Research on global financial stability: the use of BIS international financial statistics

December 2007

Introduction

BIS statistics on international bank lending, collected by central banks under the auspices of the Euro-currency Standing Committee at the BIS since the late 1970s, have long been used to monitor risk exposures in the international financial system. For instance, these statistics provided clear and timely warnings about the scale and nature of external bank debt accumulation before almost all the crises to hit the emerging markets from the early 1980s. As international financial intermediation has evolved over the years, the scope of these statistics has been gradually broadened beyond bank lending to cover debt securities, syndicated credit facilities, and derivatives.

These statistics are being used increasingly in economic research on questions related to global financial stability. However, it had been clear to us for some time that different researchers using these statistics were not always aware of each other's work. The BIS's Committee on the Global Financial System (the successor to the Euro-currency Standing Committee) therefore decided to sponsor a workshop of research based on the BIS international financial statistics. This volume contains papers presented at the workshop.

Introduction
Aviram Levy
 
What can BIS statistics tell us about the risks of crises in emerging markets?
Ramon Moreno and Karsten von Kleist
JEL classification: F34, G15, G21
 
Developments in a cross-border bank exposure "network"
Masazumi Hattori and Yuko Suda
JEL classification: F23, F34, F36, G15, G21
 
Contagion and the composition of Canadian banks' foreign asset portfolios: do financial crises matter?
Eric Santor
JEL classification: G21, F3
 
The pecking order of cross-border investment
Christian Daude and Marcel Fratzscher
JEL classification: F34, G11, F21
 
Financial exchange rates and international currency exposures
Philip R Lane and Jay C Shambaugh
JEL classification: F31, F32
 
International bank portfolios: short- and long-run responses to the business cycle
Sven Blank and Claudia M Buch
JEL classification: F32, F42, F34
 
Hedge fund activity and carry trades
Chris Becker and Kristina Clifton
JEL classification: F31, F32, G15
 
Global monitoring with the BIS international banking statistics
Patrick McGuire and Nikola Tarashev
JEL classification: F34, G15, G21