17 September 2017

BIS Quarterly Review, September 2017

PDF (174 Pages)

International banking and financial market developments

Publication 17 Sep 2017

Strong outlook with low inflation spurs risk-taking

Monetary policy came sharply back into focus in global financial markets. In late June, market participants interpreted speeches by the ECB President and the Bank of England Governor as possible signs of the beginning of a broader-based tightening in major advanced economies other than the United States. Long-run government bond yields jumped. However, they soon softened in response to weak inflation data and central bank statements that investors perceived as having a more dovish tone.

Publication 17 Sep 2017

Highlights of global financial flows

The BIS regularly seeks to enhance its statistical offerings to support monetary and financial stability analysis, in close coordination with central banks and other national authorities and international organisations. The exposure of economies to foreign currency risk is one potential source of vulnerability that has received increased attention in recent years, and the relevant data gaps are being addressed in the second phase of the Data Gaps Initiative (DGI) endorsed by the G20 (BIS-FSB-IMF (2015), FSB-IMF (2017)).

Statistical initiatives

Publication 17 Sep 2017

Recent enhancements to the BIS statistics

The BIS regularly seeks to enhance its statistical offerings to support monetary and financial stability analysis, in close coordination with central banks and other national authorities and international organisations. The exposure of economies to foreign currency risk is one potential source of vulnerability that has received increased attention in recent years, and the relevant data gaps are being addressed in the second phase of the Data Gaps Initiative (DGI) endorsed by the G20 (BIS-FSB-IMF (2015), FSB-IMF (2017)).

Special Features

Publication 17 Sep 2017

FX swaps and forwards: missing global debt?

What would balance sheets look like if the borrowing through FX swaps and forwards were recorded on-balance sheet, as the functionally equivalent repo debt is? We combine various data sources to estimate the size, distribution and use of this "missing" debt and to begin to assess its implications for financial stability.

,

Robert N McCauley

and

Patrick McGuire

Publication 17 Sep 2017

Central bank cryptocurrencies

New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful?

Morten Linnemann Bech

and

Publication 17 Sep 2017

What are the effects of macroprudential policies on macroeconomic performance?

Macroprudential policies are designed to make financial crises less likely or less severe. At the same time, they might also curb output growth by affecting credit supply and investment.

,

Leonardo Gambacorta

,

Giovanni Lombardo

and

Luiz Awazu Pereira da Silva

Publication 17 Sep 2017

Green bond finance and certification

Financing of investments through green bonds has grown rapidly in recent years. But definitions of what makes a bond "green" vary.

and

Media

00:01:58

Central bank cryptocurrencies

Video 17 Sep 2017

Central bank cryptocurrencies

Discussion of the main findings of the BIS Quarterly Review article.

By

Morten Linnemann Bech

and

Related information

BIS Quarterly Review, September 2017 - media briefing

BIS statistics: charts

Data behind the graphs

September 2017 BIS Quarterly Review: Strong outlook with low inflation spurs risk-taking

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