Claudio Borio

Head of the Monetary and Economic Department

Monetary and Economic Department

Claudio Borio was appointed Head of the Monetary and Economic Department on 18 November 2013.
At the BIS since 1987, Mr Borio has held various positions in the Monetary and Economic Department (MED), including Deputy Head of MED and Director of Research and Statistics as well as Head of Secretariat for the Committee on the Global Financial System and the Gold and Foreign Exchange Committee (now the Markets Committee). From 1985 to 1987, he was an economist at the OECD, working in the country studies branch of the Economics and Statistics Department. Prior to that, he was Lecturer and Research Fellow at Brasenose College, Oxford University. He holds a DPhil and an MPhil in Economics and a BA in Politics, Philosophy and Economics from the same university. Claudio is author of numerous publications in the fields of monetary policy, banking, finance and issues related to financial stability.

Fields of interest

Monetary economics and policy
Financial stability
Banking and finance

" Risk attribution using the Shapley value: methodology and policy applications" (with N Tarashev and K Tsatsaronis), Review of Finance, 2015, pp 1-25.
" The financial cycle and macroeconomics: what have we learnt?", Journal of Banking & Finance, August 2014. Also published as BIS Working Papers, no 395, December 2012.
" Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?" (with H Zhu), in Journal of Financial Stability, 2012. Also published as BIS Working Papers, no 268, December 2008.
" Whither monetary and financial stability? The implications of evolving policy regimes" (with W White), in Monetary policy and uncertainty: adapting to a changing economy, proceedings of the Jackson Hole Symposium, Federal Reserve Bank of Kansas City, 28-30 August 2003. Also published as BIS Working Papers, no 147, February 2004.
" Towards a macroprudential framework for financial supervision and regulation?", CESifo Economic Studies, vol 49, no 2, pp 181-215, 2003. Also published as BIS Working Papers, no 128, February 2003, and ICFAI Journal of Monetary Economics, volume II, no 1, February 2004, pp 7-35. Also available (in a revised and updated version) in F Milne and T Neave (eds), Current directions in financial regulation, conference proceedings. Reprinted as a seminal contribution to the literature in D Evanoff, G Kaufman and A Malliaris (eds), New perspectives on asset price bubbles, 2012, Oxford University Press.
" Integrated policy frameworks: The constraints of policy horizons and adjustment frequencies" (with P Disyatat), SUERF Policy Note, June 2021.
" Central banks and the Covid-19 economic crisis", in B English, K Forbes and A Ubide (eds), Monetary policy and central banking in the Covid era, 2021.
" Monetary and fiscal policy: privileged powers, entwined responsibilities" (with P Disyatat), SUERF Policy Note, May 2021.
"Central banks and the Covid-19 economic crisis", in B English, K Forbes and A Ubide (eds), Monetary policy and central banking in the Covid era, 2021.
" Is inflation dead or hibernating?", SUERF Policy Brief, January 2021.
" The long shadow of monetary policy" (with P Rungcharoenkitkul and P Disyatat), VoxEU, 22 December 2020.
" Forecasting recessions: the importance of the financial cycle" (with M Drehmann and D Xia), Journal of Macroeconomics, December 2020.
Discussion of the paper "EU response to the financial crisis and the economic recession" by M Marchesi and Nava", in F Allen, M Haliassos, E Faia and K Langenbucher (eds), Capital markets union and beyond, MIT Press, 10 December 2019.
" A blind spot in today's macroeconomics?", in D Adler and L Siegel (eds), Restoring American Economic Dynamism, CFA Institute Research Foundation, 30 October 2019.
" On money, debt, trust and central banking", Cato Journal, May 2019.
" New loan provisioning standards and procyclicality", Financial Stability Review, spring 2019.
" The 'real' illusion: How monetary factors matter in low-for-long rates" (with P Disyatat, M Juselius and P Rungcharoenkitkul), VoxEU.org, 18 October 2018. Also published as BIS Working Papers, no 685.
"Low inflation and rising global debt: just a coincidence", Zeitschrift fur das gesamte Kreditwesen, August 2018.
"Monetary Policy in the grip of a pincer movement" in "Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications" Central Bank of Chile 21st Annual Conference. Reprinted in Chinese in Chinamoney, China Foreign Exchange Trade (CEFTS), People's Bank of China, 22 May 2018. Also published as BIS Working Papers, no 706.
" Monetary policy and bank lending in a low interest rate" (with L Gambacorta), Journal of Macroeconomics, December 2017, vol 54B, pp 217-231. Also published as BIS Working Papers, no 612.
"Reshaping our understanding of inflation", OMFIF Bulletin, November 2017.
" The influence of monetary policy on bank profitability" (with L Gambacorta and B Hofmann), International Finance, May 2017. Also published as BIS Working Papers, no 514.
"Fiscal sustainability and the financial cycle" (with M Lombardi and F Zampolli), in Ľ Ódor (ed), Rethinking fiscal policy after the crisis, Cambridge University Press, 2017. Also published as BIS Working Papers, no 552.
" Secular stagnation or financial cycle drag?", Business Economics, April 2017. Also published in Spanish in CEMLA Bulletin.
" Global value chains and the increasingly global nature of inflation", (with R Auer and A Filardo), VoxEU, April 2017.
" Helicopter money: Reality bites" (with P Disyatat), Nikkei Asian Review, September 2016.
"Towards a financial stability-oriented monetary policy framework?", in Central banking in times of change: a compilation of speeches delivered in the OeNB’s 200th anniversary year, Central Bank of the Republic of Austria, 2016, pp 102-19.
" Bye-bye covered interest parity" (with R McCauley, P McGuire and V Sushko), VoxEU, September 2016.
" Revisiting three intellectual pillars of monetary policy", Cato Journal, vol 36, no 2, May 2016, pp 213-38. Also published in J Dorn (ed), Monetary alternatives: rethinking government fiat money, Cato Institute, 2017.
" Helicopter money: The illusion of a free lunch" (with P Disyatat and A Zabai), VoxEU, 2016.
" Rethinking potential output: embedding information about the financial cycle" (with P Disyatat and M Juselius), Oxford Economic Papers, 2016.
" Financial cycles, labour misallocation and economic stagnation" (with E Kharroubi, C Upper and F Zampolli), VoxEU, April 2016.
" On the centrality of the current account in international economics", Journal of International Money and Finance, vol 68, November 2016, pp 266-274.
" The international monetary and financial system: A capital account historical perspective" (with H James and H S Shin), in M Bordo, O Eitrheim, M Flandreau and J Qvigstad (eds), Central banks at a crossroads: What can be learned from history, 2016.
"Persistently ultra-low interest rates: causes and consequences", International Issue of Banking Bulletin, The Bank Association of Slovenia, November 2015.
Discussion of " Low for long? Causes and consequences of persistently low interest rates", 17th ICMB Geneva Report, May 2015.
" Should we be spooked by deflation? A look at the historical record" (with M Erdem, A Filardo and B Hofmann), Vox, April. Also translated into Chinese for Studies of International Finance, vol 8, no 340, August 2015.
"The financial cycle and macroeconomics: what have we learned and what are the policy implications?", in E Nowotny, D Ritzberger-Grünwald and P Backé (eds), Financial cycles and the real economy, Edward Elgar Publishing, 2014.
" Low interest rates and secular stagnation: Is debt a missing link?" (with P Disyatat), VOX, June 2014.
" Monetary policy and financial stability: what role in prevention and recovery?", Capitalism and Society, vol 9, no 2, article 1, 2014.
"Strengthening the systemic orientation of banking regulation and supervision", in " Comment la regulation financière peut-elle sortir l'Europe de la crise?", ENA Book, Labex Refi, 2014.
" Macroprudential frameworks: (too) great expectations?", Central Banking Journal, 25th anniversary issue, August 2014. Also published in Italian in AISES, 2015, and Vox eBook, 2014.
" Stress-testing macro stress testing: does it live up to expectations?" (with M Drehmann and K Tsatsaronis), Journal of Financial Stability, vol 12, June 2014. Also published as BIS Working Papers, no 369, January 2012.
" Central banking post-crisis: what compass for uncharted waters?", in C Goodhart, D Gabor, J Vestergaard and I Ertürk (eds), Central banking at a crossroads, 2014.
" Macroprudential policy and the financial cycle: some stylised facts and policy suggestions", in G Akerlof, O Blanchard, D Romer and J Stiglitz (eds), What have we learned? Macroeconomic policy after the crisis, MIT Press, 2014.
" The global financial crisis: setting priorities for new statistics", Journal of Banking Regulation, 2013.
" On time, stocks and flows: understanding the global macroeconomic challenges", National Institute Economic Review, no 225, August 2013. Also Spanish translation in CEMLA Bulletin.
" Rethinking potential output: eye on the financial cycle" (with P Disyatat and M Juselius), VoxEU, April 2013.
" Macroeconomics and the financial cycle: Hamlet without the Prince?", VoxEU, February 2013.
" Global liquidity and credit booms" (with P McGuire and R McCauley), in B Winkler, A van Riet and P Bull (eds), A flow of funds perspective on the financial crisis, Palgrave Macmillan, November 2013, pp 94-124.
" Can we identify the financial cycle?" (with M Drehmann and K Tsatsaronis), in D Evanoff and G Kaufmann (eds), The role of central banks in financial stability: how has it changed?, December 2013.
" Commentary on global liquidity: public and private", Global Dimensions of Unconventional Monetary Policy, proceedings of Jackson Hole Symposium, Federal Reserve Bank of Kansas, 2013.
" Systemic risk, macroprudential policy frameworks, monitoring financial systems and the evolution of capital adequacy" (with B Arnold, L Ellis and F Moshirian), Journal of Banking & Finance, vol 36, no 12, December 2012.
" Did global imbalances cause the financial crisis?" (with P Disyatat), Vox, July 2011.
" Anchoring countercyclical capital buffers: the role of credit aggregates" (with M Drehmann and K Tsatsaronis), International Journal of Central Banking, December 2011. Also published as BIS Working Papers, no 355, November 2011.
" Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward", Annual Review of Financial Economics, vol 3, December 2011, pp 87-117. Also available as BIS Working Papers, no 354, September 2011.
" Central banking post-crisis: what compass for uncharted waters?", in C Jones and R Pringle (eds), "The future of central banking", Central Banking Publications, 2011. Also available as BIS Working Papers no 353, September 2011.
" Towards an operational framework for financial stability: 'fuzzy' measurement and its consequences" (with M Drehmann), in R Alfaro (ed), Financial stability, monetary policy and central banking, Central Bank of Chile, 2011. Also available as BIS Working Papers, no 284, June 2009.
" Implementing a macroprudential framework: blending boldness and realism", Capitalism and Society, vol 6, issue 1, article 1 (English); Revue d'Economie Financière (French); and Papeles de Economia Española (Spanish), 2011.
" Global imbalances and financial stability: rethinking the role of international finance" (with P Disyatat), Asian Economic Policy Review, vol 5, no 2, 2010, pp 198-216.
" Unconventional monetary policies: an appraisal" (with P Disyatat), The Manchester School, vol 78, issue s1, pp 53-89, September 2010. Also available as BIS Working Papers, no 292, November 2009.
"Resolving the current financial crisis: are we heeding the lessons of the Nordics?" (with B Vale and G von Peter), Moneda y Crédito, 2010. Also available (in a longer version) as BIS Working Papers, no 311, June 2010.
" Rethinking monetary policy", recorded interview for VoxEU, May 2010.
" Ten propositions about liquidity crises", CESifo Economic Studies, vol 56, issue 1, 2010, pp 70-95. Also available as BIS Working Papers, no 293, November 2009.
"The financial crisis of 2007-?: macroeconomic origins and policy lessons", paper prepared for a G20 workshop on Causes of the crisis: key lessons, organised by the Bank of England and the Reserve Bank of India, Mumbai, 24-25 May 2009, published in the volume of proceedings.
" Implementing the macroprudential approach to financial regulation and supervision", special issue of the Bank of France's Financial Stability Review on the future of regulation, September 2009; and in C Green, E Pentecost and T Weyman-Jones (eds), The financial crisis and the regulation of finance, Edward Elgar Publishing Limited, 2011. (Also translated into Spanish for a volume on financial regulation.)
" Financial instability and macroeconomics: bridging the gulf" (with M Drehmann), in D Evanoff, G Kaufman et al (eds), The international financial crisis: have the rules of finance changed?, MIT Press.
"Foreign exchange reserve management", in J Durlauf and L Blume (eds), New Palgrave Dictionary of Economics, online, 2nd edition.
" The macroprudential approach to regulation and supervision", VoxEU, April.
"One-hundred and thirty years of central bank cooperation: a BIS perspective" (with G Toniolo), in C Borio, P Clement and G Toniolo (eds), Past and future of central bank cooperation, Cambridge University Press, 2008. Also available as BIS Working Papers, no 197, March 2006.
" The financial turmoil of 2007-?: a preliminary assessment and some policy considerations", Bank of Spain, Financial Stability Review, May 2008. Also available as BIS Working Papers, no 257, March 2008.
" In search of the elusive twin goals of monetary and financial stability", in L Jonung, C Walkner and M Watson (eds), Building the financial foundations of the euro: experiences and challenges, Routledge, 2008.
Discussion of "Financial crisis and the lost decade" by M Fukao, Asian Economic Policy Review, vol 2, no 2, pp 298-301, 2007.
Discussion of "International financial stability" by R Ferguson, P Hartmann, F Panetta and R Portes, 9th Geneva Report, December 2007.
"Change and constancy in the financial system: implications for financial distress and policy", in Reserve Bank of Australia (ed), Financial structure and resilience, 2007. Also published as BIS Working Papers, no 237, October 2007.
"Challenges to monetary policy going forward", closing policy panel remarks, in Bank of Thailand (ed), Challenges to inflation targeting in emerging market economies, pp 338-47, 2007.
"Monetary and prudential policies at a crossroads? New challenges in the new century", Moneda y Crédito, special issue, 224, pp 63-101, 2007. Also published as BIS Working Papers, no 216, September 2006.
"Taking risk into the accounts: bridging financial reporting and prudential perspectives", The Financial Regulator, March 2006.
" Monetary and financial stability: here to stay?", Journal of Banking & Finance, vol 30, no 12, December 2006, pp 3407-14.
" Monetary and financial stability: so close and yet so far?", National Institute Economic Review, no 192, April 2005.
" Looking back at the international deflation record" (with A Filardo), North American Journal of Economics and Finance, vol 15, issue 3, December 2004.
"The search for the elusive twin goals of monetary and financial stability", inaugural keynote address at the 6th Money and Finance Conference on Money and finance in the Indian economy, IGIDR, Mumbai, 25-27 March, 2004; published in the proceedings of the IMF high-level seminar conference on Financial stability: central banking and supervisory challenges, Washington DC, 6-7 September 2005.
" Accounting and prudential regulation: from uncomfortable bedfellows to perfect partners?" (with K Tsatsaronis), Journal of Financial Stability, issue 1 (maiden issue), September 2004.
" Financial regulation, accounting and risk management: what agenda for the future?", in F Milne and E Neave (eds), Current directions for financial regulation, John Deutsch Institute for the Study of Economic Policy, McGill University Press, 2004.
"Whither financial stability?", in Financial stability and public policy, conference proceedings, Bank of Canada, 2004.
Discussion of "Does regulatory governance matter for financial system stability? An empirical analysis" by U Das, M Quintyn and K Chenard, in Financial stability and public policy, conference proceedings, Bank of Canada, 2004.
"Market distress and vanishing liquidity: anatomy and policy options", in A Persaud (ed), Liquidity black holes: understanding, quantifying and managing financial liquidity risk, Risk Publications, October 2003. Also published (in a substantially revised version) as BIS Working Papers, no 158, July 2004.
" Monetary policy: a subtle paradigm shift?" (with P Lowe), World Economics, vol 4, no 2, April-June 2003.
" Imbalances or 'bubbles'? Implications for monetary and financial stability" (with P Lowe), in W Hunter, G Kaufman and M Pomerleano (eds), Asset price bubbles: the implications for monetary, regulatory, and international policies, MIT Press, January 2003, Chapter 17, pp 247-70.
"Comparing monetary policy operating procedures in Indonesia, Korea, Malaysia and Thailand" (with R McCauley), in G de Brouwer (ed), Financial markets and policies in East Asia, Chapter 11, Routledge, London, pp 253-85, 2002.
"In search of anchors for financial and monetary stability" (with A Crockett), Greek Economic Review, vol 2, no 2, Autumn, pp 1-14, 2000.
"The restructuring of the financial industry: implications for prudential regulation and supervision", in Reserve Bank of Australia (ed), The future of the financial system, conference proceedings, pp 271-83, 1996.
" The anatomy of bond market turbulence" (with R McCauley), in F Bruni, D Fair and R O'Brien (eds), Risk management in volatile financial markets, Kluwer Academic Publishers: Amsterdam. Also published as "Financial market volatility: measurement, causes and consequences", BIS Conference Papers, no 1, March 1996.
" Credit characteristics and the monetary policy transmission mechanism in fourteen industrial countries: facts, conjectures and some econometric evidence", in K Alders, K Koedijk, C Kool and C Winder (eds), Monetary policy in a converging Europe, Kluwer Academic Publishers: Amsterdam, pp 77-115, 1996.
"Payment and settlement systems: trends and risk management", in G Kaufman (ed), "Banking, financial markets and systemic risk", Research in Financial Services and Public Policy, vol 7, JAI Press Inc, pp 87-110, 1995.
Discussion of "Managing risk in payment and settlement systems: the role of private and public initiatives" by E Eisenbeis, Journal of Financial Services Research, vol 9, pp 413-19, 1995.
" The changing borders of banking: trends and implications" (with R Filosa), reprinted as SUERF Paper on Monetary Policy and Financial Systems, no 19, 1994. Also published in Italian in Bancaria; and as BIS Economic Papers, no 43, December 1994, pp 1-48.
" The linkages between taxation, private saving decisions, and financial intermediation: some international comparisons" (with J Alworth), in D Fair and C de Boissieu (eds), Fiscal policy, taxation and the financial system in an increasingly integrated Europe, Kluwer Academic Publishers: Amsterdam, pp 69-104, 1992.
"Payment system arrangements and related policy issues: a cross-country comparison" (with P Van den Bergh and D Russo), in Bank of Italy (ed), Payment system issues in the perspective of European Monetary Unification, conference proceedings, March 1991; reprinted as SUERF Paper on Monetary Policy and Financial Systems, no 13, 1992.
"Financial arrangements, 'soft' budget constraints and inflation: lessons from the Yugoslav experience", in Money Affairs, Centre for Latin American Monetary Studies (CEMLA), vol 3, pp 3-31, 1990. Reprinted in Spanish in Monetaria, vol 13, pp 237-70, and also as BIS Working Papers, no 15, November 1990.
"Financial instability and the real economy" (with H Bockelmann), De Economist, Leiden, vol 138, no 4, pp 428-50, 1990.
"On the choice of proximate targets: an empirical investigation", Greek Economic Review, vol 10, December, pp 241-86, 1988.
"Do contingent rules really dominate fixed rules?", The Economic Journal, vol 28, December, pp 1000-10, 1986.
"A test of the mean-variance model of bank behaviour on Italian data", Greek Economic Review, vol 6, April, pp 77-98, 1984.
" Forecasting recessions: the importance of the financial cycle" (with M Drehmann and D Xia), Journal of Macroeconomics, December 2020.

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Claudio Borio

Fields of interest