Vulnerabilities of emerging market economies take centre stage

The September issue of the BIS Quarterly Review highlights the increased focus of investors on vulnerabilities in emerging market economies and the consequences for global markets. Read more


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06 Oct

Monetary policy and financial spillovers: losing traction?

Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper tackles this question by studying the dynamics of bond yields encompassing 31 advanced and emerging market economies. To gauge the ...

06 Oct

Leverage on the buy side

This paper investigates the microeconomic determinants of leverage decisions by asset managers. Investment funds (the "buy side") have significantly increased their share of global capital flows in recent years. Unconventional monetary policies in ...

06 Oct

Optimal time-consistent macroprudential policy

Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions taken in "good times" affect collateral prices during a crisis. We show that agents in a competitive equilibrium ...

02 Oct

Cross-border financial linkages: challenges for monetary policy and financial stability

(BIS Papers No 82) 

Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's ...

02 Oct

The impact of CCPs' margin policies on repo markets

This paper quantifies the impact on the cost of funding in repo markets of the initial margins applied by central clearing counterparties (CCPs). We use contract-level data on the general collateral (GC) segment of Italy's MTS Repo market between ...

01 Oct

The influence of monetary policy on bank profitability

This paper investigates how monetary policy affects bank profitability. We use data for 109 large international banks headquartered in 14 major advanced economies for the period 1995-2012. Overall, we find a positive relationship between the level of short-term rates and the slope of the ...

01 Oct

The determinants of long-term debt issuance by European banks: evidence of two crises

This paper is one of the first to investigate the determinants of bond issuance by European banks. We use a unique database of around 50,000 bonds issued by 63 banks from 14 European countries, allowing us to differentiate between different types of ...

01 Oct

International reserves and gross capital flow dynamics

This paper explores the role of international reserves as a stabiliser of international capital flows, in particular during periods of global financial stress. In contrast with previous contributions, aimed at explaining ...

Central bankers' speeches
07 Oct
06 Oct
05 Oct
BIS Management speeches
14 Sep

by Claudio Borio: Challenges for the global economy

Presentation by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the Belgium Financial Forum, Bruxelles, 14 September 2015....

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"...