Other publications - 2007 to 2012

Date Titles
Oct 2011

Macroprudential policy tools and frameworks - Progress Report to G20

This report responds to the call of G20 Leaders on the FSB, IMF and BIS to do further work on macroprudential policy. It traces the progress in implementing macroprudential policy frameworks along three broad lines: (i) advances in the identification and monitoring of systemic financial risk; (ii) the designation and calibration of instruments for macroprudential purposes; and (iii) building institutional and governance arrangements in the domestic and regional context.

Oct 2011

Assessment of the macroeconomic impact of higher loss absorbency for global systemically important banks

Aug 2011

The real effects of debt

Paper by S G Cecchetti, M S Mohanty and F Zampolli prepared for the "Achieving Maximum Long-Run Growth" symposium, sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 25-27 August 2011. A revised version, published on 16 September 2011 and including the underlying data (in XLS), is available as BIS Working papers No 352.

by Stephen G Cecchetti, Madhusudan Mohanty and Fabrizio Zampolli

Jul 2011

Local currency bond markets and the Asian Bond Fund 2 Initiative

This report was prepared at the request of Mr Akinari Horii, former Assistant Governor of the Bank of Japan and Chair of the EMEAP Working Group on Financial Markets. It was prepared by Eric Chan, Michael Chui, Frank Packer and Eli M Remolona. It draws heavily from interviews with asset managers, investment strategists, interdealer brokers and central bank staff in several of the EMEAP economies.

by Eric Chan, Frank Packer, Eli M Remolona and Michael Chui

May 2011

Central bank governance and financial stability

This report contains details of new arrangements in a number of places, set in the context of a wider discussion of relevant governance issues. Such new arrangements usefully illustrate the different institutional solutions that are possible for a complex problem.

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Mar 2011

Macroprudential policy tools and frameworks

This update summarises the work underway internationally and nationally to develop effective macroprudential policies and frameworks, by drawing also on surveys conducted by the BIS (via the CGFS) and IMF. These efforts include regulatory reforms and the design of policy tools to strengthen the resilience of the financial system, as well as efforts at the national and regional level to develop fully-fledged macroprudential policy frameworks. An Annex discusses issues related to managing capital flows.

Dec 2010

Assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements - Final report

This Final Report builds on the Interim Report's findings by simulating the macroeconomic impact of the changes to capital standards that were agreed in September 2010 by the group of Governors and Heads of Supervision (GHOS), which oversees the Basel Committee. Among other reforms, the GHOS proposed a strengthened definition of capital; calibrated requirements for minimum capital ratios and for a new capital conservation buffer; and specified a transition path for the new standards.

Sep 2010

Handbook on Securities Statistics

The Handbook on Securities Statistics is produced in stages. The first part focuses on debt securities issues. The second part focuses on debt securities holdings. The third part focuses on equity securities issues and holdings.

Aug 2010

Assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements - Interim Report

The Basel Committee on Banking Supervision and the Financial Stability Board set up the Macroeconomic Assessment Group (MAG) to assess the macroeconomic effects of the transition to strengthened capital and liquidity regulations. The MAG comprises economic modelling experts from central banks and other authorities. In its Interim Report, the MAG concludes that, for each percentage point increase in the target capital ratio implemented over a four-year horizon, the level of GDP relative to the baseline path declines by a maximum of about 0.19%. The maximum GDP loss occurs ...

Feb 2010

The future of public debt: prospects and implications

This paper was prepared for the Reserve Bank of India's International Research Conference "Challenges to Central Banking in the context of Financial Crisis", Mumbai, India, 12-13 February 2010. A revised version, published on 26 March 2010, is available as BIS Working papers No 300.

by Stephen G Cecchetti, Madhusudan Mohanty and Fabrizio Zampolli

Feb 2010

Systemic risk: how to deal with it?

Paper by Mr Jaime Caruana, General Manager of the BIS, 12 February 2010. This paper analyses systemic risk and considers appropriate policies to reduce it. It examines systemic risk as a negative externality in two dimensions: the cross-sectional and the time dimension. Policies to reduce externalities in the cross-sectional dimension seek to limit the damage that can arise from interlinkages and common exposures. Policies to address procyclicality in the time dimension seek to build up ...

by Jaime Caruana

Nov 2009

Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations

Prepared by staff of the International Monetary Fund, the Bank for International Settlements and the Financial Stability Board and submitted to G20 Finance Ministers and Governors. The report and background paper respond to a request made by the G20 Leaders in April 2009 to develop guidance for national authorities to assess the systemic importance of financial institutions, markets and instruments. The report outlines conceptual and analytical approaches to the assessment of systemic importance and discusses a possible form for general guidelines.

Sep 2009

Integrating financial stability: new models for a new challenge

This essay was prepared for the joint BIS-ECB Workshop on "Monetary policy and financial stability", Basel, Switzerland, 10-11 September 2009. In this essay, we begin with a brief review of the pre-crisis consensus that provided the basis for stabilisation policy as it has been conducted since around 1980. Our main conclusion is obvious: we need to build economic models that integrate the financial sector in a serious way, accounting for the role of intermediaries with all of their linkages, both with each other and with the real economy. And, most importantly, these models must ...

by Stephen G Cecchetti, Piti Disyatat and Marion Kohler

Aug 2009

Financial Crises and Economic Activity

This paper was prepared for the Federal Reserve Bank of Kansas City's symposium at Jackson Hole, Wyoming, August 2009. An updated version of this paper has been posted on 14 September 2009. This paper studies the length, depth and output costs of a sample of 40 systemic banking crises in 35 countries since 1980 to assess the likely real impact of the current crisis. Most, but not all, systemic banking crises in our sample coincide with ...

by Stephen G Cecchetti, Marion Kohler and Christian Upper

Jul 2009

Guide to the international financial statistics, July 2009

This document is the revised version of BIS Papers No 14, Guide to the international financial statistics, February 2003. This guide is structured around the three main areas of the BIS international financial statistics: the international banking statistics (Part II); the securities statistics (Part III); and the derivatives and foreign exchange statistics (Parts IV and V). It also provides a description of the joint BIS-IMF-OECD-World Bank statistics on external debt (Joint External Debt Hub data) for which the BIS is a main contributor (Part VI). The guide provides a detailed description of the sources, compilation, transformation and publication of the data. Two separate chapters on the quality and the uses of the statistics (Parts VII and VIII) follow the description of the statistics. A more detailed description of the BIS international banking statistics and their underlying methodology is provided in separate guides.

May 2009

Issues in the Governance of Central Banks

This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s.

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