Frank Packer
Regional Adviser
BIS Representative Office for Asia and the Pacific
Before moving to the BIS Representative Office for Asia and the Pacific, Frank Packer was head of Financial Markets in the BIS's Monetary and Economic Department, and editor of the BIS Quarterly Review of international banking and financial market developments. Prior to assuming the current position, he was line manager in the Asian Office for six years, most recently as Head of Economics and Financial Markets. Earlier in his career, he worked for the Federal Reserve Bank of New York and Nikko Citigroup in Tokyo. He received his PhD from Columbia University, an MBA from the University of Chicago and a BA from Harvard.
Fields of interest
- Central banking
- Financial markets
- Financial stability and macro-prudential issues
- "The impact of regime change on the influence of the central bank's inflation forecasts: evidence from Japan's shift to inflation targeting" (with S Kong, M Hattori and T Sekine), International Journal of Central Banking, forthcoming.
- " Does sovereign risk in local and foreign currency differ?" (with J Shek and M Amstad), Journal of International Money and Finance, March 2020.
- " Credit ratings of Chinese firms by domestic and global agencies: Assessing the determinants and impact" (with X Jiang), Journal of Banking and Finance, August 2019.
- " The development of FX and FX derivatives markets in Asia and the Pacific" (with R Levich), in Financial Markets, Institutions and Instruments, Wiley, January 2017.
- " Chinese IPO Market Activity and Equity Market Volatility" (with M Spiegel), Federal Reserve Bank of San Francisco, Economic Letters, June 2016.
- " From turmoil to crisis: dislocations in the FX swap market before and after the failure of Lehman Brothers" (with N Baba), Journal of International Money and Finance, vol 28, no 8, December 2009, pp 1350-74. Also published as BIS Working Papers, no 285.
- " Capital structure and the issuance of corporate bonds in emerging Asia" (with P Mizen, E Remolona and S Tsoukas), in I Azis and H Shin (eds), Global shocks, risks, and Asian financial reform, Edward Elgar Publishing, 2014.
- " Countercyclical loan loss provisioning in Asia" (with J Shek and H Zhu), SEACEN Financial Stability Journal, vol 3, 2014, pp 25-58.
- " Infrastructure and corporate bond markets in Asia" (with T Ehlers and E Remolona), in A Heath and M Read (eds), Financial flows and infrastructure financing, RBA conference volume, 2014.
- " A global tour of commercial property and REIT markets" (with T Riddiough and J Shek), International Real Estate Review, vol 17, no 2, 2014.
- " Securitisation and the supply cycle: evidence from the REIT market" (with T Riddiough and J Shek), Journal of Portfolio Management, vol 39, no 5, 2013, pp 134-43.
- " Securitisation and the commercial property cycle" (with T Riddiough), in A Heath, F Packer and C Windsor (eds), Property markets and financial stability, BIS/RBA conference volume, December 2012.
- " Attracting foreign participation in Asian local currency bond markets: the case of the Asian bond fund 2 initiative" (with E Remolona), Pacific Economic Review, vol 17, no 3, August 2012, pp 415-33.
- " To err is human: credit rating agencies and the interwar foreign government debt crisis" (with M Flandreau and N Gaillard), European Review of Economic History, vol 15, no 3, 2011, pp 495-538. Also published as BIS Working Papers, no 335.
- " Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08" (with N Baba), Journal of Banking and Finance, vol 33, no 11, November 2009, pp 1953-62. Also published as BIS Working Papers, no 267.
- " Private matters" (with J Helwege), Journal of Financial Intermediation, vol 18, no 3, July 2009, pp 362-83. Also published as BIS Working Papers, no 266.
- " Ratings performance, regulation and the Great Depression: lessons from foreign government securities", Discussion Paper No 7328, Centre for Economic Policy Research, July 2009.
- " Determinants of the choice of bankruptcy procedure in Japan" (with J Helwege), Journal of Financial Intermediation, January 2003.
- " Credit ratings and the Japanese corporate bond market", in R Levich, G Majnoni and C Reinhart (eds), Ratings, rating agencies and the global financial system, 2002.
- " How consistent are credit ratings? A geographical and sectoral analysis of default risk" (with J Ammer), Journal of Fixed Income, December 2000.
- " Institutional affiliation and the role of venture capital: evidence from initial public offerings in Japan" (with Y Hamao and J Ritter), Pacific Basin Finance Journal, October 2000.
- " The disposal of bad loans in Japan: the case of the CCPC", in T Hoshi and H Patrick (eds), Crisis and change in the Japanese financial system, 2000.
- " Credit ratings and spreads in the samurai bond market", in M Aoki and G Saxonhouse (eds), Finance, governance, and competition in Japan, Oxford University Press, 2000.
- " Credit risk in Japan's corporate bond market", Current issues in economics and finance, November 1999.
- " Split ratings and the pricing of credit risk" (with R Cantor and K Cole), Journal of Fixed Income, December 1997.
- " Differences of opinion and selection bias in the credit rating industry" (with R Cantor), Journal of Banking and Finance, October 1997.
- " The samurai bond market" (with E Reynolds), Current issues in economics and finance, June 1997.
- " Before main banks: a selective overview of Japan's prewar financial system", in G Caprio and D Vittas (eds), Reforming financial systems: historical implications for policy, Cambridge University Press, 1997.
- " Discretion in response to split ratings: the case of the NAIC" (with R Cantor), Journal of Insurance Regulation, winter 1996.
- " Determinants and impact of sovereign credit ratings" (with R Cantor), Economic Policy Review, October 1996.
- " Sovereign risk assessment and agency credit ratings" (with R Cantor), European financial management, vol 2, no 3, 1996.
- " Sovereign credit ratings" (with R Cantor), Current issues in economics and finance, vol 1, no 3, June 1995.
- " The credit rating industry" (with R Cantor), Federal Reserve Bank of New York Quarterly Review, winter 1994.
- " The role of long-term credit banks within the Japanese main bank system", in M Aoki and H Patrick (eds), The Japanese main bank system: its relevance for developing and transforming economies, Oxford University Press, 1994.
- " What role has the 'main bank' played in Japan?" (with A Horiuchi and S Fukuda), Journal of the Japanese and International Economies, 1988.
- " Review of M. Ide's Japanese corporate finance and international competition", Journal of Finance, April 1999.
- "Banks, venture capital, and the underpricing of IPOs in Japan", in Mario Levis (eds), Empirical Advances in Equity Finance, 1996.
- "Ratings with a difference" (with R Cantor), Emerging Markets Investor, September 1995.
- "Regulatory reliance on credit ratings" (with R Cantor), Pecunia, August 1995.
- "Who certifies initial public offerings in Japan", Security Analysts Journal, vol 33, no 3, March 1995.
- "The Japanese stock market viewed from New York" (with R McCauley), Security Analysts Journal, January 1994.
- "The governance of failure: an anatomy of corporate bankruptcy in Japan" (with M Ryser), in A Bird (ed), Best paper proceedings, Association of Japanese Business Studies, 1993.
- "Main banks and cooperative financing" (with A Horiuchi and M Kato), Keizaigaku Ronshu, (in Japanese), 58-1, 1-22, 1992.