http://www.bis.org/list/ao_research/from_01012009/index.rss Research from the Asian Office 2009 to 2010 en http://www.bis.org/repofficepubl/arpresearch201012_2.htm BIS Quarterly Review, December 2010: Derivatives in emerging markets 2010-12-31T10:36:00Z BIS Quarterly Review, December 2010: Derivatives in emerging markets 2010-12-31T10:36:00Z BIS Frank Packer Packer Mr Head of Financial Stability and Markets Bank for International Settlements Dubravko Mihaljek Mihaljek Mr Head of Emerging Markets Bank for International Settlements Frank Packer and Dubravko Mihaljek December 2010 http://www.bis.org/repofficepubl/arpresearch201012.htm China's saving rate is high from many perspectives - historical experience, international standards and model predictions. Furthermore, the average saving rate has been rising over time, with much of the increase taking place in the 2000s. What sets China apart from the rest of the world is that its rising aggregate saving has reflected high savings rates in all three sectors - corporate, household and government. Our evidence casts doubt on the proposition that distortions and subsidies account for China's high saving rate. Instead, we argue that tough corporate restructuring (including pension and home ownership reforms), a marked Lewis-model transformation process (where the average wage exceeds the marginal product of labour in the subsistence sector) and rapid ageing process have all played more important roles. Such structural factors suggest that the Chinese saving rate may peak in the medium term. China's high saving rate: myth and reality 2010-12-31T09:55:00Z China's high saving rate: myth and reality 2010-12-31T09:55:00Z BIS Guonan Ma Ma Mr Senior Economist Bank for International Settlements Wang Yi Yi Mr The People’s Bank of China Guonan Ma and Wang Yi December 2010 http://www.bis.org/publ/work334.htm Abstract of BIS Working Paper No 334 Why issue bonds offshore? 2010-12-10T13:01:00Z Why issue bonds offshore? 2010-12-10T13:01:00Z BIS offshore bonds interest rate parity local currency debt PDF version http://www.bis.org/publ/work334.pdf Susan Black Black Senior Economist Reserve Bank of Australia Anella Munro Munro Ms Senior Economist Reserve Bank of New Zealand Susan Black and Anella Munro December 2010 Bank for International Settlements: Working Papers 334 G14 G15 http://www.bis.org/publ/work332.htm Abstract of BIS Working Papers No 332 The impact of CDS trading on the bond market: evidence from Asia 2010-11-30T15:09:00Z The impact of CDS trading on the bond market: evidence from Asia 2010-11-30T15:09:00Z BIS Asia credit default swap bond spreads bond liquidity CDS index PDF version http://www.bis.org/publ/work332.pdf Ilhyock Shim Shim Mr Senior Economist Bank for International Settlements Haibin Zhu Zhu Mr Senior Economist Bank for International Settlements Ilhyock Shim and Haibin Zhu November 2010 Bank for International Settlements: Working Papers 332 G12 G32 http://www.bis.org/repofficepubl/arpresearch201009.htm BIS Quarterly Review, September 2010: The collapse of international bank finance during the crisis: evidence from syndicated loan markets 2010-09-30T09:40:00Z BIS Quarterly Review, September 2010: The collapse of international bank finance during the crisis: evidence from syndicated loan markets 2010-09-30T09:40:00Z BIS Michael Chui Chui Mr Head of Financial Stability and Markets Bank for International Settlements Dietrich Domanski Domanski Mr Head of Emerging Markets Bank for International Settlements Peter Kugler Kugler Mr Jimmy Shek Shek Mr Michael Chui, Dietrich Domanski, Peter Kugler and Jimmy Shek September 2010 http://www.bis.org/publ/work321.htm Abstract of BIS Working Papers No 321 The evolving renminbi regime and implications for Asian currency stability 2010-09-27T14:56:00Z The evolving renminbi regime and implications for Asian currency stability 2010-09-27T14:56:00Z BIS exchange rate regime renminbi effective exchange rates regional currency stability regional monetary cooperation PDF version http://www.bis.org/publ/work321.pdf Guonan Ma Ma Mr Senior Economist Bank for International Settlements Robert N McCauley McCauley Mr Bank for International Settlements Guonan Ma and Robert N McCauley September 2010 Bank for International Settlements: Working Papers 321 F33 F31 http://www.bis.org/publ/work320.htm Abstract of BIS Working Papers No 320 Offshore markets for the domestic currency: monetary and financial stability issues 2010-09-21T06:38:00Z Offshore markets for the domestic currency: monetary and financial stability issues 2010-09-21T06:38:00Z BIS financial stability monetary stability yield curve offshore markets PDF version http://www.bis.org/publ/work320.pdf Dong He He Mr Hong Kong Monetary Authority Robert N McCauley McCauley Mr Bank for International Settlements Dong He and Robert N McCauley September 2010 Bank for International Settlements: Working Papers 320 F33 E51 E58 http://www.bis.org/repofficepubl/arpresearch201012.1.htm We adopt a systemic risk indicator measured by the price of insurance against systemic financial distress and assess individual banks' marginal contributions to the systemic risk. The methodology is applied to the 19 bank holding companies covered by the US Supervisory Capital Assessment Program (SCAP), with the systemic risk indicator peaking around 1.1 trillion USD in March 2009. Our systemic risk contribution measure shows interesting similarity and divergence with the SCAP expected loss measure. In general, we find that bank's contribution to the systemic risk is roughly linear in its default probability, but highly nonlinear with respect to institution size and asset correlation. Systemic Risk Contributions 2010-08-31T09:03:00Z Systemic Risk Contributions 2010-08-31T09:03:00Z BIS Haibin Zhu Zhu Mr Senior Economist Bank for International Settlements Hao Zhou Zhou Mr Board of Governors of the Federal Reserve System Xin Huang Huang Mr University of Oklahoma Haibin Zhu, Hao Zhou and Xin Huang August 2010 http://www.bis.org/repofficepubl/hkimr201007.12c.htm Keynote speech given at the HKIMR-BIS conference on "Financial Stability: Towards a Macroprudential Approach", 5-6 July 2010 Implementing a macroprudential framework: balancing boldness and realism 2010-08-03T07:14:00Z Implementing a macroprudential framework: balancing boldness and realism 2010-08-03T07:14:00Z BIS PDF version http://www.bis.org/repofficepubl/hkimr201007.12c.pdf Claudio Borio Borio Mr Head of Research & Policy Analysis Bank for International Settlements Claudio Borio August 2010 http://www.bis.org/publ/bppdf/bispap52.htm Abstract of "The international financial crisis and policy challenges in Asia and the Pacific", proceedings of the wrap-up conference of the Asian Research Programme, Shanghai, 6-8 August 2009. The international financial crisis and policy challenges in Asia and the Pacific 2010-07-21T09:03:00Z The international financial crisis and policy challenges in Asia and the Pacific 2010-07-21T09:03:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap52.pdf July 2010 Bank for International Settlements: BIS Papers 52 http://www.bis.org/publ/work315.htm Abstract of BIS Working Papers No 315 The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises 2010-07-12T09:16:00Z The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises 2010-07-12T09:16:00Z BIS emerging market economies financial crises gravity model cross-border bank flows spillover effects panel data PDF version http://www.bis.org/publ/work315.pdf Sabine Herrmann Herrmann Ms Senior Economist Deutsche Bundesbank Dubravko Mihaljek Mihaljek Mr Senior Economist Bank for International Settlements Sabine Herrmann and Dubravko Mihaljek July 2010 Bank for International Settlements: Working Papers 315 G01 F36 F34 C23 O57 http://www.bis.org/repofficepubl/arpresearch201006.htm for Asian Development Bank conference on Regional and Global Financial Integration Financial Contagion and Vulnerability of Asian Financial Markets 2010-06-30T06:25:00Z Financial Contagion and Vulnerability of Asian Financial Markets 2010-06-30T06:25:00Z BIS James Yetman Yetman Mr Senior Economist Bank for International Settlements Michael B Devereux Devereux Mr James Yetman and Michael B Devereux June 2010 http://www.bis.org/repofficepubl/arpresearch201006_2.htm BIS Quarterly Review, June 2010: Policy responses to dislocations in the FX swap market: the experience of Korea 2010-06-25T09:49:00Z BIS Quarterly Review, June 2010: Policy responses to dislocations in the FX swap market: the experience of Korea 2010-06-25T09:49:00Z BIS Ilhyock Shim Shim Mr Senior Economist Bank for International Settlements Naohiko Baba Baba Mr Senior Economist Bank for International Settlements Ilhyock Shim and Naohiko Baba June 2010 http://www.bis.org/publ/work313.htm Abstract of BIS Working Papers No 313 Banks and financial intermediation in emerging Asia: reforms and new risks 2010-06-11T11:55:00Z Banks and financial intermediation in emerging Asia: reforms and new risks 2010-06-11T11:55:00Z BIS Asia foreign exchange intervention financial markets banking system PDF version http://www.bis.org/publ/work313.pdf Madhusudan Mohanty Mohanty Mr Head of Macroeconomic Monitoring Bank for International Settlements Philip Turner Turner Mr Deputy Head of Department & Director of Policy, Coordination & Administration Bank for International Settlements Madhusudan Mohanty and Philip Turner June 2010 Bank for International Settlements: Working Papers 313 N25 F31 E21 E44 http://www.bis.org/publ/work312.htm Abstract of BIS Working Papers No 312 China's high saving rate: myth and reality 2010-06-11T11:49:00Z China's high saving rate: myth and reality 2010-06-11T11:49:00Z BIS savings Chinese economy PDF version http://www.bis.org/publ/work312.pdf Guonan Ma Ma Mr Senior Economist Bank for International Settlements Wang Yi Yi Mr The People’s Bank of China Guonan Ma and Wang Yi June 2010 Bank for International Settlements: Working Papers 312 O16 E20 E21 O11 O53