http://www.bis.org/list/cgfs/tid_52/index.rss Publications of the Committee on the Global Financial System (CGFS), monitoring developments in global financial markets for the central bank Governors of the G10 countries. Systemic risk en http://www.bis.org/publ/cgfs48.htm Abstract of "Operationalising the selection and application of macroprudential instruments", November 2012. This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the ... Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the effectiveness of the instrument in achieving the stated policy objective; and (iii) the efficiency of the instrument in terms of a cost-benefit assessment. In trying to operationalise these criteria, this report proposes a number of practical tools. First, to help determine the appropriate timing for the activation and deactivation of instruments, it lays out stylised scenarios. Their identification is facilitated by two alternative approaches that seek to link systemic risk analysis and instrument selection. Second, to support the evaluation of the effectiveness and efficiency of macroprudential tools for a range of macroprudential instruments, the report proposes "transmission maps" - stylised presentations of how changes in individual instruments are expected to contribute to the objectives of macroprudential policy. Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z BIS procyclicality early warning indicators Countercyclical capital requirements Loan-to-value ratios Countercyclical liquidity requirements PDF version http://www.bis.org/publ/cgfs48.pdf December 2012 Bank for International Settlements: CGFS Publications 48 http://www.bis.org/publ/cgfs46.htm Abstract of "The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets", November 2011 The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets 2011-11-17T20:00:00Z The G-20 leaders' commitment that all standardised over-the-counter (OTC) derivatives will be centrally cleared by the end of 2012 is intended to increase the safety and resilience of the global financial system. Achieving these objectives depends importantly on the arrangements through which market participants obtain access to central clearing. Such arrangements could include increased use of existing global CCPs; the establishment of domestic CCPs in a number of jurisdictions; and the possible construction of links between CCPs. This report analyses the potential implications for financial stability and efficiency of these alternative access arrangements to CCPs. The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets 2011-11-17T20:00:00Z BIS Central Counterparties OTC derivatives domestic ccps ccp links PDF version http://www.bis.org/publ/cgfs46.pdf November 2011 Bank for International Settlements: CGFS Publications 46 G15 G18 G21 G28 http://www.bis.org/publ/cgfs45.htm Abstract of "Global liquidity - concept, measurement and policy implications", November 2011 Global liquidity - concept, measurement and policy implications 2011-11-13T20:00:00Z Global liquidity has become a key focus of international policy debates over recent years. This reflects the view that global liquidity and its drivers are of major importance for international financial stability. The concept of global liquidity, however continues to be used in a variety of ways and this ambiguity can lead to unfounded and potentially destabilising policy initiatives. Global liquidity - concept, measurement and policy implications 2011-11-13T20:00:00Z BIS global liquidity special drawing rights IMF programmes precautionary reserves credit aggregates central bank swaps PDF version http://www.bis.org/publ/cgfs45.pdf November 2011 Bank for International Settlements: CGFS Publications 45 E50 F30 E44 http://www.bis.org/publ/cgfs43.htm Abstract of "The impact of sovereign credit risk on bank funding conditions", July 2011 The impact of sovereign credit risk on bank funding conditions 2011-07-11T08:00:00Z The impact of sovereign credit risk on bank funding conditions 2011-07-11T08:00:00Z BIS banks policy sovereign debt management bank funding Europe tranmission channels PDF version http://www.bis.org/publ/cgfs43.pdf July 2011 Bank for International Settlements: CGFS Publications 43 E60 G21 E58 http://www.bis.org/publ/cgfs40.htm Abstract of "Research on global financial stability: the use of BIS international financial statistics", June 2010 Research on global financial stability: the use of BIS international financial statistics 2010-06-30T09:03:00Z Research on global financial stability: the use of BIS international financial statistics 2010-06-30T09:03:00Z BIS international financial statistics global financial stability PDF version http://www.bis.org/publ/cgfs40.pdf June 2010 Bank for International Settlements: CGFS Publications 40 http://www.bis.org/publ/cgfs38.htm Abstract of "Macroprudential instruments and frameworks: a stocktaking of issues and experiences", May 2010 Macroprudential instruments and frameworks: a stocktaking of issues and experiences 2010-05-20T23:00:00Z Macroprudential instruments and frameworks: a stocktaking of issues and experiences 2010-05-20T23:00:00Z BIS systemic risk PDF version http://www.bis.org/publ/cgfs38.pdf May 2010 Bank for International Settlements: CGFS Publications 38 G01 G18 G28 E58 http://www.bis.org/publ/cgfs37.htm Abstract of "The functioning and resilience of cross-border funding markets", March 2010 The functioning and resilience of cross-border funding markets 2010-03-24T10:00:00Z The functioning and resilience of cross-border funding markets 2010-03-24T10:00:00Z BIS financial crises financial markets financial crisis PDF version http://www.bis.org/publ/cgfs37.pdf March 2010 Bank for International Settlements: CGFS Publications 37 G15 G01 E58 F31 http://www.bis.org/publ/cgfs36.htm Abstract of "The role of margin requirements and haircuts in procyclicality", March 2010 The role of margin requirements and haircuts in procyclicality 2010-03-23T15:11:00Z The role of margin requirements and haircuts in procyclicality 2010-03-23T15:11:00Z BIS procyclicality effect procyclicality risk-taking channel PDF version http://www.bis.org/publ/cgfs36.pdf March 2010 Bank for International Settlements: CGFS Publications 36 G15 G21 G28 G32 http://www.bis.org/publ/cgfs34.htm Abstract of 'The role of valuation and leverage in procyclicality', a report prepared by a joint Working Group of the FSF and the CGFS, April 2009 The role of valuation and leverage in procyclicality 2009-04-17T09:00:00Z The role of valuation and leverage in procyclicality 2009-04-17T09:00:00Z BIS leverage ratio funding liquidity risk maturity mismatch embedded leverage PDF version http://www.bis.org/publ/cgfs34.pdf April 2009 Bank for International Settlements: CGFS Publications 34 http://www.bis.org/publ/cgfs33.htm Abstract of 'Capital flows and emerging market economies', January 2009 Capital flows and emerging market economies 2009-01-19T10:00:00Z Capital flows and emerging market economies 2009-01-19T10:00:00Z BIS Current Account Adjustment emerging market economies banks capital flows mortgages international investment long-term capital movements short-term capital movements financial aspects of economic integration other depository institutions micro finance institutions pension funds other private financial institutions government policy and regulations PDF version http://www.bis.org/publ/cgfs33.pdf January 2009 Bank for International Settlements: CGFS Publications 33 http://www.bis.org/publ/cgfs31.htm Abstract of 'Central bank operations in response to the financial turmoil', July 2008 Central bank operations in response to the financial turmoil 2008-07-04T07:00:00Z Central bank operations in response to the financial turmoil 2008-07-04T07:00:00Z BIS financial turmoil standing facilities central bank operational frameworks open market operations interbank market money market PDF version http://www.bis.org/publ/cgfs31.pdf July 2008 Bank for International Settlements: CGFS Publications 31 http://www.bis.org/publ/cgfs29.htm Introduction of CGFS publication 'Research on global financial stabilty: the use of BIS international financial statistics', December 2007. Research on global financial stability: the use of BIS international financial statistics 2007-12-18T23:00:00Z Research on global financial stability: the use of BIS international financial statistics 2007-12-18T23:00:00Z BIS international financial statistics global financial stability PDF version http://www.bis.org/publ/cgfs29.pdf December 2007 Bank for International Settlements: CGFS Publications 29 http://www.bis.org/publ/cgfs12.htm Introduction and summary of CGFS publication 'A Review of Financial Market Events in Autumn 1998', October 1999. Following its March 1999 meeting, the Committee on the Global Financial System formed a working group, chaired by Karen Johnson of the Board of Governors of the Federal Reserve System, to examine the events surrounding the market stresses in many international financial markets in autumn 1998. The group was charged with putting these events in perspective, with special emphasis on understanding the suddenness of the deterioration in liquidity and elevation of risk spreads in a wide variety of markets, the proximate causes of the withdrawal from risk-taking, and the speed with which and extent to which markets subsequently recovered. A Review of Financial Market Events in Autumn 1998 1999-10-07T22:00:00Z A Review of Financial Market Events in Autumn 1998 1999-10-07T22:00:00Z BIS Financial crises, systemic risk PDF version http://www.bis.org/publ/cgfs12.pdf October 1999 Bank for International Settlements: CGFS Publications 12 http://www.bis.org/publ/ecsc07.htm The measurement of aggregate market risk (CGFS Publications No. 7) The measurement of aggregate market risk 1997-11-08T23:00:00Z The measurement of aggregate market risk 1997-11-08T23:00:00Z BIS Risk management, systemic risk November 1997 Bank for International Settlements: CGFS Publications 7 http://www.bis.org/publ/ecsc02.htm Recent developments in international interbank relations (CGFS Publications No. 2) Recent developments in international interbank relations (Promisel Report) 1992-09-30T23:00:00Z Recent developments in international interbank relations (Promisel Report) 1992-09-30T23:00:00Z BIS PDF version http://www.bis.org/publ/ecsc02.pdf October 1992 Bank for International Settlements: CGFS Publications 2