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BISWorkingPapersNo1182ReserverequirementsasafinancialstabilityinstrumentbyCarlosCantú,RocioGondoandBereniceMartinezMonetaryandEconomicDepartmentApril2024JELclassification:E44,E58,F41,G01,G28.Keywords:reserverequirements,macroprudentialpolicy,financialstressepisodes,early-warningsystem,financialcycle.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)ReserveRequirementsasaFinancialStabilityInstrumentCarlosCantu´∗RocioGondo†BereniceMartinez‡March26,2024AbstractWequantifythetrade-offsofusingreserverequirements(RR)asafinancialstabilitytool.AtighteninginRRreducestheamplitudeofthecreditcycle.Thislowersthefrequencyandstrengthoffinancialstressepisodesbutatacostoflowergrowthincreditandeconomicactivity.Wefindthatthegainsfromalowerprobabilityandmagnitudeoffinancialstressepisodesaregreaterthanthecostsfromtheinitialreductionineconomicactivity.Inadd...