IMF Economic Review

, Volume 60, Issue 1, pp 43–74 | Cite as

Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool

  • Gabriel Pérez Quirós
  • Hugo Rodríguez Mendizábal


This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. The paper shows how central banks could use the position of the main refinancing rate with respect to the deposit and lending rates as a policy tool to control the demand for excess reserves by depository institutions. Furthermore, it illustrates how the existence of fine-tuning operations at the end of the reserve maintenance period significantly affects the ability of the central bank to influence the demand for reserves.


E52 E58 E43 


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Copyright information

© International Monetary Fund 2012

Authors and Affiliations

  • Gabriel Pérez Quirós
  • Hugo Rodríguez Mendizábal

There are no affiliations available

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