Claudio Borio

BIS Working Paper No 706 1 Mar 2018

and

Mathias Drehmann

Monetary policy in the grip of a pincer movement

Monetary policy has been in the grip of a pincer movement, caught between growing financial cycles, on the one hand, and an…

BIS Working Paper No 685 19 Dec 2017

Piti Disyatat

Mikael Juselius

and

Phurichai Rungcharoenkitkul

Why so low for so long? A long-term view of real interest rates

Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real…

What would balance sheets look like if the borrowing through FX swaps and forwards were recorded on-balance sheet, as the…

Piti Disyatat

Mikael Juselius

and

Phurichai Rungcharoenkitkul

Publication 17 Sep 2017

FX swaps and forwards: missing global debt?

BIS Working Paper No 628 24 Apr 2017

and

Patrick McGuire

Is monetary policy less effective when interest rates are persistently low?

We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 countries…

BIS Working Paper No 612 27 Feb 2017

and

Boris Hofmann

Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?

This paper analyses the effectiveness of monetary policy on bank lending in a low interest rate environment. Based on a sample…

BIS Working Paper No 602 9 Jan 2017

and

Leonardo Gambacorta

The globalisation of inflation: the growing importance of global value chains

Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents…

Raphael Auer

BIS Working Paper No 590 27 Oct 2016

and

Andrew J Filardo

The failure of covered interest parity: FX hedging demand and costly balance sheets

The failure of covered interest parity (CIP), or, equivalently, the persistence of the cross currency basis, in tranquil…

Mobeen Iqbal

Patrick McGuire

and

Vladyslav Sushko

Publication 18 Sep 2016

Covered interest parity lost: understanding the cross-currency basis

Patrick McGuire

and

Vladyslav Sushko

All external publications (130)

External publication 1 Jul 1996

The restructuring of the financial industry: implications for prudential regulation and supervision

External publication 1 May 1996

The anatomy of bond market turbulence

and

External publication 1 Jan 1996

Credit characteristics and the monetary policy transmission mechanism in fourteen industrial countries: facts, conjectures and some econometric evidence

External publication 1 Dec 1995

Discussion of "Managing risk in payment and settlement systems: the role of private and public initiatives" by E Eisenbeis

External publication 1 Jan 1995

Payment and settlement systems: trends and risk management

External publication 1 Dec 1994

The changing borders of banking: trends and implications

External publication 1 Apr 1992

and

Renato Filosa

The linkages between taxation, private saving decisions, and financial intermediation: some international comparisons

and

Julian S Alworth

External publication 1 Mar 1991

Payment system arrangements and related policy issues: a cross-country comparison

External publication 1 Dec 1990

Paul Van den Bergh

and

Daniela Russo

Financial instability and the real economy

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Boris Hofmann, Head of Monetary Policy…

and

Horst Bockelmann

and

Andreas Schrimpf

Speech 24 Jan 2024

Money growth and the post-pandemic inflation surge: updating the evidence

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Stijn Claessens, Head of Financial…

Boris Hofmann

and

Egon Zakrajsek

Speech 11 Jul 2023

Collateral damage

Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, on the occasion of the Bank's Annual…

Stijn Claessens

Andreas Schrimpf

and

Nikola Tarashev

Speech 25 Jun 2023

Monetary and fiscal policy: safeguarding stability and trust

Remarks made by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the Netherlands Bank Workshop …

Speech 26 Apr 2023

Getting up from the floor

Remarks by Mr Claudio Borio, Head of the BIS Monetary and Economic Department of the BIS, at the 11th Biennial IFC Conference,…

Speech 30 Sep 2022

Measuring the past to better understand the present and chart the future: the central bank network on historical monetary and financial statistics

The geographic consequences of Basel III

All videos (80)

01:33:34

Video 29 Jan 2018

The geographic consequences of Basel III

Borio moderates a panel discussion.

Weak productivity: The role of financial factors and policies

02:25:48

Video 10 Jan 2018

Weak productivity: The role of financial factors and policies

Borio argues that the misallocation of resources across sectors and firms can have long-lasting but often overlooked…

Monetary policy in the grip of a pincer movement

Karolina Ekholm

and

Maurice Obstfeld

00:34:18

Video 16 Nov 2017

Monetary policy in the grip of a pincer movement

Borio examines the implications for monetary policy of the conjunction of two developments: the emergence of disruptive…

How much do we really know about inflation?

00:15:55

Video 25 Jun 2017

How much do we really know about inflation?

Presentation on the BIS Annual Report by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, on the…

Macro Musings: Claudio Borio on financial stability, the Triffin dilemma, and international monetary policy

01:05:09

Video 10 Oct 2016

Macro Musings: Claudio Borio on financial stability, the Triffin dilemma, and international monetary policy

In this podcast, Claudio Borio talks with host David Beckworth about a range of topics.

Ultra-low interest rates: Why? What consequences? Here to stay?

01:57:13

Video 23 Sep 2016

Ultra-low interest rates: Why? What consequences? Here to stay?

Claudio Borio examines the causes, consequences and likelihood of persistence of ultra-low interest rates and argues that the…

Towards financial stability-oriented monetary policy? Some evidence - 2016

and

François Villeroy de Galhau

00:17:50

Video 26 Jun 2016

Towards financial stability-oriented monetary policy? Some evidence - 2016

In his presentation, Claudio Borio draws on BIS research presented in the Annual Report to argue that a financial stability…

Uneasy calm awaiting lift-off

00:13:46

Video 4 Dec 2015

Uneasy calm awaiting lift-off

Media briefing for the December 2015 BIS Quarterly Review.

and

Revisiting three intellectual pillars of monetary policy received wisdom

00:43:14

Video 12 Nov 2015

Revisiting three intellectual pillars of monetary policy received wisdom

Claudio Borio questions three beliefs that underpin current monetary policy received wisdom. He concludes that the trend…

All podcasts (17)

00:46:22

Podcast 9 Dec 2024

Media briefing on the BIS Quarterly Review, December 2024

Claudio Borio and Hyun Song Shin summarise the December 2024 Quarterly Review and answer journalists' questions about financial…

and

0:00 0:00

00:32:03

Podcast 16 Sep 2024

Media briefing on the BIS Quarterly Review, September 2024

Claudio Borio and Hyun Song Shin summarise the September 2024 Quarterly Review and answer journalists' questions about…

and

0:00 0:00

00:17:46

Podcast 30 Jun 2024

Monetary policy in the 21st century: lessons learned and challenges ahead

Claudio Borio discusses the lessons learned for monetary policy from the extraordinary events of the past 25 years, and looks…

0:00 0:00

00:32:21

Podcast 4 Mar 2024

Media briefing on the BIS Quarterly Review, March 2024

Claudio Borio and Hyun Song Shin summarise the March 2024 Quarterly Review and answer journalists' questions about financial…

and

0:00 0:00

00:50:58

Podcast 8 Jan 2024

The future of central bank operating systems

Claudio Borio talks about central bank operating systems and the challenge of large balance sheets at central banks.

0:00 0:00

00:37:10

Podcast 4 Dec 2023

Media briefing on the BIS Quarterly Review, December 2023

Claudio Borio and Hyun Song Shin summarise the December 2023 Quarterly Review and answer journalists' questions about financial…

and

0:00 0:00

00:35:42

Podcast 18 Sep 2023

Media briefing on the BIS Quarterly Review, September 2023

Claudio Borio and Hyun Song Shin summarise the September 2023 Quarterly Review and answer journalists' questions about…

and

0:00 0:00

00:29:00

Podcast 4 Jul 2023

Why central banks cannot relax in inflation fight

Claudio Borio speaks to Francesco Guerrera about inflation, monetary policy and financial stability risks.

0:00 0:00

00:26:06

Podcast 25 Jun 2023

Monetary and fiscal policy interactions

Claudio Borio offers a historic perspective on the interaction of fiscal and monetary policy to better understand the…