Other publications - last 5 years
Experience with macroprudential policy is growing. A large number of countries have put in place dedicated institutional arrangements. Progress is being made also with the design and implementation of macroprudential tools, and an increasing body of empirical research is available that evaluates the effectiveness of macroprudential policy.
International capital flows and financial vulnerabilities in emerging market economies: analysis and data gaps
This note analyses the exposure of emerging market economies to international capital flow risks, paying particular attention to vulnerabilities in the non-financial corporate sector. It stresses the importance of studying the stocks of debt, gross rather than net flows, borrowers' nationality rather than location and the currency denomination of debt.
This report presents the work of the experts' group that analysed the economic impact of the implementation of total loss absorbing capacity (TLAC) to be applied to global systemically important banks (G-SIBs). It summarises the assessment of impact on individual banks subjected to the requirement (microeconomic impact), as well as the costs and benefits to the economy as a whole (macroeconomic impact).
The joint handbook assists the production of internationally comparable securities statistics. It covers the conceptual framework for statistics on debt and equity securities. Set of detailed presentation tables using the concepts and guidelines.
In recent years, the global financial system has witnessed several episodes of instability due to the external repercussions of monetary policy measures by major countries, the development of financial cycles characterised by excessive credit creation followed by sudden stops, and large movements in the exchange rates of both advanced and emerging market economies. The standard therapy for dealing with these disturbances has been a mix of ...
This paper analyses whether the post-crisis regulatory reforms developed by global standard-setting bodies create appropriate incentives for different types of market participants to centrally clear OTC derivatives contracts.
In its report, the MAGD focuses on the effects of (i) mandatory central clearing of standardised OTC derivatives, (ii) margin requirements for non-centrally-cleared OTC derivatives and (iii) bank capital requirements for derivatives-related exposures.
Report by a Working Group established by the BIS Economic Consultative Committee (ECC) and chaired by Hiroshi Nakaso, Assistant Governor, Bank of Japan. The report reviews issues in relation to the use and production of reference interest rates from the perspective of central banks. The Working Group (WG) identifies an urgent need to strengthen the reliability and robustness of existing reference rates and a strong case for enhancing reference rate choice. Both call for prompt action by the private and the public sector.
This article investigates the development of bank funding in the euro area in recent years, analysing how euro area funding markets were severely disrupted by adverse feedback effects between the weaknesses of sovereigns and banks. These were reflected, for example, in important adjustments in funding provided by international banks and US money market funds and in a growing recourse to secured instruments such as covered bonds. The article concludes that funding structures that seem stable in normal times can ...
This report responds to the call of G20 Leaders on the FSB, IMF and BIS to do further work on macroprudential policy. It traces the progress in implementing macroprudential policy frameworks along three broad lines: (i) advances in the identification and monitoring of systemic financial risk; (ii) the designation and calibration of instruments for macroprudential purposes; and (iii) building institutional and governance arrangements in the domestic and regional context.
Paper by S G Cecchetti, M S Mohanty and F Zampolli prepared for the "Achieving Maximum Long-Run Growth" symposium, sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 25-27 August 2011. A revised version, published on 16 September 2011 and including the underlying data (in XLS), is available as BIS Working papers No 352.