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

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, ...

30 Jul

Credit and macroprudential policy in an emerging economy: a structural model assessment

We build a small structural open economy model, augmented to depict the credit market and interest rate spreads (distinguishing by credit to firms and families); monetary policy with sterilized intervention in the foreign exchange market; ...

09 Jul

Inflation targeting and financial stability: providing policymakers with relevant information (Working Paper)

Experience from financial crises and central bank policies in the past decade has led to an intensified debate about the relationship between monetary policy and financial stability. Since there is no established theoretical ...

11 Jun

Implementation monitoring of PFMIs: Second update to Level 1 assessment report (CPMI/IOSCO)

This report provides jurisdictions' updated self-assessments on progress towards adopting the legislation, regulations and other policies that will enable them to implement the 24 Principles for FMIs and four of the five ...

11 Jun

Comparative assessment of macroprudential policies (Working Paper)

This paper provides a comparative assessment of the effectiveness of macroprudential policies in 12 Asia-Pacific economies, using comprehensive databases of domestic macroprudential policies and ...

02 Jun

Developments in credit risk management across sectors: current practices and recommendations (Joint Forum)

The report provides insight into the current supervisory framework around credit risk, the state of credit risk management at firms and implications for the supervisory and regulatory treatments of credit risk. It is based on ...

Central bankers' speeches
30 Jul
29 Jul
28 Jul
BIS Management speeches
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...

28 Jun

by Jaime Caruana: General Manager's speech: Taking a longer-term perspective

The speech highlights four observations from the Annual Report. All of them derive from taking a longer-term perspective that highlights the role of financial and global factors...

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28 Jun

by Claudio Borio: Persistent unusually low interest rates. Why? What consequences?

The presentation develops a core theme of the Annual Report. It argues that persistent unusually low interest rates are not necessarily "equilibrium" or "natural rates", conducive to sustainable and balanced global expansion...