What's new

Research
14 Nov

The leverage ratio over the cycle (Working Paper)

This paper analyses how the Basel III leverage ratio (Tier 1 capital/exposure) behaves over the cycle. The analysis proposes a setup to test for the cyclical properties of bank capital ratios, taking into account structural shifts in banks' behaviour during the ...

22 Oct

The impact of liquidity regulation on banks (Working Paper)

To the best of our knowledge, this is the first study to estimate the effect of liquidity regulation on bank balance sheets. It takes advantage of the fact that not all banks were made subject to tighter liquidity regulation by the UK Financial Services Authority (FSA) in 2010. Under this new regulation a ...

21 Oct

When firms and industries matter: understanding the sources of productivity growth (Working Paper)

This paper presents a framework to assess the relative importance of three key sources of productivity growth that research on international trade focuses on ...

08 Oct

The redistributive effects of financial deregulation: wall street versus main street  (Working Paper)

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation at center stage. We develop a formal model in which the financial sector ...

08 Oct

Managing Default Risk  (Working Paper)

High sovereign debt in advanced economies has recently revived the debate about the role of coordination problems and self-fulfilling beliefs as drivers of sovereign default risk. I show how default risk can be decomposed in a solvency-risk component and a coordination-risk component. I then study how fiscal policy can be effective in ...

06 Oct

Benchmark tipping in the global bond market (Working Paper)

We analyse the turnover of fixed income derivatives in seven currencies to test the hypothesis that market participants increasingly use contracts based on private rather than government rates to hedge and to take positions. In the US dollar money market ...

More...
Speeches
Central bankers' speeches
26 Nov
25 Nov
24 Nov
More...
BIS Management speeches
20 Nov

by Hervé Hannoun: Central banks and the global debt overhang

In my address, I will focus on what is a central global economic policy issue: debt has reached record levels in many countries and, seven years since the start of the global financial crisis, it is still rising...

14 Nov

by Jaime Caruana: Debt trouble comes in threes

Debt as a share of GDP has risen by 20 percentage points globally since the global financial crisis, driven primarily by the expansion of public sector debt in the...

07 Nov

by Hervé Hannoun: The global financial cycle and how to tame it

My first remark relates to financial cycles, national and global. This year's BIS Annual Report refers to the financial cycle as the self-reinforcing interactions between perceptions of risk, risk-taking and financing constraints...

31 Oct

by Jaime Caruana: Welcoming remarks at the 2nd Conference on Standard-Setting Bodies and Financial Inclusion

Welcoming remarks delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the 2nd Conference on Standard-Setting Bodies and Financial Inclusion - "Standard-setting in the changing landscape of digital financial inclusion"...

More...