Research & publications

BIS Bulletins

BIS Bulletins are short, topical notes that provide insights on current events in banking, markets and the larger economy.

The views expressed in BIS Bulletins are those of the authors and not necessarily those of the BIS.

See all BIS Bulletins

Recent issues

BIS Bulletin No 134 26 Aug 2026

Supervisory screening with large language models: finding divergences

We develop a procedure based on large language models to help supervisors review prospectuses against capital rules. This…

Fernando Perez-Cruz

,

and

BIS Bulletin No 133

BIS Bulletin No 133 19 Aug 2026

High public debt in the Americas: non-linear implications for risk premia and inflation expectations

Public debt has reached multi-decade highs in the Americas. Additionally, public interest costs have generally increased over…

,

,

Alejandrina Salcedo

,

and

Christian Upper

image of the earth focusing on Africa continent

BIS Bulletin No 132 11 Aug 2026

Africa's public debt amid global headwinds: balancing resilience and vulnerabilities

The conflict in the Middle East has raised energy and fertiliser prices, weakened growth and intensified fiscal pressures…

and

Leonardo Gambacorta

BIS Bulletin No 131

BIS Bulletin No 131 5 Aug 2026

Energy shocks and inflation: challenges for monetary policy

The recent energy shock ranks among the most significant since the 1990s. Structural factors and initial conditions influence…

Ryan Niladri Banerjee

,

Fiorella De Fiore

,

Marco Jacopo Lombardi

and

Giovanni Lombardo

BIS Bulletin No 130

BIS Bulletin No 130 28 Jul 2026

AI and the global economy: implications for central banks

The AI boom is driving a large, increasingly debt-financed investment surge and boosting trade and equity markets, generating…

Iñaki Aldasoro

,

Leonardo Gambacorta

,

Enisse Kharroubi

and

Matthias Rottner

BIS Bulletin No 129

BIS Bulletin No 129 20 Jul 2026

A Mythos moment? Frontier AI and cyber risk

Frontier artificial intelligence (AI) models increase the speed, scale and complexity of cyber attacks, and they also…

Iñaki Aldasoro

,

,

and

Fernando Perez-Cruz

BIS Bulletin No 128

BIS Bulletin No 128 14 Jul 2026

AI disruption in private credit: exposure to software firms in BDCs

Business development companies (BDCs) have lent around $115 billion to software firms, which represents about a fifth of all…

Fernando Avalos

,

Giulio Cornelli

and

BIS Bulletin No 127

BIS Bulletin No 127 13 Jul 2026

Competition in retail digital payments

Retail payments have digitalised rapidly in both advanced economies and emerging market and developing economies.

Daniele Natalizi

and

Vatsala Shreeti

BIS Bulletin No 126

BIS Bulletin No 126 6 Jul 2026

Blockchain consensus mechanisms and fragmentation

We examine how consensus mechanisms in permissionless blockchains balance decentralisation, security and scalability.

,

,

Rudraksh Kansal

,

,

and

Tomasz Rybarczyk

BIS Bulletin No 125

BIS Bulletin No 125 19 Jun 2026

Stablecoin remuneration on centralised exchanges

Centralised exchanges remunerate stablecoin holders, using the return on the issuer's reserve assets or income from market…

,

Nikola Tarashev

and

BIS Bulletin No 124

BIS Bulletin No 124 6 May 2026

Monetary policy transmission to exchange rates: the role of currency carry trades

Key takeawaysCarry trade activity can shape the exchange rate response to monetary policy. Significant short positions of carry…

Ryan Niladri Banerjee

,

,

and

Vladyslav Sushko

BIS Bulletin No 123

BIS Bulletin No 123 22 Apr 2026

Investment funds' de facto currency risk exposure

Key takeawaysThe sensitivity of fund returns to exchange rates, once underlying asset returns are accounted for, provides a…

,

Andreas Schrimpf

,

Vladyslav Sushko

and

You might also be interested in

DISCOVER

Annual General Meeting

LEARN MORE

Annual Report

DISCOVER

Committees