Asia Office Publications

Browse through the latest publications produced by, or in collaboration with, the Asia Office.

Displaying 111-120 of 183
Publication BIS Working Paper No 499 24 Mar 2015
Foreign exchange intervention: strategies and effectiveness
Abstract of BIS Working Papers No 499 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…
Authors: Nuttathum Chutasripanich and James Yetman
Publication BIS Working Paper No 494 16 Mar 2015
Financial crisis, US unconventional monetary policy and international spillovers
Abstract of BIS Working Papers No 494 We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and…
Authors: Qianying Chen, Andrew J Filardo, Dong He and Feng Zhu
Publication BIS Working Paper No 492 27 Feb 2015
Assessing the CNH-CNY pricing differential: role of fundamentals, contagion and policy
Abstract of BIS Working Papers No 492 Renminbi internationalisation has brought about an active offshore market where the exchange rate frequently diverges from the onshore market. Using extended GARCH models, we explore the role of fundamentals, global…
Authors: Michael Funke, Chang Shu, Xiaoqiang Cheng and Sercan Eraslan
Publication BIS Working Paper No 484 26 Jan 2015
Bank capital shock propagation via syndicated interconnectedness
Abstract of BIS Working Papers No 484 Loan syndication increases bank interconnectedness through co-lending relationships. We study the financial stability implications of such dependency on syndicate partners in the presence of shocks to banks' capital…
Authors: Makoto Nirei, Julián Caballero and Vladyslav Sushko
Publication BIS Working Paper No 483 16 Jan 2015
Global dollar credit: links to US monetary policy and leverage
Abstract of BIS Working Papers No 483 Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy…
Authors: Robert N McCauley, Patrick McGuire and Vladyslav Sushko
Publication BIS Working Paper No 478 23 Dec 2014
Spillovers of US unconventional monetary policy to Asia: the role of long-term interest rates
Abstract of BIS Working Papers No 478 This paper reviews the role of long-term interest rates in international monetary transmission and related policy challenges in the wake of exceptionally easy US monetary policy. It employs a panel VAR model to…
Authors: Ken Miyajima, Madhusudan S Mohanty and James Yetman
Publication BIS Working Paper No 476 18 Dec 2014
Financial inclusion and optimal monetary policy
Abstract of BIS Working Papers No 476 Limited access to the formal financial sector is a common feature of the economic environment in many emerging market and developing economies. In this paper, we examine how the level of financial inclusion affects…
Authors: Aaron Mehrotra and James Yetman
Publication BIS Working Paper No 472 08 Dec 2014
Correlations across Asia-Pacific bond markets and the impact of capital flow measures
Abstract of BIS Working Papers No 472 Using a novel database on capital flow measures in Asia over 2004-2013, we investigate the impact of bond inflow measures on the cross-market correlations of weekly bond fund flows and of daily bond returns in 12…
Authors: Pornpinun Chantapacdepong and Ilhyock Shim
Publication BIS Working Paper No 464 25 Sep 2014
Decaying expectations: what inflation forecasts tell us about the anchoring of inflation expectations
Abstract of BIS Working Papers No 464 Well anchored inflation expectations are considered to be a reflection of credible monetary policy. In the past, anchoring has been assessed using either long-run inflation surveys or break-even inflation rates on…
Authors: Aaron Mehrotra and James Yetman
Publication BIS Working Paper No 450 04 Jun 2014
Globalisation, pass-through and the optimal policy response to exchange rates
BIS Working Papers No 450: In this paper we examine how monetary policy should respond to nominal exchange rates in a New Keynesian open economy model that allows for a non-trivial role for sterilised intervention. The paper develops the argument against…
Authors: Michael B Devereux and James Yetman

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