How did the Complementary Deposit Facility affect commercial bank’s demand for reserve? Empirical analysis using bank’s financial data

ホカン　トウザ　ヨキン　セイド　ハ　ギンコウ　ノ　リザーブ　ジュヨウ　ニ　ドノヨウニ　エイキョウ　ヲ　アタエタノカ　 ギンコウ　ザイム　データ　ヲ　モチイタ　ジッショウ　ブンセキ

Takehana, Katsutoshi

谷崎, 久志

Tanizaki, Hisashi

補完当座預金制度

銀行財務データ

reserve demand

the Complementary Deposit Facility

bank’s financial data

In this paper, we investigated how the Complementary Deposit Facility, interest on excess reserves, introduced by the Bank of Japan in Oct. 2008 affected commercial bank’s demands for reserves by empirical analysis using bank’s financial data. Our main findings are summarized as follows. First, interest on excess reserves has the significant impact on the commercial bank’s demand for reserves. Second, although the holdings of reserve with precautionary demand that was clarified in the previous researches was confirmed in this study as well, the reasons why commercial banks have precautionary demand for reserve were not the same as these papers.

谷崎, 久志