What's new

30 Apr

Currency carry trades in Latin America (BIS Papers)

This report seeks to shed light on the characteristics of currency carry trades in Latin America. Partly reflecting the degree of financial market integration and development, as well as the effects of ...

30 Apr

Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia (Working Paper)

This paper examines past evidence of prolonged periods of foreign exchange reserves accumulation in the Asia-Pacific region. One empirical challenge is to identify periods of ...

31 Mar

Central bank operating frameworks and collateral markets (CGFS/Markets Committee)

Collateral markets have become increasingly important as demand for collateral assets has increased in recent years, driven by changing market practices and an evolving regulatory landscape. This report - prepared by a Study Group chaired by Timothy Lane (Bank of Canada) - explores whether and how the design of central banks' operational frameworks influences private ...

24 Mar

Foreign exchange intervention: strategies and effectiveness (Working Paper)

Foreign exchange intervention has been actively used as a policy tool in many economies in Asia and elsewhere. In this paper, we examine two intervention rules (leaning against exchange rate misalignment and leaning against ...

24 Mar

Liquidity Squeeze, Abundant Funding and Macroeconomic Volatility (Working Paper)

This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build ...

24 Mar

Global Asset Allocation Shifts (Working Paper)

We show that global asset reallocations of U.S. fund investors obey a strong factor structure, with two factors accounting for more than 90% of the overall variation. The first factor captures switches between U.S. bonds and ...

Central bankers' speeches
04 May
30 Apr
29 Apr
BIS Management speeches
30 Apr

by Jaime Caruana: The international monetary and financial system: eliminating the blind spot

The present-day international monetary and financial system does not constrain the build-up of financial imbalances within and across countries. Liquidity conditions...

24 Apr

by Hervé Hannoun: Ultra-low or negative interest rates: what they mean for financial stability and growth

15 Apr

by Hyun Song Shin: Macroprudential tools, their limits and their connection with monetary policy

Both macroprudential policy and monetary policy influence the financial intermediation process and moderate the procyclicality of the financial system. They are similar in moderating the demand and supply of credit...

09 Apr

by Claudio Borio: The international monetary and financial system: Its Achilles heel and what to do about it

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes...