What's new

24 Mar

Foreign exchange intervention: strategies and effectiveness (Working Paper)

Foreign exchange intervention has been actively used as a policy tool in many economies in Asia and elsewhere. In this paper, we examine two intervention rules (leaning against exchange rate misalignment and leaning against ...

24 Mar

Liquidity Squeeze, Abundant Funding and Macroeconomic Volatility (Working Paper)

This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build ...

24 Mar

Global Asset Allocation Shifts (Working Paper)

We show that global asset reallocations of U.S. fund investors obey a strong factor structure, with two factors accounting for more than 90% of the overall variation. The first factor captures switches between U.S. bonds and ...

24 Mar

When is macroprudential policy effective? (Working Paper)

Previous studies have shown that limits on loan-to-value (LTV) and debt-to-income (DTI) ratios can stabilise the housing market, and that tightening these limits tends to be more ...

24 Mar

The transmission of monetary policy in EMEs in a changing financial environment: a longitudinal analysis  (Working Paper)

The departure from the Modigliani-Miller conditions, due for instance to market incompleteness, asymmetric information or taxation, tends to increase the importance of indirect channels by which monetary policy affects the level of economic activity in ...

18 Mar

BIS Quarterly Review March 2015 - A wave of further easing . In this issue:

1) The costs of deflations: a historical perspective
2) Oil and debt
3) (Why) Is investment weak?
4) Financial inclusion - issues for central banks
5) Shifting tides - market liquidity and market-making in fixed income instruments

16 Mar

Financial crisis, US unconventional monetary policy and international spillovers (Working Paper)

We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of ...

06 Mar

Why do we need both liquidity regulations and a lender of last resort? (Working Paper)

During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and ...

Central bankers' speeches
26 Mar
25 Mar
24 Mar
BIS Management speeches
20 Mar

by Jaime Caruana: Welcoming remarks

Part of an effort to tackle the key policy questions facing central banks today, this research network meeting seeks insights into the interaction of the economy with the financial system...

25 Feb

by Hyun Song Shin: Toward a joined-up research agenda for central banks

Arriving at an integrated research agenda for central banks entails finding the common elements that runs through the monetary policy and financial stability mandates of the central bank...

25 Feb

by Jaime Caruana: Financial reform and the role of regulators: Evolving markets, evolving risks, evolving regulation

The role of the financial regulator is threefold. First, to complete the reforms to repair the cracks in the system exposed by the global financial crisis. Second, to implement regulations consistently...

18 Feb

by Hyun Song Shin: On book equity: why it matters for monetary policy

The book value of equity plays a central role in discussions of bank capital adequacy. Yet among researchers in empirical corporate finance, it is common to hear...