What's new

29 Jan

Debt (BIS Paper)

Contains opening remarks by Jaime Caruana (General Manager, BIS) on "Debt: the view from Basel", a keynote address by Benjamin Friedman (Harvard University) entitled "A predictable pathology" as well as panel remarks by Stephen King (HSBC) and Masaaki Shirakawa (Aoyama Gakuin University).

26 Jan

Bank capital shock propagation via syndicated interconnectedness

Loan syndication increases bank interconnectedness through co-lending relationships. We study the financial stability implications of such dependency on syndicate partners in the presence of shocks to banks' capital. Model simulations in a network setting show that ...

23 Jan

International Journal of Central Banking (IJCB), January 2015 issue

19 Jan

Global dollar credit: links to US monetary policy and leverage

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this ...

19 Jan

Secular stagnation, debt overhang and other rationales for sluggish growth, six years on

There is considerable controversy over why sluggish economic growth persists across many advanced economies six years after the onset of the financial crisis. Theories include a secular deficiency in aggregate demand, slowing ...

19 Jan

Credit booms: implications for the public and the private sector

The pre-crisis period was characterised by ample liquidity, a credit boom, and low yields in a wide range of asset classes. It was also defined by the accumulation of risks on and off the balance sheets of many financial ...

19 Jan

Trilemmas and trade-offs: living with financial globalisation

This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. Those EMEs that are able to exploit a ...

19 Jan

Understanding the role of debt in the financial system

Money markets are fundamentally different from stock markets. Stock markets are about price discovery for the purpose of allocating risk efficiently. Money markets are about obviating the need ...

Central bankers' speeches
29 Jan
28 Jan
27 Jan
BIS Management speeches
19 Dec

by Jaime Caruana: Macroprudential policy: opportunities and challenges

Policymakers now have a unique opportunity to build a macroprudential perspective into the post-crisis framework for financial stability. But this also poses new challenges...

17 Dec

by Hyun Song Shin: Financial stability risks: old and new

Our understanding of crisis propagation is heavily influenced by the experience of the 2008 crisis. Watchwords are credit growth, leverage, maturity mismatch, complexity and "too big to fail"...

16 Dec

by Jaime Caruana: How much capital is enough?

The benefits of higher bank capital - absorbing losses, resolving incentive problems and internalising externalities related to systemic risk - are widely understood...

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...