Reverse interest deposit

...As with reparations under fixed exchange rates, interventions must be supported by other domestic economic policies, particularly monetary and fiscal policies.Specific examples of indirect control measures taken to prevent exchange rate fluctuations or the possibility of exchange rate fluctuations include the United States' interest equalization tax (a special tax on income from foreign securities) of 1963-74, West Germany's Bardepot (a system in which a certain percentage of foreign borrowings was deposited in the central bank in cash) and Switzerland's reverse interest deposits (a system in which foreign residents holding Swiss franc deposits were required to pay interest to the central bank) in the early 1970s, and Japan's capital controls, such as the application of high reserve ratios to free yen deposit balances in 1972-74, and import deposits (a system in which a certain percentage of the amount of imports was deposited in commercial banks as a security, which was usually then re-deposited in the central bank). However, apart from the use of import deposit systems as a complementary tool in monetary policy in developing countries where financial systems are not well developed, the rapid development of international financial and capital markets since the 1970s has left little room for recourse to these indirect tools without long-term drawbacks such as the expansion of the scope of regulation.

*Some of the terminology explanations that refer to "reverse interest deposits" are listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…固定相場制下の平価変更の場合と同様，介入についても他の国内経済政策(とりわけ金融･財政政策)による支援が不可欠といえよう。　為替相場の変動やその可能性を回避する目的で採られる間接的統制手段の具体例としては，1963‐74年のアメリカの利子平衡税(外国証券からの所得に対する特別課税)，1970年代初頭の西ドイツのバールデポBardepot(対外借入れの一定比率を現金で中央銀行へ預託させる制度)およびスイスの逆利子預金(スイス･フラン預金を保有する外国の居住者に中央銀行へ利子を支払わせる制度)，および1972‐74年に日本で採られた自由円預金残高に対する高率の準備率適用等の資本規制と，輸入預託金(輸入額の一定比率を保証金として市中銀行に預託させ，通常はそれをさらに中央銀行に再預託させる制度)とが挙げられる。しかし，金融制度が十分発達していない発展途上国で輸入預託金制度が金融政策の補完的手段として用いられていることを別にすれば，1970年代以降急速に発展した国際金融･資本市場のもとでは，規制範囲の拡大といった長期的弊害を伴わずにこれらの間接的手段に頼れる余地はほとんど残されていない。…

※「逆利子預金」について言及している用語解説の一部を掲載しています。

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