What's new

31 Mar

Central bank operating frameworks and collateral markets (CGFS)

Collateral markets have become increasingly important as demand for collateral assets has increased in recent years, driven by changing market practices and an evolving regulatory landscape. This report - prepared by a Study Group chaired by Timothy Lane (Bank of Canada) - explores whether and how the design of central banks' operational frameworks influences private ...

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

Central bankers' speeches
17 Apr
16 Apr
15 Apr
BIS Management speeches
15 Apr

by Hyun Song Shin: Macroprudential tools, their limits and their connection with monetary policy

Both macroprudential policy and monetary policy influence the financial intermediation process and moderate the procyclicality of the financial system. They are similar in moderating the demand and supply of credit...

09 Apr

by Claudio Borio: The international monetary and financial system: Its Achilles heel and what to do about it

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes...

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...