obbligatoria becomes less binding. For example, the Federal Reserve Bank of San Francisco notes that the Federal Reserve has moved to an "ample reserves" operating framework, where reserve requirements no longer play a significant role. This shift cu¹⁷lminated in the Federal Reserve reducing all reserve requirement ratios to zero in March 2020., This move ac¹⁶k¹⁵nowledges that in modern financial systems, central banks often influence bank lending through controlling the price of reserves (e.g., through the discount rate or interest on reserves) rather than directly dictating the quantity of reserves. Some argue that such requirements can act as a tax on deposits, potentially hindering financial intermediation.

Riserva obbligatoria vs. Quantitative Easing

While both riserva obbligatoria and Quantitative Easing are tools used by central banks under monetary policy, they operate very differently to influence the economy.

The main confusion arises because both affect the amount of reserves in the banking system. However, riserva obbligatoria sets a floor for reserves, while Quantitative Easing injects reserves, often far above any requirement, to push down long-term rates.

FAQs

What happens if a bank doesn't meet its riserva obbligatoria?

If a bank fails to meet its riserva obbligatoria, it typically faces penalties imposed by the central bank. These penalties can include fines or restrictions on its operations. To avoid this, banks may borrow funds from other banks in the interbank market or from the central bank's discount window.

Is riserva obbligatoria the same as capital requirements?

No, riserva obbligatoria is distinct from capital requirements. Riserva obbligatoria dictates the minimum amount of liquid assets (liquidity) banks must hold against deposits to meet short-term obligations. Capital requirements, on the other hand, mandate the amount of equity and other forms of capital a bank must hold as a buffer against potential losses, ensuring its long-term solvency and financial stability.

How does riserva obbligatoria affect the money supply?

The riserva obbligatoria directly influences the money supply by determining the maximum amount of money commercial banks can lend out from new deposits. A higher riserva obbligatoria reduces the funds available for lending, thereby contracting the money supply, while a lower ratio expands it. This process is integral to fractional reserve banking, where banks lend out a significant portion of their deposits.

Do all central banks use riserva obbligatoria?

No, not all central banks currently use riserva obbligatoria as a primary tool for monetary policy. While central banks like the European Central Bank continue to employ it, the Federal ¹⁴Reserve in the United States, for example, reduced its reserve requirement ratio to zero in 2020. Many modern c¹³entral banks now prefer to manage liquidity and influence interest rates through other tools, such as open market operations and by adjusting the interest paid on reserves held at the central bank.^{123456789101112}