GENESIS OF FUNCTIONS OF BANKING REGULATION TOOLS: COMPULSORY RESERVES
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1 International Journal of Mechanical Engineering and Technology (IJMET) Volume 9, Issue 12, December 2018, pp , Article ID: IJMET_09_12_131 Available online at aeme.com/ijmet/issues.asp?jtype=ijmet&vtype= =9&IType=12 ISSN Print: and ISSN Online: IAEME Publication Scopus Indexed GENESIS OF FUNCTIONS OF BANKING REGULATION TOOLS: COMPULSORY RESERVES Tatiana S. Novashina Moscow University for Industry and Finance Synergy, Moscow, Russian Federation Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs, Moscow, Russian Federation Vyacheslav I. Karpunin Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs, Moscow, Russian Federation Ekaterina A. Isaeva Moscow University for Industry and Finance Synergy, Moscow, Russian Federation ABSTRACT The article is devoted to studying the genesis of the compulsory reserves functions as a multifunctional financial tool. As a financial tool, compulsory reserves in deploying their functional content are revealed not so much in their traditional function as a tool to regulatee the liquidity of the banking system but primarily as a tool with specific multifunctionality that allows central banks to ensure the stability of the banking system in general by ensuring the stability of banking institutions key components of the banking system. The specific multifunctionality is revealed, inter alia, through averaging mechanisms in this paper. Based on the analysis of the averaging mechanism operation, a conclusion is made on expanding the functional set of compulsory reserves as an efficient financial tool. It is revealed that each of the functions under consideration can be represented by more local functions that make up the integrity. Local functions are selected with due consideration of the diversity of interests of the parties involved in the mandatory reservation process and are based on the averaging mechanism. IJMET/index.asp 1301 editor@iaeme.com
2 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves In particular, it is shown in the paper how the function of the interest rate buffer unfolds into local functions: the function of regulating the rates volatility in the money market and regulating the cost of borrowed funds. The authors believe that such selection and localization of functions has not only scientific value from the standpoint of disclosing mechanisms for more efficient use of this financial tool, but also some practical value, as it allows to disclose real economic interests of each party more clearly and therefore use the identified benefits of this financial tool more purposefully. Key words: Averaging Mechanism, Multifunctional Nature of A Financial Tool, Bank Reserve Requirements, Compulsory Reserve Requirements, Functions of Compulsory Reserves, Effect of Absolute Liquidity, Effect of "Liquidity Trap" Cite this Article: Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva, Genesis of Functions of Banking Regulation Tools: Compulsory Reserves, International Journal of Mechanical Engineering and Technology, 9(12), 2018, pp INTRODUCTION Central banks can use various traditional financial tools to regulate market liquidity in order to ensure the sustainability of national financial systems. Compulsory reserves perform the function of regulating the structural liquidity of the banking system in this capacity. It is known that the Institute of Mandatory Reservation was established at the beginning of the last century in the USA. Along with other decisions of the monetary authorities taken to overcome the economic crisis of the 1930s, the Institution of Reservation was developed independently and was involved into banking regulation as an alternative to the possible creation of the banking system with full reservation. Compulsory reserve requirements were centrally and extensively used by central banks as an important component of the system of regulation tools developed by the national monetary system. At the same time, some central banks (Bank of Canada, Bank of England, Reserve Bank of Australia, Reserve Bank of New Zealand, and some others) refused to use compulsory reserves as a tool for regulating the structural liquidity of the banking system. The reasons were different. For example, Professor F. Mishkin, when drawing conclusions on the "Reserve Requirements" section of his academic textbook, explains the "withdrawal" of this tool from the scope of active use as follows: "Changing reserve requirements is a too rough tool for controlling money supply, and therefore it is rarely used. One can hardly agree with this statement, and the authors intend to demonstrate this [1]. The current hypothesis of the research is as follows. Multifunctionality is a property inherent in financial tools. Financial tools that are originally designed as monofunctional tools for regulating relations in the financial system are potentially multifunctional by their nature, as a product of financial engineering. The multifunctionality is a potential property. On the one hand, this property is inherent in the design features of financial tools in financial engineering. Adherents of financial engineering J.F. Marshall and V.K. Bansal emphasize that IJMET/index.asp 1302 editor@iaeme.com
3 Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva "a financial engineer is able to work out a design solution for a very extensive and... extremely complex set of tasks" [2]. On the other hand, the potential functions of financial tools are disclosed only in financial management during the launch and operation of economic mechanisms, including the "channels" of the transmission mechanism of monetary policy: interest rate channels, liquidity channels, exchange rate channels, and other instrumental channels [3,4,5,6,7, 8]. As such, it can be assumed that the nature of the phenomenon of the potential multifunctionality of financial tools is dual. On the one hand, this duality is due to the very essence of the project activity and the peculiarities of its course. Project activities are primarily creative (in fact), multifaceted (by areas of entry), complexly structured (by interrelation of components), and, most importantly, systemically oriented (by final result). On the other hand, the potential multifunctionality is revealed and manifested through the economic and legal relations that are formed between the economic agents through the use (application) of a financial tool. This is particularly emphasized by researchers engaged in the genesis of the functions of financial tools. [9,10,11,12] The historical genesis of money is the most difficult phenomenon of the genesis of financial tools to understand and, as a result, to explain. It is a special financial tool endowed with incredible properties by some people due to this peculiarity and mystery, which turned money into a fetish, a so-called "golden calf". At the same time, other people perceive it utilitarianly simple: "money is the most liquid financial asset". Money is understood and perceived as a financial tool defined as "a market form of universal demand for a portion of social welfare" [9]. Professor Yu.N. Bazulin took a new look at the phenomenon of "money", comprehensively examined its genesis, and looked into the essence of this phenomenon to help better understand it. The surprising property of money and its perception by human consciousness is that money symbols already at "birth" possessed all the "virtues" (in an implicit, hidden form) that manifested gradually in the process of its historical development [9]. In the field of goal setting, it is what a central bank seeks for (declaration of the core and intermediate goals of the monetary policy), how this result can be achieved, what toolkit (tool set) should be used, and what the possible interaction for obtaining the greatest synergistic effect is, since emergence is one of the most important properties of the system. 2. METHODS In this article the authors have relied on scientific works and applied developments of Russian and foreign scientists and practitioners on the problems in the field of the compulsory reserves operation in order to ensure the financial stability of banks. The dialectical method of knowledge and the systematic approach to the problem consideration were used in this article; general scientific and special research methods were applied: analysis, synthesis, analogy, classification, as well as historical and logical methods, tabular and graphical techniques. The information base of the article is regulatory and legal acts of the Russian Federation that govern the activities of the central bank and credit institutions. Official foreign and Russian information resources have been used in this article, along with data from the official websites of research and information business portals, institutes, and other organizations. IJMET/index.asp 1303 editor@iaeme.com
4 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves 3. RESULTS 3.1. Approaches to the Formation of Compulsory Reserves There are several methods for the formation of compulsory reserves. It is assumed that the mandatory reservation rate will be manipulated in the framework of the regulatory method, which allows central banks to adjust the liquidity and solvency not so much of an individual bank but rather of the entire banking system. Using the method of averaging the compulsory reserves, a credit institution receives the right to maintain the standard minimum balance on its correspondent account at the central bank instead of transferring a part of the compulsory reserves in a certain amount to the central bank (Federal Law # 86-FZ dated ). Not every central bank that uses compulsory reserves as a financial tool of monetary policyalso uses the mechanism of averaging the compulsory reserves. Credit institutions of national banking systems, where this mechanism is adopted by central banks, can use a part of the compulsory reserves to regulate their current liquidity. Along with the classical (traditional) scheme of using the averaging mechanism, the bank may use other schemes depending on the amount of available resources. Figure 1. Scheme of using the mechanism of averaging the compulsory reserves (scheme with a short period of reserves storage in the compulsory reserves fund (CRF)) (compiled by the authors based on [13] IJMET/index.asp 1304 editor@iaeme.com
5 Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva The bank may withdraw (see Figure 1) a certain amount from the CRF for a certain period and return the borrowed funds after that. At the same time, in order to ensure the averaging, the bank places, for example, twice the amount borrowed on the account of the CRF, for a period twice smaller that the term of the use of the reserves. In another case (see Figure 2), the bank may withdraw a similar amount from the CRF for the same period. However, the bank places half the amount borrowed, for example, on the account of the CRF, for a period twice the use of the reserves in order to ensure the averaging. Figure 2. Scheme of using the mechanism of averaging the compulsory reserves (scheme with along period of reserves storage in the CRF) (compiled by the authors based on [13]) 3.2. Implementation of Mandatory Reservation Functions in the Money Market At the moment, banks can hold significant funds from the CRF on their correspondent accounts in the Bank of Russia, using the averaging mechanism. This, in turn, allows to find the function of regulating the current liquidity of banks. The interest rate buffer function assumes that a change in the bank reserve requirements leads to a change in the interest rate in the money market. Reduction in the bank reserve requirements provides banks with an additional cash flow (r 1 r 2 ), which results in excessive liquidity on the money market and the fall in the interest rate (Figure 3a). Increase in the bank reserve requirements leads to a reduction in the free cash supply (r 2 r 1 ) and an increase in the demand for highly liquid assets, the money market being the main source of it for banks. As a result, the interest rate increases (Figure 3b). IJMET/index.asp 1305 editor@iaeme.com
6 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves Figure 3. Impact of changes in the bank reserve requirements on the interest rate in the money market (compiled by the authors based on [13]) As such, the manipulation with the bank reserve requirements is a tool to influence the cost of borrowing in the money market. The effect of absolute liquidity is manifested in the fact that if the interest rate reaches its maximum value at a certain state of the market situation, the demand for liquidity from banks is stable due to the need to secure their constant solvency. In turn, the effect of "liquidity trap" is manifested in the fact that the interest rate reaches its minimal value at a certain state of the market situation, where further increase in the money supply cannot lower it. Along with this, the use of the compulsory reserves averaging mechanism by banks allows to secure a kind of buffer that softens the money market situation and is a tool for regulating the interest rate volatility. Figure 4. Effect of using the averaging mechanism for compulsory reserves on the volatility of changes in the interest rate in the money market (compiled by the authors based on [13]) IJMET/index.asp 1306 editor@iaeme.com
7 Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva The growth of demand for liquid money market resources from banks with their limited supply leads to an increase in the interest rate (Figure 4, quadrant 1). When it reaches a certain level (i 2 ), it becomes unprofitable for banks to raise expensive resources. As a result, banks turn to the resources of the CRF and raise the required amount of funds using the averaging mechanism over the storage period (period t 1 t 2 ) (Figure 4, quadrant 2). This leads to a temporary decrease in the bank reserve requirements (rr 0 rr 2 ), causes a decrease in demand, an increase in supply in the money market (Figure 4, quadrant 3), and, as a result, a decrease in the interest rate (i 1 ) (Figure 4, quadrant 4). As the interest rate falls, banks are increasingly raising resources required for averaging, which leads to a reduction in the money supply and an increase in the interest rate. As such, the interest rate can be held in a certain corridor, the size of which (amplitude of the interest rate variations) depends on the length of the storage period, the value of the averaging coefficient, the limited ability of banks to use the averaging mechanism, as well as the desire of banks to use it. Consequently, the authors believe that the interest rate buffer function can be divided into the function of regulating the rates volatility in the money market and regulating the cost of borrowed funds. It must be noted that Figure 4 shows the one-factor model of the change in the interest rate in the money market determined by the influence of the use of the compulsory reserves averaging mechanism. However, the interest rate change is actually a multifactorial process. The authors used a one-factor model to explain the idea of the mechanism for implementing the function of regulating the rates volatility in the money market. The function of regulating capital flows assumes that the central bank can influence the composition and structure of funds raised by banks and also regulate the inflow and outflow of foreign capital by establishing differentiated rates of deductions to the CRF Impact of Compulsory Reserves on Certain Bank Indicators It is obvious that the formation of compulsory reserves leads to an increase in the real value of the funds raised by the bank, which can be assessed as follows: = / 1,h (1) R real is a real cost of raising resources, R market/nominal is a market/nominal value of raising resources, and R CR is bank reserve requirements. As such, an increase in the bank reserve requirements not only reduces the credit and investment opportunities of banks, but also leads to an increase in the real value of the funds raised, and consequently to a decrease in their interest margin: Interest margin = Interest received Interest paid Income generating assets The bank can do the following to maintain the required level of interest margin: increase the average return on transactions by placing funds in more risky instruments, issuing loans at higher interest rates, which ultimately can lead to an outflow of reliable customers, and reduce the quality of the loan portfolio and securities portfolio. This is a short-term measure; reduce the cost of the funds raised, encouraging customers to transfer their funds to more profitable deposits and other instruments. The authors believe that this measure is more (2) IJMET/index.asp 1307 editor@iaeme.com
8 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves reasonable, since the bank does not take on additional risks and does not lose its competitiveness in the financial market due to similar measures from other banks; and increase the average return on transactions with the simultaneous decrease in the cost of funds raised. Due to this, central banks regulate the composition and structure of their liabilities by introducing differentiated bank reserve requirements and thereby differentially influencing the cost of certain banks' resources. In particular, time deposits and demand deposits, for which the reserve requirements can also be differentiated, are generally accepted liabilities for the establishment of reserve requirements. This is primarily due to the management peculiarities and the variability of these types of deposits. A common practice has been to establish higher reserve requirements for demand deposits than for time and savings deposits (see Figure 5a). Figure 5. Options for differentiating the bank reserve requirements depending on the maturity of the raised resources (compiled by the authors based on [13]) One of the options for the requirements differentiation is to establish the zero interest rate for a certain group of obligations. It must be noted that this is not common in the world practice: central banks either use compulsory reserves in their practice by setting a differential or uniform interest rate, or not. 4. DISCUSSION Central banks in some countries (for example, in Mexico and in the European Central Bank system) use the zero interest rate for all liabilities, without officially refusing to use this monetary regulation tool (Table 1). It is obvious that the European Central Bank declares that it reserves the right to use this tool in its monetary policy, in the first place, and provides for the possibility of increasing the interest rate by setting the zero interest rate for certain groups of liabilities, rather than excluding them from the reservation base. IJMET/index.asp 1308 editor@iaeme.com
9 Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva Table 1. Composition of the compulsory reserves base of credit institutions within the European Central Bank Included in the reservation base liabilities of credit institutions with a positive interest rate: overnight deposits; deposits with an agreed maturity of up to two years deposits with a maturity of up to two years with an agreed period for a withdrawal notice; debt obligations with an agreed maturity of up to two years. liabilities of credit institutions with the zero interest rate: deposits with an agreed maturity of more than two years; deposits with a maturity of more than two years with an agreed period for a withdrawal notice; Repo; debt obligations with an agreed maturity of more than two years. Not included in the reservation base liabilities regarding the European Central Bank and the national central banks; liabilities relative to other institutions included in the European system of compulsory reserves Source: compiled by the authors based on the [14] Secondly, it has more opportunities to obtain information on the availability and amount of liabilities to be reserved, i.e. strengthens its control and regulatory functions. Sometimes the bank reserve requirements depend on the volume of raised liabilities included in the base of their calculation and the bank type. This is how the central bank encourages credit institutions to increase the level of capitalization and increase their deposit base by reducing the real cost of the borrowed funds. This practice is common in Japan. Certain bank reserve requirements are established for the outstanding debt liabilities and funds held in trust. However, unlike the type of liabilities reviewed above, it applies to all banks. Central banks can differentiate the bank reserve requirements by currency type and residence status in order to regulate the inflow and outflow of foreign capital. Central banks allow commercial banks to offer more attractive operating conditions for their customers on foreign exchange transactions and encourage foreign capital and foreign currency funds inflow by establishing lower rates of deductions to the CRF for liabilities in foreign currency than for liabilities in national currency. Deposits in foreign currency are often not subject to accounting when calculating the reservation base at all. At the same time, deposits in foreign currency in certain periods were taxed at a higher reservation rate in some countries in particular, in Russia. It is obvious that this measure is often protective. For instance, the rates were 6.25% in foreign currency against 4.25% in Russian rubles from July 1, 2016 to August 1, 2016 [15]. In the current period, the rates have been 7% and 8% in foreign currency, depending on the type of license of the credit institution, against 5% and 1% in Russian rubles since [16]. As such, each of the functions under consideration can be represented by its constituent elementary functions, which should be regarded with due consideration for the economic and legal interests of the parties involved in the mandatory reservation process (Table 2). These functions most fully disclose the contents of the compulsory reserves at the moment. However, as monetary relations develop, the content of the compulsory reserves and IJMET/index.asp 1309 editor@iaeme.com
10 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves their purpose as afinancial tool may change, just as the functions describing it will change, and their list will be narrowed or expanded. Economic interests of the parties to the relationships emerging in the mandatory reservation process Functions of compulsory reserves Common Table 2. Functions of compulsory reserves Macro level (central bank) Bank Micro level Customers and counterparties Protective Regulating Encouraging Monetary control Regulating money supply and inflation + Regulating credit opportunities of commercial banks Specific Liquidity management Interest rate buffer Capital flow regulating Regulating structural liquidity of the banking system Regulating the current liquidity of banks Regulating the rates volatility in the money market Regulating the cost of the funds raised Regulating the composition and structure of the funds raised Regulating the international capital flows Source: compiled by the authors. In the course of studying the genesis of the development of the compulsory reserves as a financial tool, it must be noted that they performed a predominantly protective function at the first stage, which is one of the most significant at present. At the second stage, the list of functions expanded and was mainly described by functions of monetary control and regulating the capital flow, as well as regulating the structural liquidity of the banking system. At the third stage, the list of functions expanded again. At the same time, certain functions performed by reserves at the second stage described them at the next stage as a tool for ensuring financial stability. Due to this, some functions of compulsory reserves as a monetary policy tool can also describe them as a tool for ensuring financial stability. The specific functions of compulsory reserves, which define them as a tool for ensuring financial stability, may include the function of regulating the rate volatility in the money market, since more active use of the averaging mechanism characteristic of the Russian Federation in banking may influence the money market, despite the absence of a direct relationship between the bank reserve requirements and the interest rate in the money market. The need for the current funding and hence the dependence on the money market resources in credit institutions will slightly decrease, and the interest rates will become more stable, as a result. IJMET/index.asp 1310 editor@iaeme.com
11 Tatiana S. Novashina, Vyacheslav I. Karpunin and Ekaterina A. Isaeva 5. CONCLUSION The study of the genesis, which reveals the transformation and development of the financial tool traditional for Central banks mandatory reserve requirements, allows to make a number of important generalizations and conclusions. Firstly, multifunctionality is a property inherent in financial tools. Financial tools that are originally designed as monofunctional tools for regulating relations in the financial system are potentially multifunctional by their nature, as a product of financial engineering. Secondly, multifunctionality of the financial tool is revealed during its genesis. The multifunctionality property of the financial tool is manifested and disclosed only in the process of expansion of the areas of its use by the management, as well as changes in the goal setting of its activities in using the financial tool. The traditional financial tools, which are incorporated by central banks into the established regulatory "system of financial tools", by acquiring additional functions or remaining in their traditional role, can significantly enhance the synergistic and systemic effects of regulatory activities of central banks. Thirdly, the definition and localization of the financial tool functions has not just a scientific value, in terms of disclosing mechanisms for the efficient use of a particular financial tool, but also an undoubted practical value, since it allows to reveal the real economic interests of each of the parties and therefore use the advantages of the applied financial tool more purposefully. The compulsory reserves are now not just a traditional tool for implementing the monetary policy a tool for regulating liquidity in the market of loan capital. It is obvious that the compulsory reserve requirements can and should be viewed both as a tool for developing mechanisms for implementing the national monetary policy and as a tool for ensuring the financial stability of national financial systems. REFERENCES [1] Akimov, O. M. Upravleniyeizbytochnymirezervami: opyt FRS SSHA [Managing excess reserves: the US Federal Reserve experience]. Money and Credit, 9, 2011, pp [2] Marshall, J. F., and Bansal, V. K. Financial Engineering: A Complete Guide to Financial Innovation. New York Institute of Finance: Allyn & Bacon, Inc, [3] Moiseev, S. R. Transmissionnyymekhanizmdenezhno-kreditnoypolitiki [Transmission mechanism of the monetary policy]. Finance and credit, 18, 2002, pp [4] Moiseev, S. R. Valyutnyyeinterventsii. Mezhdunarodnayapraktikaieffektivnostinterventsiy [Currency interventions. International practice and efficiency of interventions]. Money and credit, 5, 2016, pp [5] Petrenko, S. Transmissionnyymekhanizm DKP v ekonomikevelikobritanii [Transmission mechanism of the monetary policy in the economy of the Great Britain]. Banking, 9, 2003, pp [6] Krolivetskaya, V. E. O kanalakhpredlozheniyadenegtsentralnogobanka v rossiyskoyekonomike [About the channels of the money supply of the central bank in the Russian economy]. Bulletin of the Orenburg State University, 13(132), 2011, pp [7] Mogilat, A. N. Obzorosnovnykhkanalovtransmissionnogomekhanizmadenezhnokreditnoypolitikiiinstrumentovikhanaliza v BankeRossii [Overview of the main channels of the monetary policy transmission mechanism and tools for their analysis in the Bank of Russia]. Money and credit, 9, 2017, pp IJMET/index.asp 1311 editor@iaeme.com
12 Genesis of Functions of Banking Regulation Tools: Compulsory Reserves [8] King, M. (1994). The transmission mechanism of monetary policy. Bank of England Quarterly Bulletin, 1994, рр [9] Bazulin, Yu. N. Proiskhozhdeniyeiprirodadeneg [Origin and nature of money]. Saint Petersburg: Publishing house of the St. Petersburg University, [10] Krinichanskiy, K. V. Genezisinstitutavekselya: funktsionalnyyaspekt [Genesis of the promissory note institute: functional aspect]. Issues of economics, 8,2009, pp [11] Krinichanskiy, K. V. Evolyutsiyaassotsiirovannykh form predpriyatiyigenezisinstitutaaktsii [Evolution of the associated forms of enterprises and genesis of the share institution]. Issues of economics, 11, 2008, pp [12] Krinichanskiy, K. V. Evolyutsiyaifunktsiiinstitutovrynkatsennykhbumag [Evolution and functions of the securities market institutions]. Scientific publication. Moscow: TEIS, [13] Novashina, T. S., Karpunin, V. I. and Volnin, V. A. Mekhanizmyfunktsionirovaniyaobyazatelnykhrezervov v konteksteobespecheniyafinansovoyustoychivostibankov [Mechanisms of compulsory reserves operation in the context of ensuring the financial stability of banks]. Economic sciences, 3(40), 2008, pp [14] Recommendation of the European Central Bank for a Council Regulation (EC) concerning the application of minimum reserves by the European Central Bank (98/C 246/06) (Submitted by the European Central Bank on 7 July 1998) Official Journal of the European Communities. [15] Instruction of the Bank of Russia No U dated "On mandatory reserve requirements". [16] Instruction of the Bank of Russia No U dated "On mandatory reserve requirements". IJMET/index.asp 1312 editor@iaeme.com
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