BIS Quarterly Review, March 2014
The BIS Quarterly Review for March 2014 says emerging economies adjust under market pressure.
Remarks by Mr Claudio Borio, Head of the Monetary and Economic Department, at the media briefing on 7 March 2014.
| Note about the Quarterly Review June issue |
| The BIS has decided to discontinue the June issue of the Quarterly Review in its current format, owing to its close proximity to the Annual Report. |
| The June issue will now contain only information on BIS statistics, notably the statistical annexes; relevant material about financial developments will be included in the Annual Report. |
| The next full issue of the Quarterly Review will be published in September 2014. |
International banking and financial market developments
Special features
Up to a point, banks and markets both foster economic growth. Beyond that limit, expanded bank lending or market-based financing no longer adds to real growth.
More...Four major central banks have adopted new approaches to policy rate forward guidance with the aim of increasing monetary policy stimulus at the zero lower bound. In this special feature, we examine these approaches and assess their impact.
More...Basel III uses the gap between the credit-to-GDP ratio and its long-term trend as a guide for setting countercyclical capital buffers. Criticism of this choice centres on three areas: (i) the suitability of the guide given the objective of the buffer; (ii) the
More...Non-deliverable forwards (NDFs) allow investors and borrowers to take positions in currencies that are subject to official controls. Turnover in NDFs has risen in recent years as non-residents use them to hedge increasing investment in local currency bonds.
More...Non-US banks' affiliates in the United States took on about half of the claims on the Fed that it created to pay for its large-scale bond purchases. They did so largely through uninsured branches that were not subject a new FDIC charge on wholesale funding payable by US-chartered banks.
More...