BIS videos

Bitcoin's big problems

Hyun Song Shin (Economic Adviser and Head of Research)

Shin discusses the economics underlying cryptocurrencies in this Bloomberg podcast.


  • Data for financial stability: collecting and connecting the dots

    Event: 9th ECB Statistics Conference: "20 years of ESCB statistics: what's next?"
    Speaker: Ardo Hansson (Governor, Bank of Estonia), Philip Lane (Governor, Central Bank of Ireland), Richard Berner (NYU Stern School of Business), Luiz Awazu Pereira da Silva (Deputy General Manager), Hans-Helmut Kotz (Goethe University)
    Date: 11 July 2018
    More data are necessary to help policymakers anticipate and manage the next crisis, but they may not be enough - the lens through which they are analysed matters as much as the data (Pereira da Silva at 36:21).

  • Sustaining the momentum

    Event: 88th Annual General Meeting
    Speaker: Agustín Carstens (General Manager)
    Date: 24 June 2018
    Agustín Carstens outlines a four-part agenda to maintain the current economic upswing.

  • Per Jacobsson Foundation Lecture: "The real effects of disrupted credit: evidence from the global financial crisis"

    Event: 88th Annual General Meeting
    Speaker: Ben S Bernanke, Distinguished Fellow in Residence, The Brookings Institution
    Date: 24 June 2018

  • Panel discussion on "The real effects of disrupted credit: evidence from the global financial crisis"

    Event: 88th Annual General Meeting
    Speakers: Chairman: Agustín Carstens, General Manager
    Panellists:  Ilan Goldfajn (Governor, Central Bank of Brazil), Haruhiko Kuroda (Governor, Bank of Japan), Ignazio Visco (Governor, Bank of Italy)
    Date: 24 June 2018

  • FSI special session on key financial regulatory developments: Implementation of recently finalised standards, impact assessment and related policy issues; standard-setting activities on technological advancements and cyber-risk

    Event: 88th Annual General Meeting
    Speakers: Fernando Restoy (Chair of the FSI), Paul Andrews (Secretary General of IOSCO) at 05.35, Morten Bech (Head of Secretariat of the CPMI) at 16.14, William Coen (Secretary General of the BCBS) at 24:25, Jonathan Dixon (Secretary General of the IAIS) at 42:22, Dietrich Domanski (Secretary General of the FSB) at 54:35 and David Walker (Secretary General of the IADI) at 1:08:17.
    Date: 23 June 2018

  • Macroprudential frameworks: experience, prospects and a way forward

    Event: 88th Annual General Meeting
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 24 June 2018
    Claudio Borio speaks on macroprudential frameworks past, present and future.

  • Cryptocurrencies and the economics of money

    Event: 88th Annual General Meeting
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 24 June 2018
    Hyun Song Shin explains why, despite all the hype, cryptocurrencies are a far cry from money.

  • Annual Report 2017/18

    Speaker: Agustín Carstens (General Manager)
    Date: 24 June 2018
    Agustín Carstens (General Manager) presents the new BIS Annual Report and highlights the Bank's core activities in three main areas: economic research and statistics, banking activities and international cooperation.

  • Cryptocurrencies: looking beyond the hype

    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 17 June 2018
    Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018.

  • Moving forward with macroprudential frameworks

    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 17 June 2018
    Claudio Borio speaks about Chapter IV of the Annual Economic Report 2018.

  • Central banking: trending and cycling

    Event: Sveriges Riksbank'350th anniversary conference "350 years of central banking: the past, the present, and the future"
    Speakers: Jerome Powell (Federal Reserve), Mark Carney (Bank of England), Erkki Liikanen (Bank of Finland), Agustín Carstens (BIS General Manager)
    Date: 25 May 2018
    On the occasion of its anniversary conference, the Riksbank asked some of the world's most powerful central bank Governors how they view the future for central banks.
  • Challenges for monetary policy from global financial cycles (01:28:01)
    Event: IMF-SNB 8th High-Level Conference on the International Monetary System, Zurich
    Speaker: Lead speaker: Tobias Adrian (IMF)
    Panel participants: Agustín Carstens, Philip Lane, Mario Marcel, Jerome H Powell and Hélène Rey
    Date: 8 May 2018
     
  • The market risk framework: 25 years in the making
    Event: ISDA Annual General Meeting, Miami
    Speaker: William Coen (Secretary General, Basel Committee on Banking Supervision)
    Date: 25 April 2018
    Keynote speech on the Basel Committee's work to finalise and implement the revised market risk framework.
  • Booms and busts: are we better able to deal with them today?
    Event: IMF seminar, Washington DC
    Speaker: Joumanna Bercetche (CNBC), David Lipton (IMF), Agustín Carstens (General Manager), Gene Frieda (PIMCO), Philip Lane (Governor, Central Bank of Ireland), Hélène Rey (London Business School)
    Date: 21 April 2018
    What we know about boom-bust cycles, how we identify "bad" booms and how to manage them, and how to limit the potential for busts.
  • Digital currencies: implications for central banks
    Event: Brookings Institution panel discussion, Washington DC
    Speaker: Rana Foroohad (Financial Times), Eswar Prasad (Brookings Institution), Agustín Carstens (General Manager), Urjit Patel (Governor, Reserve Bank of India), Stefan Ingves (Governor, Sveriges Riksbank)
    Date: 17 April 2018
    Discussion on the challenges and opportunities digital currencies pose to central banks.
  • Money in the digital age: what role for central banks?
    Event: Lecture at House of Finance, Goethe University
    Speaker: Brigitte Haar (Vice President, Goethe University), Jens Weidmann (President, Deutsche Bundesbank and Chairman, BIS Board), Agustín Carstens (General Manager), Otmar Issing (President, Center for Financial Studies)
    Date: 6 February 2018
    Authorities must be prepared to act against the invasive spread of cryptocurrencies to preserve the integrity of the concept of money and protect consumers and investors (Carstens at 15:00).
  • Post-crisis bank resolution: what are the main challenges now?
    Event: Concluding remarks at the 8th FSI-IADI conference on "Bank resolution, crisis management and deposit insurance"
    Speaker: Agustín Carstens (General Manager)
    Date: 2 February 2018
    Highlights key challenges with the implementation of the international standards on resolution.
  • Keynote address
    Event: Keynote address at the FSI-IADI 8th Conference on Bank Resolution, Crisis Management and Deposit Insurance
    Speaker: Sir Paul Tucker (Harvard University)
    Date: 1 February 2018
    Resolution and resolvability have become embedded in the work of the official sector, although this is still confined to specialists. It has not yet had sufficient impact on lender of last resort policy and prudential supervision.
  • Keynote address
    Event: FSI-IADI 8th Conference on Bank Resolution, Crisis Management and Deposit Insurance
    Speaker: Mark Branson (CEO, Finma)
    Date: 31 January 2018
    We need consistent adoption of resolution standards in national statutes and close interaction between national resolution authorities and banking institutions to ensure that individual resolution plans can be executed and that there are feasible alternatives that can be deployed in unexpected circumstances.
  • Basel III, a milestone achievement?
    Event: Goethe University Institute of Law and Finance conference "Basel III: are we done now?"
    Speaker: Stefan Ingves (Chairman, Basel Committee on Banking Supervision), Timothy Adams (Institute of International Finance), William Coen (Secretary General, BCBS), Andreas Dombret (Deutsche Bundesbank), moderator: Nicolas Veron (Bruegel and Peterson Institute for International Economics)
    Date: 29 January 2018
    Keynote speech by Ingves followed by panel discussion.
  • The geographic consequences of Basel III
    Event: Goethe University Institute of Law and Finance conference "Basel III: are we done now?"
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Sandra O'Connor (JPMorgan Chase), Christian Ossig (Association of German Banks), Shunsuke Shirakawa (Financial Services Agency of Japan)
    Date: 29 January 2018
    Borio moderates a panel discussion.
  • Weak productivity: The role of financial factors and policies
    Event: Joint BIS-IMF-OECD conference: Weak Productivity: The role of financial factors ad policies
    Speaker: Maurice Obstfeld (IMF), Claudio Borio (Head of the Monetary and Economic Department), Karolina Ekholm (Swedish Ministry of Finance)
    Date: 10 January 2018
    Borio argues that the misallocation of resources across sectors and firms can have long-lasting but often overlooked reprecussions for productivity growth and economic fluctuations. (Borio 28:09-43:31).
  • Monetary policy in the grip of a pincer movement
    Event: 21st Annual Conference of the Central Bank of Chile
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 16-17 November 2017
    Borio examines the implications for monetary policy of the conjunction of two developments: the emergence of disruptive financial cycles, and the limited sensitivity of inflation to domestic economic slack.
  • Reducing the risk of wholesale payments fraud related to endpoint security
    Event: Release of CPMI discussion note
    Speaker: Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 28 September 2017
    Committee on Payments and Market Infrastructures Chairman Benoît Cœuré explains the committee's proposals to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
  • Challenges for regulators and supervisors after the post-crisis reforms
    Event: FSI conference on "Supervisory policy implementation in the current macro-financial environment - 'a cross-sectoral journey'"
    Speaker: Jaime Caruana (General Manager)
    Date: 18 September 2017
    Proper policy implementation is essential to reaping the full benefits of the global regulatory reforms. It covers three dimensions: (i) adopting the new standards into national regulation in a proper, consistent and timely way; (ii) assessing whether the standards, once implemented, achieve their objectives; and (iii) putting in place supervisory frameworks that help maximise the benefits of the new standards.
  • FSI Presentation of current regulatory issues
    Event: BIS Annual General Meeting 2017, FSI presentation of current regulatory issues
    Speaker: Fernando Restoy (Chairman, Financial Stability Institute)
    Date: 24 June 2017
    Fernando Restoy (Chair of the FSI), Svein Andresen (Secretary General of the FSB) at 02:40, William Coen (Secretary General of the Basel Committee) at 20:50, Yoshihiro Kawai (Secretary General of the IAIS) at 36:20, Morten Bech (Secretary General of the CPMI) at 46:30, David Walker (Secretary General of the IADI) at 57:10
  • Looking beyond the here and now
    Event: BIS Annual General Meeting 2017
    Speaker: Jaime Caruana (General Manager)
    Date: 25 June 2017
    Focusing on the 87th BIS Annual Report's key messages, in his speech Jaime Caruana notes that global growth has broadened and strengthened, and the near-term outlook is better than it's been in a long while. He argues that taking advantage of these tailwinds to build greater economic resilience, nationally and globally, will leave us better prepared for future adverse events. Completing Basel III is a priority.
  • How much do we really know about inflation?
    Event: BIS Annual General Meeting 2017
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 25 June 2017
    Could an inflation flare-up end the current expansion? How much do we really know about the inflation process? In his presentation, Claudio Borio draws on research presented in the 87th BIS Annual Report and concludes that we may be underestimating globalisation's influence on inflation. If so, a flare-up may not be that likely. If the hypothess is correct, it also points to refinements in current monetary policy strategies.
  • Globalisation: real and financial
    Event: BIS Annual General Meeting 2017
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 25 June 2017
    In his presentation, Hyun Song Shin highlights key messages from the 87th BIS Annual Report. He argues that trade and financial openness go together, and that globalisation of the real economy entails substantial financial globalisation. The complex trading relationships involved in global value chains require greater financial resources. If left unchecked, the build-up of financial excesses can result in costly financial crises. Ensuring a resilient financial system is the best way to reap the benefits of real globalisation. 
  • The global financial system, the real rate of interest and a long history of boom-bust cycles
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2017
    Speaker: Hélène Rey (Lord Bagri Professor of Economics, O.B.E. London Business School)
    Date: 25 June 2017
    Financial cycles strongly determine real short-term interest rates. Wealth increases rapidly during financial booms, faster than consumption itself. As a consequence, the consumption to wealth ratio declines, as happened in the "Roaring 20s" and the "Exuberant 2000s". In the subsequent busts, savings increase and keep real interest rates low. The related global financial cycle constrains monetary poilcy independence, even for countries with flexible exchange rates, transforming the Mundellian trilemma into a dilemmma. Tackling these issues calls for combinations of monetary and fiscal policy coordination, macroprudential policies, and possibly capital controls. It also means considering the role of the US as a provider of safe assets, and asking whether a multipolar system would be advantageous.
  • Panel discussion: The global financial system, the real rate of interest and a long history of boom-bust cycles
    Event: Panel discussion, Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2017
    Speaker: Jens Weidmann (President, Deutsche Bundesbank and Chairman of the BIS Board of Directors of the Bank for International Settlements), William Dudley (President and Chief Executive Officer of the Federal Reserve Bank of New York), Stefan Ingves (Governor of Sveriges Riksbank and Chair of the Basel Committee on Banking Supervision), Veerathai Santiprabhob (Governor of the Bank of Thailand)
    Date: 25 June 2017
    Following the Andrew Crockett Memorial Lecture by Hélène Rey, panel discussion participants exchange views.
  • Policy panel 2: Who is willing to act? Passing on the hot potato of policy intervention
    Event: Deutsche Bundesbank policy symposium: "Frontiers in central banking - past, present and future"
    Speaker: Christine Lagarde (Managing Director, IMF), Jaime Caruana (General Manager), Mario Monti (former Prime Minister of Italy)
    Date: 14 June 2017
    Jaime Caruana participates in a panel discussion at this Bundesbank symposium (Jaime Caruana at 16:05).
  • Global liquidity and procyclicality
    Event: Barcelona GSE Lecture
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 27 April 2017
    In his presentation, Hyun Song Shin examines why global financial conditions are so attuned to the strength of the dollar, and why the real economy is so sensitive to global financial conditions.
  • Twenty years after the Asian Financial Crisis: remaining challenges for monetary and financial stability
    Event: ADBI/ADB Conference: "20 years after the Asian financial crisis: lessons, challenges and the way forward"
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 13 April 2017
    In his speech, Hyun Song Shin discusses the current state of the global dollar funding network, and the challenges posed by local currency bond markets for monetary policy and financial stability.
  • Revisiting three intellectual pillars of monetary policy received wisdom
    Event: Cato Institute 33rd Annual Monetary Conference: luncheon address
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 12 November 2015
    Claudio Borio questions three beliefs that underpin current monetary policy received wisdom. He concludes that the trend decline in real interest rates is, at least in part, a disequilibrium phenomenon, not consistent with lasting financial, macroeconomic and monetary stability; and that there is a need to adjust current monetary policy frameworks so that monetary policy plays a more active role in preventing systemic financial instability and its huge macroeconomic costs.
  • Public hearing of the French Senate (Commission des finances du Sénat)
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 22 February 2017
    William Coen outlines the key elements of the Basel Committee's reforms following the global financial crisis and why they have been developed, emphasising that strong global standards for banks create a level playing field and make global firms more resilient. See the video in French (William Coen at 06.14) and read Mr Coen's introductory remarks.
  • Markus Brunnermeier, 2016 Lamfalussy Fellow
    Speaker: Markus Brunnermeier (Alexandre Lamfalussy Fellow for 2016)
    Date: 15 December 2016
    Markus Brunnermeier discusses his experience as the 2016 Alexandre Lamfalussy Senior Research Fellow.
  • The euro and the battle of ideas - presenting the book
    Speaker: Markus Brunnermeier (Alexandre Lamfalussy Fellow for 2016)
    Date: 5 September 2016
    Presentation on the book by Markus Brunnermeier, Harold James and Jean-Pierre Landau. The design flaws in the euro reflect fundamental differences in its founders' economic thinking. For historical reasons, Germans favour rules, discipline and austerity as an antidote to excessive debt. The French prefer flexibility and discretion, and would opt for stimulus along Keynesian lines. These differences in approach are likely to continue hindering a unified response to the euro area's problems.
  • Finalising Basel III
    Event: Meeting with the European Parliament's Committee on Economic and Monetary Affairs (ECON Committee)
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 12 October 2016
    In his remarks William Coen outlines outstanding post-crisis reforms to members of the European Parliament, saying that Basel III reforms are on track to be finalised by the end of 2016 and that they will promote the comparability and credibility of risk-based capital ratios. (William Coen at 05:08)
  • Bank capital: a revised Basel framework
    Event: 2016 Annual Membership Meeting of the Institute of International Finance
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 7 October 2016
    In his remarks William Coen reviews progress in finalising the Basel Committee's reform agenda, emphasising that the Basel III reforms are a package, with various policy options implying trade-offs. The reforms do not aim to raise capital requirements, but increases cannot be ruled out for outlier banks. (William Coen at 02:51)
  • Macro Musings: Claudio Borio on financial stability, the Triffin dilemma, and international monetary policy
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 10 October 2016
    In this podcast, Claudio Borio talks with host David Beckworth about a range of topics.
  • Ultra-low interest rates: Why? What consequences? Here to stay?
    Event: First ESRB annual conference
    Speaker: Vitor Constâncio (Vice President, ECB); discussants: François Villeroy de Galhau (Governor, Bank of France), Gabriel Bernardino (Chairman, European Insurance and Occupational Pensions Authority), Claudio Borio (Head of the Monetary and Economic Department)
    Date: 23 September 2016
    Claudio Borio examines the causes, consequences and likelihood of persistence of ultra-low interest rates and argues that the role of monetary policy frameworks in causing such low rates has not been fully appreciated, although a number of other factors have no doubt also been at work. (Claudio Borio at 55:30)
  • Everything old is new again: the comeback of capital controls
    Event: FT Festival of Finance
    Speaker: Moderator: Matt Klein (FT Alphaville)
    Panellists: Hyun Song Shin (Economic Adviser and Head of Research), Hélène Rey (London Business School), Karthik Sankaran (Eurasia Group)
    Date: 01 July 2016
    Being able to move money across borders seems as central to globalisation as free trade, but it was never always so. Now the consensus is starting to flip back, with even the IMF endorsing some limits on moving money across borders. What does this mean? (Hyun Song Shin at 11:07, 16:40, 20:50 and 43:53)
  • Regulation and structural change in financial systems
    Event: ECB Forum on Central Banking
    Speaker: Stijn Claessens, Senior Adviser, Board of Governors of the Federal Reserve System; discussant: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 28 June 2016
    Hyun Song Shin discusses Claessen's paper "Regulation and structural change in financial systems", emphasising two key messages: that financial structure matters for efficiency and risks; and that regulation should take account of financial structure. (Hyun Song Shin at 1:01:38)
  • Global realignment and policy rebalancing
    Event: BIS Annual General Meeting 2016
    Speaker: Jaime Caruana (General Manager)
    Date: 26 June 2016
    Focusing on the 86th BIS Annual Report's key messages, in his speech Jaime Caruana discusses the realignment taking place in the global economy, and elements of a needed policy rebalancing.
  • Towards financial stability-oriented monetary policy? Some evidence
    Event: BIS Annual General Meeting 2016
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 26 June 2016
    In his presentation, Claudio Borio draws on BIS research presented in the Annual Report to argue that a financial stability-oriented monetary policy can yield significant benefits.
  • Liquidity, leverage and macro risk
    Event: BIS Annual General Meeting 2016
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 26 June 2016
    In his presentation, Hyun Song Shin highlights a main message of the Annual Report: apparently disparate issues can be understood better by reference to a few common themes, especially the role of accumulated stocks in accentuating the impact of shocks.
  • Reflections on central banking: what is it all about?
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2016
    Speaker: Jacob A Frenkel (Chairman of JPMorgan Chase International)
    Date: 26 June 2016
    Despite dramatic changes in the world - political, economic, institutional, conceptual - there exists a core of central banking principles that remains robust.
  • Panel discussion: Reflections on central banking: what is it all about?
    Event: Panel discussion, Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2016
    Speaker: Chair: Jens Weidmann (President, Deutsche Bundesbank and Chairman of the BIS Board of Directors)
    Participants: Agustín Carstens (Governor, Bank of Mexico), François Villeroy de Galhau (Governor, Bank of France), Raghuram G Rajan (Governor, Reserve Bank of India)
    Date: 26 June 2016
    Following the Per Jacobsson Foundation Lecture by Jacob A Frenkel, panel discussion participants exchange views on central banking.
  • Global liquidity and procyclicality
    Event: World Bank conference "The state of economics, the state of the world"
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research); discussants: Asli Demirgüç-Kunt (World Bank), Maurice Obstfeld (IMF)
    Date: 8 June 2016
    BIS data show that the euro and the yen may be starting to take on the features of an international funding currency, following in the dollar's footsteps. The key takeaway of Hyun Song Shin's presentation however is that a stronger dollar is associated with more severe market anomalies. (Hyun Song Shin at 4:02)
  • Credit, commodities and currencies
    Event: Systemic Risk Centre public lecture, London School of Economics and Political Science
    Speaker: Jaime Caruana (General Manager)
    Date: 05 February 2016
    In his lecture, Jaime Caruana lays out broad themes that shed light on the current state of the global economy.
  • Persistent ultra-low interest rates: the challenges ahead
    Event: Bank of France-BIS Farewell Symposium for Christian Noyer
    Speaker: Jaime Caruana (General Manager)
    Date: 12 January 2016
    In the aftermath of the crisis, central banks have had to operate in uncharted waters, characterised by low growth, below-target inflation and unusually low interest rates - as well as financial fragility and rising debt. In his closing remarks, Jaime Caruana highlights the challenges ahead.
  • Policy lessons and the future of unconventional monetary policy
    Event: Sixteenth Jacques Polak Annual Research Conference: "Unconventional monetary and exchange rate policies"
    Speaker: Moderator: Maurice Obstfeld (IMF)
    Panellists: Claudio Borio (Head of the Monetary and Economic Department, BIS), Lael Brainard (Federal Reserve Board), Paul Krugman (CUNY), Adam Posen (Peterson Institute)
    Date: 06 November 2015
    Claudio Borio explains that today's persistently low rates are not "equilibrium" rates because of their long-term costs. Monetary policy must be more consistent through both financial booms and busts, and unconventional measures are best viewed as crisis management tools. (Claudio Borio at 47:50)
  • Revisiting monetary policy frameworks - monetary policy and financial stability
    Event: Seminar, 2015 IMF-World Bank Annual Meetings
    Speaker: Moderator: José Viñals (Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF)
    Panelists: Jaime Caruana (General Manager, BIS), Benoît Cœuré (member of the Executive Board, ECB), Nemat Shafik (Deputy Governor, Bank of England), Rodrigo Vergara (Governor, Central Bank of Chile)
    Date: 10 October 2015
    In his panel remarks, Jaime Caruana argues that the principle of separation of monetary policy and macroprudential policy, while appealing on the surface, is less compelling upon closer inspection. (Jaime Caruana at 17:30).
  • The risks of the modern economy
    Event: Interview - IESE Business School
    Speaker: Jaime Caruana (General Manager)
    Date: 17 October 2015
    In an interview with IESE's Pedro Videla, Jaime Caruana discusses three important risks facing the global economy: the delayed transition to more normal interest rate conditions, the $9.6 trillion dollar debt of non-bank borrowers outside the United States, and weakening international cooperation.
  • Credit booms and credit busts
    Event: Interview with the Institute for New Economic Thinking
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 10 July 2015
    In this interview, Claudio Borio speaks with INET's Marshall Auerback on the need to strengthen the macroprudential orientation of regulatory and supervisory frameworks in order to improve safeguards against financial instability.
  • CPMI 25th Anniversary Conference opening remarks
    Event: 25th Anniversary Conference of the Committee on Payments and Market Infrastructures
    Speaker: Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 30 June 2015
    In his speech marking the 25th anniversary of the CPMI, its chairman reflects on the past, present and future of this global standard-setting body in the field of payments, clearing and settlement systems.
  • The role of the CPMI as part of the Basel Process
    Event: 25th Anniversary Conference of the Committee on Payments and Market Infrastructures
    Speaker: Jaime Caruana (General Manager)
    Date: 30 June 2015
    Jaime Caruana's keynote speech reviews three snapshots from the CPMI's history, describes the Committee's work in the context of the Basel Process and provides insights on the growing role of centralised counterparties following the global financial crisis.
  • Taking a longer-term perspective
    Event: BIS Annual General Meeting 2015
    Speaker: Jaime Caruana (General Manager)
    Date: 28 June 2015
    Focusing on the BIS 85th Annual Report's key messages, in his speech Jaime Caruana analyses the unusually low interest rate environment, taking a longer-term perspective that highlights the role of financial and global factors.
  • Persistent unusually low interest rates. Why? What consequences?
    Event: BIS Annual General Meeting 2015
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 28 June 2015
    In his presentation, Claudio Borio develops a core theme of the BIS 85th Annual Report, that persistent unusually low interest rates are not necessarily "equilibrium" rates, conducive to sustainable and balanced global expansion.
  • Three BIS research themes in the Annual Report
    Event: BIS Annual General Meeting 2015
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 28 June 2015
    In his presentation, Hyun Song Shin highlights three research themes that have guided BIS work over the previous year and are reflected in the BIS 85th Annual Report: characteristics of financial intermediation; global liquidity and spillovers; and monetary and financial stability policy frameworks.
  • Out of many, one? Household debt, redistribution and monetary policy during the economic slump
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2015
    Speaker: Amir Sufi (Professor of Finance, University of Chicago)
    Date: 28 June 2015
    High-income and low-income individuals respond differently to monetary policy shocks, as do savers and borrowers. This lecture argues that recognising the importance of the redistribution channels can guide central bankers on what monetary policies are most likely to be effective.
  • Monetary policy and household demand
    Event: Panel discussion, Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2015
    Speaker: Chair: Christian Noyer (Bank of France)
    Participants: Haruhiko Kuroda (Bank of Japan), Stephen S Poloz (Bank of Canada), Alexandre Tombini (Central Bank of Brazil)
    Date: 28 June 2015
    Following the Andrew Crockett Memorial Lecture by Amir Sufi, panel discussion participants exchange views on monetary policy and household demand.
  • The blind spot of the international monetary and financial system
    Event: IMF conference "Rethinking Macro Policy III: Progress or Confusion?", Session 6: "International Monetary and Financial System"
    Speaker: Chair: Tharman Shanmugaratnam (Deputy Prime Minister and Minister for Finance of Singapore)
    Participants: Ricardo Caballero (Ford International Professor of Economics and Director of the World Economic Laboratory, Massachusetts Institute of Technology); Jaime Caruana (General Manager, BIS); Zeti Akhtar Aziz (Governor, Bank Negara Malaysia)
    Date: 16 April 2015
    In his remarks, Jaime Caruana focuses on the blind spot of the current international monetary and financial system: its inability to constrain the build-up of financial imbalances. (Jaime Caruana at 03:46)
  • Macroprudential tools, their limits and their connection with monetary policy
    Event: IMF conference "Rethinking Macro Policy III: Progress or Confusion?", Session 2: "Macro-Prudential Tools: Gathering Evidence"
    Speaker: Chair: Stanley Fischer (Vice Chairman of the Board of Governors of the Federal Reserve System)
    Participants: Robert Rubin (former US Treasury Secretary); Hyun Song Shin (Economic Adviser and Head of Research, BIS); Sir Paul Tucker (Senior Fellow, Harvard Kennedy School and Harvard Business School)
    Date: 15 April 2015
    In his presentation, Hyun Song Shin discusses the limits of macroprudential tools and their relationship with monetary policy. (Hyun Song Shin at 24:25)
  • The international monetary and financial system: its Achilles heel and what to do about it
    Event: INET conference "New economic thinking: liberté, égalité, fragilité"
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Anton Brender and Florence Pisani (Paris-Dauphine University), Hélène Rey (London Business School), Peter Termin (MIT)
    Date: 09 April 2015
    In his presentation, Claudio Borio argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations.
  • Toward a joined-up research agenda for central banks
    Event: Bank of England's One Bank Research Agenda Launch Conference, Panel 1: "Policy frameworks and interactions"
    Speaker: Chair: Jon Cunliffe (Deputy Governor, Bank of England)
    Participants: Misa Tanaka (Senior Research Manager, Bank of England); Hyun Song Shin (Economic Adviser and Head of Research, BIS); Ricardo Reis (Professor of Economics, Columbia University)
    Date: 25 February 2015
    An integrated research agenda for central banks entails finding common elements that run through monetary policy and financial stability mandates. In his presentation, Hyun Song Shin explains that one of those elements is the risk-taking channel of monetary policy. (Hyun Song Shin at 29:40)
  • Changing financial intermediation and lessons for central banks
    Event: International Symposium of the Banque de France "Central banking: the way forward?", Session 2: "Adapting to Changes in Financial Intermediation"
    Speaker: Chair: Jens Weidmann (President, Bundesbank)
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research, BIS); discussants: Mark Carney (President, FSB; Governor, Bank of England); Laurence Fink (Chairman and CEO, BlackRock); Danièle Nouy (Chair, ECB Supervisory Board)
    Date: 07 November 2014
    In his presentation, Hyun Song Shin discusses the second phase of global liquidity and its implications for global financial stability. (Hyun Shin at 2:44)
  • Monetary policy: the new normal
    Event: Institute of International Finance Annual Meeting
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Vítor Constâncio (ECB), Martin Feldstein (Harvard University), John Taylor (Stanford University)
    Date: 10 October 2014
    Claudio Borio participates in a panel discussion at the IIF's Annual Meeting. (Claudio Borio at 20:39, 35:09 and 54:44)
  • Zentralbanken als diskrete Retter der Weltwirtschaft
    Event: «ECO Spezial», Schweizer Radio und Fernsehen
    Speaker: Jaime Caruana (General Manager), Bill White (former Economic Adviser)
    Date: 03 September 2014
    Swiss TV documentary on the role of central banks as discreet rescuers of the world economy (German only)
  • The BIS and the future of the global financial system
    Event: Interview - Yale School of Management
    Speaker: Jaime Caruana (General Manager)
    Date: 09 July 2014
    In an interview with Jeffrey Garten (Yale School of Management), Jaime Caruana discusses the post-crisis global financial system, with a particular focus on the BIS, its mission, and the work it conducts in the area of financial stability.
  • A step in the dark: unconventional monetary policy after the crisis
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2013
    Speaker: Raghuram Rajan (Professor of Finance, University of Chicago Booth School of Business)
    Date: 23 June 2013
    Unconventional monetary policy has truly been a step in the dark. In his lecture, Raghuram Rajan sheds light on how and why central bankers have departed from their usual conservatism.
  • Global liquidity: where do we stand?
    Event: Bank of Korea International Conference 2013, "Assessing global liquidity in a global framework"
    Speaker: Jaime Caruana (General Manager)
    Date: 4 June 2013
    In his speech, Jaime Caruana characterises today's global financial conditions and reviews quantity and price indicators of global liquidity. He describes the current, unprecedented levels of monetary accommodation and the challenges that interest rate normalisation could pose.
  • Hitting the limits of "outside the box" thinking? Monetary policy in the crisis and beyond
    Event: Official Monetary and Financial Institutions Forum (OMFIF), Golden Series Lecture
    Speaker: Jaime Caruana (General Manager)
    Date: 16 May 2013
    Central banks have had to think "outside the box" to address unprecedented financial instability and provide monetary stimulus in trying times. In his speech, Jaime Caruana looks at the daunting challenges facing central banks in both the short- and longer-term.
  • Macroprudential policy and the financial cycle: some stylised facts and policy suggestions
    Event: IMF Conference "Rethinking macro policy II: first steps and early lessons"
    Speaker:

    Moderator: Andy Haldane (Bank of England)
    Panellists: Claudio Borio (Director of Research and Deputy Head of the Monetary and Economic Department), Stanley Fischer (Governor, Bank of Israel), Chongsoo Kim (Governor, Bank of Korea)
    Date: 16 April 2013
    In his panel remarks, Claudio Borio maintains that the financial cycle - which is the main source of systemic risk - should be at the core of our understanding of the macroeconomy, and that it has significant implications for the design and limits of macroprudential policy. (Claudio Borio at 10:37)
  • Society, economic policies and the financial sector
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2012
    Speaker: Dr Yaga Venugopal Reddy (Emeritus Professor, University of Hyderabad and former Governor of the Reserve Bank of India); opening remarks: Guillermo Ortiz (Chairman of the Per Jacobsson Foundation)
    Date: 24 June 2012
    Finance has the potential to do good, but it is essential to minimise its potential to do harm. As his lecture explains, central bankers have not merely a stake but also a legitimate role to play in this respect.
  • What financial system for the 21st century?
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2011
    Speaker: Sir Andrew Crockett (former General Manager); opening remarks: Jaime Caruana (General Manager), Guillermo Ortiz (Chairman of the Per Jacobsson Foundation)
    Date: 26 June 2011
    In his lecture, Sir Andrew Crockett presents the principles that should underpin the financial system for the medium- and longer-term. A new and stronger financial system should be global, robust and an effective servant of the real market economy.
  • Early warning indicators of banking crises: expanding the family
    Event: March 2018 Quarterly Review
    Speaker: Mathias Drehmann (Principal Economist, Monetary and Economic Department)
    Date: 11 March 2018
    Mathias Drehmann discusses how early warning indicators change during a cycle and thereby signal a crisis.
  • Payments are a-changin' but cash still rules
    Event: March 2018 Quarterly Review
    Speakers: Cristina Picillo (Member of the Secretariat - CPMI), Umar Faruqui (Member of the Secretariat - CPMI)
    Date: 11 March 2018
    The authors discuss whether cash is ceding ground to electronic payments.
  • Mortgages, developers and property prices
    Event: March 2018 Quarterly Review
    Speaker: Christian Upper (Head of Emerging Markets, Monetary and Economic Department)
    Date: 11 March 2018
    Christian Upper discusses the risks posed by the rapid rise in property developer debt in several Asian economies in recent years.
  • Household debt and financial stability
    Event: December 2017 Quarterly Review
    Speaker: Anna Zabai (Economist, Monetary and Economic Department)
    Date: 3 December 2017
    Anna Zabai explains how high household debt could affect economic and financial stability.
  • Capital misallocation and financial development: a sector-level analysis
    Speaker: Christian Upper (Monetary and Economic Department)
    Date: November 2017
    BIS Working Papers no 671: Does financial development lead to a more efficient allocation of capital?
  • Central bank cryptocurrencies
    Speaker: Morten Bech (Monetary and Economic Department)
    Date: September 2017
    Discussion of the main findings of the BIS Quarterly Review article.
  • Global value chains and effective exchange rates at the country-sector level
    Speaker: Nikhil Patel (Monetary and Economic Department)
    Date: May 2017
    BIS Working Papers no 637: A new framework for computing the real effective exchange rate, a commonly used measure of comparativeness of countries.
  • Asymmetric information and the securitization of SME loans
    Speaker: Leonardo Gambacorta (Monetary and Economic Department)
    Date: January 2017
    BIS Working Papers no 601: Did banks' practice of selling loans on to other investors deserve the bad reputation it gained during the financial crisis?
  • New data on exchange rates and central bank policy rates
    Speaker: Marjorie Santos (Deputy Head of Data Bank Services)
    Date: 18 September 2017
  • Changes to the Global Liquidity Indicators
    Speaker: Phil Wooldridge (Head of International Banking & Financial Statistics)
    Date: 18 September 2017
  • Changes to the International Banking Statistics
    Speaker: Phil Wooldridge (Head of International Banking & Financial Statistics)
    Date: 18 September 2017
  • Introducing new BIS data sets
    Speaker: Bruno Tissot (Head of BIS Statistics)
    Date: 18 September 2017
  • What's the level of debt of companies, households and governments?
    Date: 24 February 2017                                                         
    The BIS statistics on credit to the non-financial sector help you understand how much credit banks and non-banks have extended to households, companies and governments in more than 40 economies, both advanced and emerging.
  • Which banks are the largest creditors to a particular country?
    Date: 21 November 2016                                                        
    Find out how much credit banks of a given nationality have extended to borrowers in more than 200 countries, using the consolidated banking statistics.
  • How to search for BIS statistics
    Date: 15 July 2016                                                                     
    This tutorial shows you how to navigate the BIS statistics webpage and use the three statistics tools to access the data sets.
  • An introduction to BIS statistics
    Speaker: Bruno Tissot (Head of Statistics & Research Support)
    Date: 25 November 2015
  • Total credit to the general government sector - how to find data using the BIS Statistics Warehouse
    Speaker: Christian Dembiermont (Head of Data Bank Services)
    Date: 25 November 2015