Annual Report


Don't let the unthinkable become the new normal

In its main economic review of the year, the BIS calls for a shift to a longer-term focus in policymaking, with the aim of restoring sustainable and balanced growth. Read more

Taking a longer-term perspective
by Jaime Caruana, General Manager
Persistent unusually low interest rates. Why? What consequences?
by Claudio Borio, Head of the Monetary and Economic Department
Three BIS research themes in the Annual Report
by Hyun Song Shin, Economic Adviser and Head of Research

What's new

02 Sep

Higher bank capital requirements and mortgage pricing: evidence from the Countercyclical Capital Buffer (CCB)

How has the CCB affected mortgage pricing after Switzerland became the first country to activate this Basel III macroprudential tool? By analyzing a database with several offers per mortgage request, we construct a picture of mortgage supply and demand. We find, first, that the CCB changes the ...

01 Sep International Journal of Central Banking (IJCB), September 2015 issue
27 Aug

Global dollar credit and carry trades: a firm-level analysis

We conduct a firm-level analysis of borrowing in US dollars by non-financial corporates from outside the United States. The dataset combines bond issuance data with firm-level financial information. We find that firms with already high ...

24 Aug

Investor redemptions and fund manager sales of emerging market bonds: how are they related?

Lending to emerging market economies (EMEs) through bond purchases has surged since 2009. What are the risks of a sudden stop? Bond mutual funds may curtail credit through two channels. The first is redemptions by ultimate investors. The second is additional ...

07 Aug

Bond markets and monetary policy dilemmas for the emerging markets

Financial conditions in the emerging markets (EMs) have become more dependent on the 'world' long-term interest rate, which has been driven down by monetary policies in the advanced economies - notably Quantitative Easing (QE) - and by several non-monetary factors.

30 Jul

Macroeconomic Effects of Banking Sector Losses across Structural Models

The macro spillover effects of capital shortfalls in the financial intermediation sector are compared across five dynamic equilibrium models for policy analysis. Although all the models considered share antecedents and a methodological core, ...

30 Jul

Macroprudential Policies in a Commodity Exporting Economy

Colombia is a small open and commodity exporter economy, sensitive to international commodity price fluctuations. During the surge in commodity prices, as income from the resource sector increases total credit expands, ...

30 Jul

Phases of global liquidity, fundamentals news, and the design of macroprudential policy

The unconventional shocks and non-linear dynamics behind the high volatility of financial markets present a challenge for the implementation of macroprudential policy. This paper introduces two of these unconventional shocks, ...

Central bankers' speeches
03 Sep
02 Sep
01 Sep
BIS Management speeches
02 Sep

by Claudio Borio: Easing has induced easing

Interview with Mr Claudio Borio, Head of the Monetary and Economic Department in Börsen-Zeitung....

28 Aug

by Claudio Borio: On the centrality of the current account in international economics

The current account occupies a central position in international economics and policy debates....

10 Jul

by Claudio Borio: Credit booms and credit busts

There is now a growing consensus among policymakers and academics that a key element to improve safeguards against financial instability is to strengthen the "macroprudential"...

02 Jul

by Jaime Caruana: The role of the CPMI as part of the Basel Process

Over the years, the CPMI has contributed to financial stability in ways that are fundamental but perhaps not enough recognised publicly. This speech recounts some key moments in the CPMI's history and its cooperation with other Basel-based groups...