http://www.bis.org/list/bispapers/from_01012013/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. 2013 to 2014 en http://www.bis.org/publ/bppdf/bispap79.htm Abstract of "Re-thinking the lender of last resort", BIS Paper 79, September 2014. The lender of last resort (LOLR) is perhaps the most controversial role of a central bank. On the one hand, providing emergency liquidity assistance to financial institutions is a core central bank responsibility, given its unique ability to create liquid assets in the form of central bank reserves, its central position within the payment system, and its macroeconomic stabilisation objective. On the other hand, acting as LOLR is seen as very risky, potentially creating moral hazard on a massive scale, exposing the central bank to large financial risks, and blurring the boundary with fiscal policy. Moreover .... Re-thinking the lender of last resort 2014-09-15T15:11:00Z The lender of last resort (LOLR) is perhaps the most controversial role of a central bank. On the one hand, providing emergency liquidity assistance to financial institutions is a core central bank responsibility, given its unique ability to create liquid assets in the form of central bank reserves, its central position within the payment system, and its macroeconomic stabilisation objective. On the other hand, acting as LOLR is seen as very risky, potentially creating moral hazard on a massive scale, exposing the central bank to large financial risks, and blurring the boundary with fiscal policy. Moreover, liquidity assistance to individual institutions is typically deeply unpopular, creating reputation risks. The financial crisis has served as reminder of the critical importance of the LOLR in restoring financial stability. But it has also raised fundamental questions about the design of LOLR frameworks and the execution of LOLR policies. How to strike the right balance between limiting risks for central banks and ensuring that the LOLR function can be performed effectively when needed? Should central banks be ambiguous in public about the terms and conditions of liquidity support? Or is there a case for well-articulated LOLR policies communicated ex ante as part of a broader financial stability framework? The aim of the BIS workshop was to explore issues related to the future design of LOLR policies, including governance, operational arrangements, and international aspect. The discussions in this volume do not, of course, converge on simple answers. They do, however, underscore the importance of careful consideration of the articulation of the LOLR function going forward. Re-thinking the lender of last resort 2014-09-15T15:11:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap79.pdf September 2014 Bank for International Settlements: BIS Papers 79 F33 E58 http://www.bis.org/publ/bppdf/bispap78.htm Abstract of "The transmission of unconventional monetary policy to the emerging markets", BIS Paper 78, August 2014. This volume, summarising the discussion and papers prepared for the meeting of Deputy Governors of major EMEs held in Basel on 6-7 March 2014, focusses on three main questions: (i) How can external monetary conditions become a source of risks to monetary and financial stability in EMEs? (ii) How should central banks respond to such shocks? (iii) And, can there be a greater international role for emerging market currencies? The transmission of unconventional monetary policy to the emerging markets 2014-08-21T13:24:00Z This volume, summarising the discussion and paper prepared for the meeting of Deputy Governors of major EMEs held in Basel on 6-7 March 2014, focusses on three main questions: (i) How can external monetary conditions become a source of risks to monetary and financial stability in EMEs? (ii) How should central banks respond to such shocks? (iii) And, can there be a greater international role for emerging market currencies? The transmission of unconventional monetary policy to the emerging markets 2014-08-21T13:24:00Z BIS Monetary Policy emerging market economies exchange rate capital flows international spillover long term interest rates PDF version http://www.bis.org/publ/bppdf/bispap78.pdf August 2014 Bank for International Settlements: BIS Papers 78 F42 G15 G12 F31 E52 http://www.bis.org/publ/bppdf/bispap77.htm Abstract of "Globalisation and inflation dynamics in Asia and the Pacific", proceedings from the People's Bank of China-BIS Research Conference on "Globalisation and inflation dynamics in Asia and the Pacific", Beijing, 23-24 September 2013." The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. Globalisation, inflation and monetary policy in Asia and the Pacific 2014-03-31T14:00:00Z The People's Bank of China and the Bank for International Settlements co-hosted a research conference on "Globalisation and Inflation Dynamics in Asia and the Pacific" on 23-24 September 2013 in Beijing. The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. Globalisation, inflation and monetary policy in Asia and the Pacific 2014-03-31T14:00:00Z BIS inflation monetary policy exchange rate pass-through globalisation commodity prices spillovers inflation forecasts economic slack PDF version http://www.bis.org/publ/bppdf/bispap77.pdf March 2014 Bank for International Settlements: BIS Papers 77 E31 F62 E58 F68 E52 http://www.bis.org/publ/bppdf/bispap76.htm Abstract of "The role of central banks in macroeconomic and financial stability", BIS Papers No 76, February 2014. Central banks in Africa are changing as the continent becomes increasingly integrated with the global financial system. In this context, governors from major central banks met in Basel on 11-12 May 2013 to compare notes on their experiences in dealing with the challenges of increased financial integration. Four important challenges were analysed at this meeting. The role of central banks in macroeconomic and financial stability 2014-02-07T10:30:00Z Central banks in Africa are changing as the continent becomes increasingly integrated with the global financial system. In this context, governors from major central banks met in Basel on 11-12 May 2013 to compare notes on their experiences in dealing with the challenges of increased financial integration. Four important challenges were analysed at this meeting. First, the recent surge in pan-African banking is driving a new wave of financial integration. This has many benefits for the region, but confronts central banks and supervisors with new challenges in monitoring and managing risks. Second, central banks have a key role in developing local debt markets. The development of local currency bond markets is critical to Africa's financial development and resilience to shocks. Third, financial stability frameworks need to be strengthened. Central banks must have a major voice in financial stability policy which is closely linked with monetary policy. Finally, the prolonged period of higher than average commodity prices, often attracting heavy capital inflows, has boosted growth but may also have created its own financial stability risks. In this context, a macroprudential policy perspective that addresses such risks can help to limit systemic threats. The role of central banks in macroeconomic and financial stability 2014-02-07T10:30:00Z BIS financial stability central banking bond markets bank lending PDF version http://www.bis.org/publ/bppdf/bispap76.pdf February 2014 Bank for International Settlements: BIS Papers 76 F34 E58 E52 http://www.bis.org/publ/bppdf/bispap75.htm Abstract of "Long-term finance: can emerging capital markets help?", BIS Papers No. 75, January 2014 The volume presents and summarises the proceedings of the high level seminar jointly organised by the Bank of Russia and the Bank for International Settlements in Moscow on 18-20 July 2013 during the G20 meetings. Governors and deputy governors from around 30 BIS shareholder banks participated along with academic speakers and economists from the Bank of Russia and the BIS. Long-term finance: can emerging capital markets help? 2014-01-30T22:00:00Z The volume presents and summarises the proceedings of the high level seminar jointly organised by the Bank of Russia and the Bank for International Settlements in Moscow on 18-20 July 2013 during the G20 meetings. Governors and deputy governors from around 30 BIS shareholder banks participated along with academic speakers and economists from the Bank of Russia and the BIS. Long-term finance: can emerging capital markets help? 2014-01-30T22:00:00Z BIS emerging markets Capital markets Capital flow volatility PDF version http://www.bis.org/publ/bppdf/bispap75.pdf January 2014 Bank for International Settlements: BIS Papers 75 E5 G18 G2 http://www.bis.org/publ/bppdf/bispap74.htm Abstract of "Navigating the Great Recession: what role for monetary policy?", proceedings of the 12th BIS Annual Conference, 20-21 June 2013. The 12th BIS Annual Conference took place in Lucerne, Switzerland on 20-21 June 2013. The event brought together a distinguished group of central bank governors, leading academics and former public officials to exchange views on the conference theme of "Navigating the Great Recession: what role for monetary policy?". This volume contains the opening address by Stephen Cecchetti (former Economic Adviser, BIS), a keynote address by Finn Kydland (University of California, Santa Barbara) and the contributions of the policy panel. The participants in the policy panel, chaired by Jaime Caruana (General Manager, BIS), were Zeti Akhtar Aziz (Bank Negara Malaysia), Thomas Jordan (Swiss National Bank) and Glenn Stevens (Reserve Bank of Australia). Navigating the Great Recession: what role for monetary policy? 2013-12-23T09:00:00Z The 12th BIS Annual Conference took place in Lucerne, Switzerland on 20-21 June 2013. The event brought together a distinguished group of central bank governors, leading academics and former public officials to exchange views on the conference theme of "Navigating the Great Recession: what role for monetary policy?". This volume contains the opening address by Stephen Cecchetti (former Economic Adviser, BIS), a keynote address by Finn Kydland (University of California, Santa Barbara) and the contributions of the policy panel. The participants in the policy panel, chaired by Jaime Caruana (General Manager, BIS), were Zeti Akhtar Aziz (Bank Negara Malaysia), Thomas Jordan (Swiss National Bank) and Glenn Stevens (Reserve Bank of Australia). Navigating the Great Recession: what role for monetary policy? 2013-12-23T09:00:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap74.pdf Stephen G Cecchetti Cecchetti Mr Finn E Kydland Kydland Mr University of California, Santa Barbara Jaime Caruana Caruana Mr General Manager Bank for International Settlements Zeti Akhtar Aziz Aziz Dr Governor Central Bank of Malaysia Thomas Jordan Jordan Mr Chairman of the Governing Board Swiss National Bank Glenn Stevens Stevens Mr Governor Reserve Bank of Australia Stephen G Cecchetti, Finn E Kydland, Jaime Caruana, Zeti Akhtar Aziz, Thomas Jordan and Glenn Stevens December 2013 Bank for International Settlements: BIS Papers 74 http://www.bis.org/publ/bppdf/bispap73.htm Abstract of "Market volatility and foreign exchange intervention in EMEs: what has changed", BIS Paper 73, October 2013. This volume, summarising the discussion and papers presented at the meeting of Deputy Governors of major EMEs in Basel on 21-22 February 2013, focuses on three main questions concerning foreign exchange intervention. Market volatility and foreign exchange intervention in EMEs: what has changed? 2013-10-22T09:00:00Z This volume, summarising the discussion and papers presented at the meeting of Deputy Governors of major EMEs in Basel on 21-22 February 2013, focuses on three main questions concerning foreign exchange intervention. Market volatility and foreign exchange intervention in EMEs: what has changed? 2013-10-22T09:00:00Z BIS monetary policy financial stability exchange rates PDF version http://www.bis.org/publ/bppdf/bispap73.pdf October 2013 Bank for International Settlements: BIS Papers 73 F31 E58 E52 http://www.bis.org/publ/bppdf/bispap72.htm Abstract of "Sovereign risk: a world without risk-free assets?", BIS Paper 72, July 2013. This volume presents and summarises the proceedings of a one-and-a-half day seminar on sovereign risk hosted by the BIS in January 2013. The event brought together senior central bankers, sovereign ratings analysts, fund managers, sovereign legal specialists and risk managers at financial institutions. Sovereign risk: a world without risk-free assets? 2013-07-31T09:04:00Z This volume presents and summarises the proceedings of a one-and-a-half day seminar on sovereign risk hosted by the BIS in January 2013. The event brought together senior central bankers, sovereign ratings analysts, fund managers, sovereign legal specialists and risk managers at financial institutions. Sovereign risk: a world without risk-free assets? 2013-07-31T09:04:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap72.pdf July 2013 Bank for International Settlements: BIS Papers 72 http://www.bis.org/publ/bppdf/bispap71.htm Abstract of "Central bank finances", BIS Paper 71, April 2013. This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not hamper central banks' operational capabilities, they may weaken the effectiveness of central bank policy transmission. Against this backdrop, the paper analyses the determinants of a central bank's financial position and the possible implications of insufficient financial resources for policymaking. It also provides a conceptual framework for considering the question of whether central banks have sufficient financial resources. Central bank finances 2013-04-29T12:25:00Z This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not hamper central banks' operational capabilities, they may weaken the effectiveness of central bank policy transmission. Against this backdrop, the paper analyses the determinants of a central bank's financial position and the possible implications of insufficient financial resources for policymaking. It also provides a conceptual framework for considering the question of whether central banks have sufficient financial resources. Central bank finances 2013-04-29T12:25:00Z BIS central banks and crisis central bank losses central banks and financial risks central bank profits central bank capital PDF version http://www.bis.org/publ/bppdf/bispap71.pdf David Archer Archer Mr Head of Central Banking Studies Bank for International Settlements Paul Moser-Boehm Moser-Boehm Mr David Archer and Paul Moser-Boehm April 2013 Bank for International Settlements: BIS Papers 71 http://www.bis.org/publ/bppdf/bispap70.htm Abstract of "Globalisation and inflation dynamics in Asia and the Pacific", proceedings of a research workshop organised by the BIS in Hong Kong SAR, 18-19 June 2012. Globalisation and inflation dynamics in Asia and the Pacific 2013-02-06T08:45:00Z The Bank for International Settlements (BIS) organised a research workshop on globalisation and inflation dynamics in Asia and the Pacific on June 18-19 in Hong Kong SAR. The topic was endorsed by the Asian Consultative Council in February 2012 as the new monetary stability research theme for the two-year research programme of the BIS Representative Office for Asia and the Pacific. The conference venue was provided by the Hong Kong Monetary Authority. The goal of the event was to bring together researchers and policymakers to present the latest developments in the research area of globalisation and inflation. The workshop also helped to sharpen the focus on the key aspects of this topic in the research programme of the BIS Asian office going forward. There were 34 participants, including academics, researchers and policymakers from central banks and international organisations from the Asia-Pacific region, Europe and the United States. Globalisation and inflation dynamics in Asia and the Pacific 2013-02-06T08:45:00Z BIS PDF version http://www.bis.org/publ/bppdf/bispap70.pdf February 2013 Bank for International Settlements: BIS Papers 70