The volume presents and summarises the proceedings of the high level seminar jointly organised by the Bank of Russia and the Bank for International Settlements in Moscow on 18-20 July 2013 during the G20 meetings. Governors and deputy governors from around 30 BIS shareholder banks participated...

The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many...

Emerging market central banks have a long history of using macroprudential instruments. But while most central banks carry a heavy responsibility for financial stability, legal objectives are generally vague, do not define success or failure, and say nothing about competing objectives. This...

This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude...

This volume contains 17 papers presented at the joint Central Bank of the Republic of Turkey (CBRT) - Bank for International Settlements (BIS) - International Monetary Fund (IMF) conference on "Macroprudential policy: effectiveness and implementation challenges" held in Istanbul, Turkey, during...

The impressive growth of many African economies during the past decade was highly dependent on booming commodity markets and strong capital inflows, often related to commodities. With commodity prices falling and market expectations pointing to little reversal in the foreseeable future,...