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

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 ...

01 Jun

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

20 May

Regulatory change and monetary policy (CGFS/Markets Committee)

Financial regulation is evolving, as policymakers seek to strengthen the financial system in order to make it more robust and resilient. Changes in the regulatory environment are likely to have an impact on ...

08 May

Leverage dynamics and the real burden of debt (Working Paper)

In addition to leverage, the aggregate debt service burden is an important link between financial and real developments. Using US data from 1985 to 2013, we find that it has sizable negative ...

30 Apr

Currency carry trades in Latin America (BIS Papers)

This report seeks to shed light on the characteristics of currency carry trades in Latin America. Partly reflecting the degree of financial market integration and development, as well as the effects of ...

30 Apr

Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia (Working Paper)

This paper examines past evidence of prolonged periods of foreign exchange reserves accumulation in the Asia-Pacific region. One empirical challenge is to identify periods of ...

Central bankers' speeches
28 Jul
27 Jul
24 Jul
BIS Management speeches
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...

28 Jun

by Hyun Song Shin: Three BIS research themes in the Annual Report

The Annual Report reflects the three research themes that have guided our work at the BIS: characteristics of financial intermediation; global liquidity and spillovers; and monetary and financial stability policy frameworks...