http://www.bis.org/list/bispapers/from_01012011/index.rss Volumes of papers prepared for meetings of senior officials from central banks held at the Bank for International Settlements (BIS), as well as one-off publications by members of the BIS staff. Contributions come from the central bank participants as well as from BIS staff. 2011 to 2012 en http://www.bis.org/publ/bppdf/bispap69.htm Abstract of "The future of financial globalisation", proceedings of the 11th BIS Annual Conference, 21-22 June 2012. The future of financial globalisation 2012-12-18T09:15:00Z The BIS 11th Annual Conference took place in Lucerne, Switzerland on 21-22 June 2012. The event brought together senior representatives of central banks and academic institutions, who exchanged views on the conference theme of "The future of financial globalisation". This volume contains the opening address of Stephen Cecchetti (Economic Adviser, BIS), a keynote address from Amartya Sen (Harvard University), and the available contributions of the policy panel on "Will financial globalisation survive?". The participants in the policy panel discussion, chaired by Jaime Caruana (General Manager, BIS), were Ravi Menon (Monetary Authority of Singapore), Jacob Frenkel (JP Morgan Chase International) and José Dario Uribe Escobar (Banco de la Repubblica). The future of financial globalisation 2012-12-18T09:15:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap69.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements Amartya Sen Sen Mr Harvard University Jaime Caruana Caruana Mr General Manager Bank for International Settlements Ravi Menon Menon Mr Managing Director Monetary Authority of Singapore José Darío Uribe Uribe Escobar Mr Governor Bank of the Republic, Colombia Stephen G Cecchetti, Amartya Sen, Jaime Caruana, Ravi Menon and José Darío Uribe December 2012 Bank for International Settlements: BIS Papers 69 http://www.bis.org/publ/bppdf/bispap68.htm Abstract of "Challenges related to capital flows: Latin American perspectives", October 2012 Challenges related to capital flows: Latin American perspectives 2012-10-29T14:30:00Z This BIS Paper is a collection of essays focusing on the drivers and effects of capital flows and the challenges they pose for the implementation of monetary and other policies. The collection draws on selected presentations made at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010 in Medellín, Colombia and in 2011 in Santiago, Chile. Challenges related to capital flows: Latin American perspectives 2012-10-29T14:30:00Z BIS Inflation targeting monetary policy financial stability exchange rates capital flows foreign reserves macroprudential policies PDF version http://www.bis.org/publ/bppdf/bispap68.pdf October 2012 Bank for International Settlements: BIS Papers 68 F41 F32 E58 F31 G28 E52 http://www.bis.org/publ/bppdf/bispap67.htm Abstract of "Fiscal policy, public debt and monetary policy in emerging market economies", proceedings from a meeting of senior officials from central banks held at the Bank for International Settlements on 16-17 February 2012. Fiscal policy, public debt and monetary policy in emerging market economies 2012-10-09T19:00:00Z During the 1980s and 1990s, the vulnerability of EMEs was often exacerbated by high fiscal deficits, underdeveloped domestic bond markets, and large currency or maturity mismatches. In many cases, these weaknesses constrained fiscal and monetary policy choices, and responses were often procyclical. Since the beginning of 2000s, however, the policy setting has much improved. Fiscal deficits and ... Fiscal policy, public debt and monetary policy in emerging market economies 2012-10-09T19:00:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap67.pdf October 2012 Bank for International Settlements: BIS Papers 67 H63 E62 E52 http://www.bis.org/publ/bppdf/bispap66.htm Abstract of "Are central bank balance sheets in Asia too large?", proceedings from the Bank of Thailand - BIS Research Conference on "Central bank balance sheets in Asia and the Pacific: the policy challenges ahead", held in Chiang Mai, 12-13 December 2011. Are central bank balance sheets in Asia too large? 2012-10-04T13:10:00Z This volume is a collection of the speeches, background papers and presentations from a conference on "Central bank balance sheets in Asia and the Pacific: the policy challenges ahead". The event was co-hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS) and was held on 12-13 December 2011 in Chiang Mai, Thailand. Senior officials from central banks, as well as academic scholars and economists from the BIS attended the conference. The formal addresses included those from Prasarn Trairatvorakul, Governor of the Bank of Thailand, and Jaime Caruana, General Manager of the BIS. The conference marked the culmination of a two-year research programme at the BIS Representative Office for Asia and the Pacific focused on central bank balance sheets, addressing the domestic and international implications of the large expansion of central bank balance sheets worldwide, with particular emphasis on Asia. This two-year research programme is a flagship activity of the BIS Representative Office; the activities in the office are guided by the Asian Consultative Council, comprising the Governors of the 12 BIS shareholding central banks in the region. Are central bank balance sheets in Asia too large? 2012-10-04T13:10:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap66.pdf October 2012 Bank for International Settlements: BIS Papers 66 F42 E63 F62 E52 F50 http://www.bis.org/publ/bppdf/bispap65.htm Papers from a BIS/OECD workshop on policy interactions between fiscal policy, monetary policy and government debt management after the financial crisis, Basel, 2 December 2011. Threat of fiscal dominance? 2012-05-31T15:10:00Z The massive expansion of central bank balance sheets to contain the worst financial crisis in living memory raises questions about the theory and practice of monetary policy. The persistence in many advanced countries of large fiscal deficits and the prospect of high public debt/GDP ratios for many years is likely, at some point, to create policy dilemmas not only for central banks but also for public debt managers. Some countries have already had to cope with higher sovereign risk. Worries about both "fiscal dominance" and "financial repression" have certainly gained ground. Whatever view is taken of this, the boundary between monetary policy and government debt management has become increasingly blurred. Policy interactions have changed in ways that are difficult to understand. The current delineation of policy mandates may need to be reassessed. The aim of this BIS-OECD workshop was to... Threat of fiscal dominance? 2012-05-31T15:10:00Z BIS Monetary Policy central banks sovereign debt management Keynes rational expectations policy coordination PDF version http://www.bis.org/publ/bppdf/bispap65.pdf May 2012 Bank for International Settlements: BIS Papers 65 E63 E61 E44 E43 http://www.bis.org/publ/bppdf/bispap64.htm The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) jointly organised a workshop on property markets and financial stability in Singapore on 5 September 2011. The workshop aimed to bring together academics and researchers at central banks, regulatory agencies and international organisations to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organisers received 67 submissions from central banks, public agencies, international organisations and academic institutions. From these, a paper selection committee comprising staff of the BIS, the MAS and academia chose seven papers organised around the following four themes: (1) lessons from the crisis; (2) house price assessment; (3) housing booms and busts; and (4) property, credit and markets. Property markets and financial stability 2012-03-29T08:43:00Z The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) jointly organised a workshop on property markets and financial stability in Singapore on 5 September 2011. The workshop aimed to bring together academics and researchers at central banks, regulatory agencies and international organisations to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organisers received 67 submissions from central banks, public agencies, international organisations and academic institutions. From these, a paper selection committee comprising staff of the BIS, the MAS and academia chose seven papers organised around the following four themes: (1) lessons from the crisis; (2) house price assessment; (3) housing booms and busts; and (4) property, credit and markets. Property markets and financial stability 2012-03-29T08:43:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap64.pdf March 2012 Bank for International Settlements: BIS Papers 64 E30 R31 R21 E58 E44 http://www.bis.org/publ/bppdf/bispap63.htm The Bank for International Settlements (BIS) and the Bank of Japan (BOJ) jointly organised a high-level seminar on "The development of regional capital markets" in Yokohama, Japan, on 21-22 November 2011. The seminar brought together senior officials of 12 central banks in Asia and the Pacific, the European Central Bank, the Bank of Mexico, the Bank of England and the Federal Reserve Bank of New York, as well as an academic and a private sector participant. Masaaki Shirakawa, Governor of the BOJ and Chair of the Asian Consultative Council of the BIS, and Jaime Caruana, General Manager of the BIS, delivered welcoming remarks. The seminar consisted of five sessions on (1) development of domestic bond markets; (2) development of off-shore bond markets; (3) credit derivatives and structured finance in Asia and the Pacific; (4) credit rating agencies; and (5) market liquidity. It concluded with a panel discussion on the impact of capital flows on bond market development in Asia. This volume is a collection of the welcoming remarks, a paper based on the background note for the seminar, a paper on domestic bond markets in emerging market economies, and a paper on local currency bond markets and the Asian Bond Fund 2 Initiative. The last paper served as a basis for the panel discussion by Jaime Caruana at the seminar. Weathering financial crises: bond markets in Asia and the Pacific 2012-01-31T09:57:00Z The Bank for International Settlements (BIS) and the Bank of Japan (BOJ) jointly organised a high-level seminar on "The development of regional capital markets" in Yokohama, Japan, on 21-22 November 2011. The seminar brought together senior officials of 12 central banks in Asia and the Pacific, the European Central Bank, the Bank of Mexico, the Bank of England and the Federal Reserve Bank of New York, as well as an academic and a private sector participant. Masaaki Shirakawa, Governor of the BOJ and Chair of the Asian Consultative Council of the BIS, and Jaime Caruana, General Manager of the BIS, delivered welcoming remarks. The seminar consisted of five sessions on (1) development of domestic bond markets; (2) development of off-shore bond markets; (3) credit derivatives and structured finance in Asia and the Pacific; (4) credit rating agencies; and (5) market liquidity. It concluded with a panel discussion on the impact of capital flows on bond market development in Asia. This volume is a collection of the welcoming remarks, a paper based on the background note for the seminar, a paper on domestic bond markets in emerging market economies, and a paper on local currency bond markets and the Asian Bond Fund 2 Initiative. The last paper served as a basis for the panel discussion by Jaime Caruana at the seminar. Weathering financial crises: bond markets in Asia and the Pacific 2012-01-31T09:57:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap63.pdf January 2012 Bank for International Settlements: BIS Papers 63 http://www.bis.org/publ/bppdf/bispap62.htm The financial crisis has demonstrated the need to better understand the complex interactions between the financial system and the real economy. While stability has become the main focus of the regulatory changes, the implications for growth and equity are also important. To think through these issues and provide an emerging market perspective, CAFRAL, in collaboration with the Bank for International Settlements, organised an international conference of central banks and regulators on "Financial regulation and its implications for growth equity and stability in the post crisis world" in Mumbai on 15th and 16th November 2011. Several international experts and 26 representatives from 21 central banks/regulators joined Reserve Bank of India's Governor Duvvuri Subbarao and BIS General Manager Jaime Caruana at this conference. This volume is a collection of the speeches, papers and summaries of discussions in the conference. Financial sector regulation for growth, equity and stability 2012-01-11T19:12:00Z The financial crisis has demonstrated the need to better understand the complex interactions between the financial system and the real economy. While stability has become the main focus of the regulatory changes, the implications for growth and equity are also important. To think through these issues and provide an emerging market perspective, CAFRAL, in collaboration with the Bank for International Settlements, organised an international conference of central banks and regulators on "Financial regulation and its implications for growth equity and stability in the post crisis world" in Mumbai on 15th and 16th November 2011. Several international experts and 26 representatives from 21 central banks/regulators joined Reserve Bank of India's Governor Duvvuri Subbarao and BIS General Manager Jaime Caruana at this conference. This volume is a collection of the speeches, papers and summaries of discussions in the conference. Financial sector regulation for growth, equity and stability 2012-01-11T19:12:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap62.pdf January 2012 Bank for International Settlements: BIS Papers 62 http://www.bis.org/publ/bppdf/bispap61.htm On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed. This volume is a collection of the speeches, presentations and papers from the seminar. Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific 2012-01-11T13:58:00Z Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences, seminars and workshops with central banks and supervisory authorities in Asia and the Pacific. The subjects of interest have included improving monetary policy and operations, developing financial markets, maintaining financial stability and strengthening prudential policy. On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed. This volume is a collection of the speeches, presentations and papers from the seminar. Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific 2012-01-11T13:58:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap61.pdf January 2012 Bank for International Settlements: BIS Papers 61 G01 D14 G28 E21 E52 http://www.bis.org/publ/bppdf/bispap60.htm Abstract of "Macroprudential regulation and policy", proceedings of a joint conference organised by the BIS and the Bank of Korea, Seoul, 17-18 January 2011. Macroprudential regulation and policy 2011-12-16T17:21:00Z The Bank for International Settlements (BIS) and the Bank of Korea (BoK) jointly organised a conference on macroprudential regulation and policy in Seoul, Korea, on 16-18 January 2011. The conference aimed to bring academics together with researchers at central banks and other public institutions to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organisers received more than 75 submissions from central banks, public agencies, supranational organisations and academic institutions. From these, a selection committee from the BIS and the BoK chose 12 papers organised around the following four themes: (i) systemic risk; (ii) financial system procyclicality; (iii) macroeconomic impact studies and early warning indicators; and (iv) effective implementation of macroprudential policy. Macroprudential regulation and policy 2011-12-16T17:21:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap60.pdf December 2011 Bank for International Settlements: BIS Papers 60 G01 D14 E21 G28 E52 http://www.bis.org/publ/bppdf/bispap59.htm Abstract of "Fiscal policy and its implications for monetary and financial stability", proceedings of the 10th BIS Annual Conference, Lucerne, 23-24 June 2011. Fiscal policy and its implications for monetary and financial stability 2011-12-09T13:04:00Z The BIS 10th Annual Conference took place in Lucerne, Switzerland on 23-24 June 2011. The event brought together senior representatives of central banks and academic institutions, who exchanged views on the conference theme of "Fiscal policy and its implications for monetary and financial stability". This volume contains the opening address of Stephen Cecchetti (Economic Adviser, BIS), a keynote address from Martin Feldstein, and the contributions of the policy panel on "Fiscal policy sustainability and implications for monetary and financial stability". The participants in the policy panel discussion, chaired by Jaime Caruana (General Manager, BIS), were José De Gregorio (Bank of Chile), Peter Diamond (Massachusetts Institute of Technology) and Peter Praet (European Central Bank). Fiscal policy and its implications for monetary and financial stability 2011-12-09T13:04:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap59.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements Martin Feldstein Feldstein Mr Professor of Economics Harvard University Jaime Caruana Caruana Mr General Manager Bank for International Settlements José de Gregorio de Gregorio Mr Governor Central Bank of Chile Peter Diamond Diamond Mr Massachusetts Institute of Technology Peter Praet Praet Mr Member of the Executive Board European Central Bank Stephen G Cecchetti, Martin Feldstein, Jaime Caruana, José de Gregorio, Peter Diamond and Peter Praet December 2011 Bank for International Settlements: BIS Papers 59 http://www.bis.org/publ/bppdf/bispap58.htm Abstract of "Portfolio and risk management for central banks and sovereign wealth funds", proceedings of a joint conference organised by the BIS, the ECB and the World Bank in Basel, 2-3 November 2010. Portfolio and risk management for central banks and sovereign wealth funds 2011-10-13T08:40:00Z This volume is a collection of papers presented at the Third Public Investors Conference, which was jointly organized by the Bank for International Settlements (BIS), the European Central Bank (ECB) and the World Bank (WB). The main aim of the current as well as previous Public Investor Conferences has been to create a forum where academics and private and public sector investment professionals can meet to discuss and ponder the issues of specific relevance to public sector investors. It is well recognized that public institutions differ markedly from their private sector peers in their investment activities. Investment rationales, preferences, eligible investments, governance structures and accountabilities as well as aspects relating to the availability of human and technical resources distinguish public investors. These idiosyncrasies have profound effects on how portfolio and risk management activities are organized and performed in public sector institutions. Portfolio and risk management for central banks and sovereign wealth funds 2011-10-13T08:40:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap58.pdf October 2011 Bank for International Settlements: BIS Papers 58 G11 F33 E58 http://www.bis.org/publ/bppdf/bispap57.htm Abstract of "The influence of external factors on monetary policy frameworks and operations", proceedings of a meeting of senior officials from central banks held at the Bank for International Settlements on 17-18 February 2011. The influence of external factors on monetary policy frameworks and operations 2011-10-04T15:05:00Z Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronisation of business cycles across advanced and emerging market economies. This has led to the faster transmission of shocks, especially through financial channels. Against this background, the 16th annual meeting of Deputy Governors from the major emerging market economies, held at the BIS in Basel in February 2011, addressed the question of how external factors had affected monetary policy in EMEs over the past few years. The present volume brings together papers prepared for that meeting. The discussion was organised around four broad topics: (i) international banks, new liquidity rules and monetary policy in EMEs; (ii) exchange rates and monetary policy frameworks in EMEs; (iii) the implications of foreign exchange market intervention for central bank balance sheets; and (iv) additional supporting policies that central banks can use to address the policy dilemmas from the influence of external factors. One of the main conclusions of the meeting was that financial globalisation has multiplied the number of transmission channels and associated risks through which external factors influence domestic economic and financial conditions in EMEs. This complicates the assessment of the outlook for inflation and growth. It also introduces an additional dimension - the evaluation of financial stability risks - to the objectives of central banks. Monetary policy in EMEs has become much more complex as a result. The influence of external factors on monetary policy frameworks and operations 2011-10-04T15:05:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap57.pdf October 2011 Bank for International Settlements: BIS Papers 57 F42 P52 F36 E42 G21 F34 F53 F31 G28 E58 E52 E44 http://www.bis.org/publ/bppdf/bispap56.htm Abstract of "Central banking in Africa: prospects in a changing world", proceedings of a meeting of senior officials from central banks held at the BIS in May 2011. Central banking in Africa: prospects in a changing world 2011-09-30T14:00:00Z Governors and senior officials representing some two dozen central banks from Africa and other regions of the world met at the BIS in May 2011 to discuss the monetary policy and financial stability issues facing Africa after the global financial crisis. This volume brings together the background papers prepared for that meeting. The papers cover four broad areas where the crisis could have had potentially the largest impact on central banking in Africa: (i) financial access; (ii) governance arrangements for financial stability; (iii) changes in monetary policy transmission mechanisms; and (iv) capital flows, commodity prices and exchange rates. An overview chapter summarises the main points raised in the discussions and in the background papers. A special feature of the volume are the opening remarks on financial inclusion and the regulation of microfinance, followed by a transcript of the question and answer session with Professor Muhammad Yunus, the 2006 Nobel Peace Prize laureate. Central banking in Africa: prospects in a changing world 2011-09-30T14:00:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap56.pdf September 2011 Bank for International Settlements: BIS Papers 56 O16 F21 E42 G21 F34 F32 G28 E58 O23 E52 O55 E44 http://www.bis.org/publ/bppdf/bispap55.htm Abstract of "The future of central banking under post-crisis mandates", proceedings of the ninth BIS Annual Conference, Lucerne, 24-25 June 2010. The future of central banking under post-crisis mandates 2011-01-28T09:14:00Z The future of central banking under post-crisis mandates 2011-01-28T09:14:00Z BIS Financial Stability financial regulation financial crisis central bank governance central bank functions PDF version http://www.bis.org/publ/bppdf/bispap55.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements Alexandre Lamfalussy Lamfalussy Mr Bank for International Settlements Jaime Caruana Caruana Mr General Manager Bank for International Settlements Mark Carney Carney Mr Governor Bank of Canada Andrew Crockett Crockett Mr Stefan Ingves Ingves Mr Governor Sveriges Riksbank Lucas Papademos Papademos Mr Vice President European Central Bank Duvvuri Subbarao Subbarao Dr Governor Reserve Bank of India Stephen G Cecchetti, Alexandre Lamfalussy, Jaime Caruana, Mark Carney, Andrew Crockett, Stefan Ingves, Lucas Papademos and Duvvuri Subbarao January 2011 Bank for International Settlements: BIS Papers 55 G01 E59 E61 E50 E58 G28