Ulf Lewrick

Principal Economist

Financial Stability Policy

Ulf Lewrick has been with the BIS since February 2012. In 2024, he assumed his current role following his tenure as an Economist and Senior Economist in the Financial Systems and Regulation section, as well as the Secretariat to the Committee on the Global Financial System. Before joining the BIS, Ulf served as Deputy Head of Section and Economist at the Swiss State Secretariat for International Finance, where he contributed to advancing several of the Swiss government's financial market reform initiatives. Ulf holds a PhD in economics from the University of Basel. His research focuses on the structure and regulation of banks, investment funds, cryptoassets and financial markets.

Fields of interest

Financial markets
International finance
Financial stability and macro-prudential issues

All BIS publications (27)

BIS Bulletin No 126

BIS Bulletin No 126 6 Jul 2026

Blockchain consensus mechanisms and fragmentation

We examine how consensus mechanisms in permissionless blockchains balance decentralisation, security and scalability.

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,

Rudraksh Kansal

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and

Tomasz Rybarczyk

BIS Working Paper No 1355 2 Jun 2026

Making stablecoins stable(r): can regulation help?

We model a stablecoin issuer that optimises capital, cash and bond holdings under persistent stablecoin flows. Absent…

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and

BIS Working Paper No 1334 9 Mar 2026

Robots, ICT and employment: evidence from advanced and emerging EU countries

We study how robot adoption and investment in information and communication technologies (ICT) jointly shape sectoral…

Costanza Bosone

,

Leonardo Gambacorta

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,

Enisse Kharroubi

and

BIS Bulletin No 115

BIS Bulletin No 115 26 Nov 2025

The rise of tokenised money market funds

Tokenised money market funds (TMMFs) are a fast-growing collateral asset and savings instrument in the crypto ecosystem. Like…

Matteo Aquilina

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,

Federico Ravenna

and

Lorenzo Schönleber

BIS Paper No 161 27 Oct 2025

The transformation of the life insurance industry: systemic risks and policy challenges

The life insurance industry has undergone a profound structural transformation since the Great Financial Crisis, amid a…

Matteo Aquilina

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Fabian Garavito

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,

,

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,

Vladyslav Sushko

and

Karamfil Todorov

BIS Bulletin No 108

BIS Bulletin No 108 11 Jul 2025

Stablecoin growth - policy challenges and approaches

Stablecoins' linkages with the traditional financial system are growing, which raises policy challenges ranging from preserving…

Iñaki Aldasoro

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Matteo Aquilina

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and

BIS Bulletin No 107

BIS Bulletin No 107 10 Jul 2025

Tokenisation of government bonds: assessment and roadmap

Government securities play a crucial role in the financial system - as a savings vehicle for households and firms, collateral…

Iñaki Aldasoro

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Giulio Cornelli

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Priscilla Koo Wilkens

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and

Vatsala Shreeti

BIS Working Paper No 1265 8 May 2025

DeFiying gravity? An empirical analysis of cross-border Bitcoin, Ether and stablecoin flows

We investigate trends and drivers of cross-border flows of the two major native cryptoassets (Bitcoin and Ether) and the two…

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and

Shifting landscapes: life insurance and financial stability

Publication 16 Sep 2024

Shifting landscapes: life insurance and financial stability

Low-for-long interest rates have squeezed life insurers' profit margins and increased their exposure to riskier assets, raising…

Fabian Garavito

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,

and

Karamfil Todorov

All external publications (11)

External publication 1 Jan 2017

La suma de todas las partes: el efecto macroeconómico de Basilea III y temas destacados de la reforma

and

External publication 1 Dec 2016

Trade in variety and domestic production: evidence from US manufacturing

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and

All videos (1)

00:02:06

Open-ended bond funds: systemic risks and policy implications

Video 6 Dec 2021

Open-ended bond funds: systemic risks and policy implications

BIS Quarterly Review, December 2021.

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