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

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 discretionary sales by fund managers, over and above ...

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, ...

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 ...

Central bankers' speeches
31 Aug
28 Aug
27 Aug
BIS Management speeches
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...

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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