Nikola Tarashev

Nikola Tarashev

Head of Secretariat, Committee on the Global Financial System

Monetary and Economic Department

Nikola Tarashev heads the Secretariat of the Committee on the Global Financial System, which is in the Monetary and Economic Department of the Bank for International Settlements. Previously, Nikola was the Head of Financial Systems and Regulation, from 2018 to 2023, and was the managing editor of the BIS Quarterly Review from 2020 to 2023. From 2015 to 2018, he was Special Adviser to the General Manager of the BIS on Financial Stability Policy. From 2010 to 2012, he was a part-time consultant at the Prudential Policy Division of the Bank of England. Nikola has published and conducts research in the areas of: information frictions in international finance, the systemic importance of financial institutions, international banking and finance, bank business models, forecasting credit risk, and prudential regulation and its implications across financial sectors. Nikola joined the BIS in 2002, after completing his PhD in economics at Princeton University.

Fields of interest

Financial stability and macro-prudential issues
Financial markets
International finance

All BIS publications (33)

Browse all publications by this author

FSI Insights No 76 8 Jul 2026

On the comparison of capital requirements for global systemically important banks

This paper documents the various components that make up the overall capital requirements of global systemically important…

Patrizia Baudino

,

Jonathan Beissinger

,

,

Mathias Drehmann

,

,

and

Nikola Tarashev

Banking

BIS Bulletin No 125

BIS Bulletin No 125 19 Jun 2026

Stablecoin remuneration on centralised exchanges

Centralised exchanges remunerate stablecoin holders, using the return on the issuer's reserve assets or income from market…

,

Nikola Tarashev

and

FSI Briefs No 28 24 Nov 2025

Revisiting the regulatory capital stack

The post-Great Financial Crisis regulatory reforms have directly contributed to a more resilient financial system and supported…

,

,

Fernando Restoy

and

Nikola Tarashev

Banking

BIS Working Paper No 1287 4 Sep 2025

Banks' regulatory risk tolerance

In managing their capital, banks balance the risk of breaching regulatory requirements against the cost of maintaining and…

Mikael Juselius

,

Aurea Ponte Marques

and

Nikola Tarashev

Commonality under pressure: banks and funds

Publication 11 Mar 2025

Commonality under pressure: banks and funds

When banks are under market pressure, strain at investment funds can undermine financial stability.

Matteo Aquilina

,

Giulio Cornelli

and

Nikola Tarashev

BIS Working Paper No 1144 10 Nov 2023

Profitability, valuation and resilience of global banks - a tight link

We derive a tight link between the profitability, valuation and resilience of global systemically important banks (G-SIBs). We…

,

and

Nikola Tarashev

BIS Working Paper No 1125 25 Sep 2023

Banks' credit loss forecasts: lessons from supervisory data

Focusing on credit risk, we compare banks' expected loss (EL) rates, collected confidentially by the Basel Committee on Banking…

,

,

Christian Schmieder

and

Nikola Tarashev

FSI Occasional Papers No 19 3 Aug 2022

Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techs

The long-standing policy debate about entity-based (EB) and activity-based (AB) regulation is marred by imprecision. This has…

,

Stijn Claessens

and

Nikola Tarashev

Banking Big tech Fintech Insurance

BIS Working Paper No 995 26 Jan 2022

When uncertainty decouples expected and unexpected losses

We extend the model behind the Basel III requirements for credit risk in order to incorporate uncertainty about the credit loss…

Mikael Juselius

and

Nikola Tarashev

All external publications (16)

Browse all external publications by this author

External publication 1 Feb 2026

Stablecoins and the exorbitant privilege of money creation

,

Nikola Tarashev

and

External publication 25 Mar 2025

Central bank liquidity backstops, bank regulation and risk-taking by asset managers

in Management Science

Nikola Tarashev

,

Iñaki Aldasoro

and

External publication 16 Nov 2023

Banks' credit forecasts excel at rank ordering but miss the evolution of losses

in SUERF Policy Brief

Nikola Tarashev

,

Christian Schmieder

,

and

External publication 10 Jul 2023

Collateral damage

Nikola Tarashev

,

,

Andreas Schrimpf

and

Stijn Claessens

External publication 31 Aug 2022

Entity-based vs activity-based regulation: A framework and applications to traditional financial firms and big techs

in SUERF Policy Brief

Nikola Tarashev

,

and

Stijn Claessens

External publication 1 Jun 2022

Finance and climate change risk: managing expectations

Nikola Tarashev

,

and

Stijn Claessens

External publication 30 Oct 2020

Bank capital allocation under multiple constraints

in Journal of Financial Intermediation

Nikola Tarashev

,

and

External publication 1 Aug 2019

Bank standalone credit ratings

in International Journal of Central Banking

Nikola Tarashev

and

External publication 1 May 2019

When pegging is a commitment device: Revisiting conventional wisdom about currency crises

in Journal of International Economics

Nikola Tarashev

and

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