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One hundred and thirty years of central bank cooperation: a BIS perspective

Borio, Claudio E. V.; Toniolo, Gianni - Bank for International Settlements (BIS) - 2006

With the insight of 130 years of history, this paper tries to answer three questions: how did changing international monetary and financial conditions shape the targets and tools of central bank cooperation? What factors influenced its intensity? Did a structured organisation, such as the BIS,...

Persistent link: https://www.econbiz.de/10005063359

Understanding the role of debt in the financial system

Holmstrom, Bengt - Bank for International Settlements (BIS) - 2015

-collateralised debt to reduce the cost of lending. Yet, attempts to reform credit markets in the wake of the recent financial crisis often … perspective on the logic of credit markets and the structure of debt contracts that highlights the information insensitivity of … debt. This perspective explains among other things why opacity often enhances liquidity in credit markets and therefore why …

Persistent link: https://www.econbiz.de/10011123576

Developing country economic structure and the pricing of syndicated credits

Altunbas, Yener; Gadanecz, Blaise - Bank for International Settlements (BIS) - 2003

pricing of their loans, such as the level of exports relative to debt service in the developing countries where the borrowers …

Persistent link: https://www.econbiz.de/10005063333

Global spillovers and domestic monetary policy

Chinn, Menzie D - Bank for International Settlements (BIS) - 2013

I discuss how the unconventional monetary policy measures implemented over the past several years – quantitative and credit easing, and forward guidance – can be analysed in the context of conventional models of asset prices, with particular reference to exchange rates. I then discuss...

Persistent link: https://www.econbiz.de/10010723563

International portfolio rebalancing and exchange rate fluctuations in Thailand

Gyntelberg, Jacob; Loretan, Mico; Subhanij, Tientip; … - Bank for International Settlements (BIS) - 2009

We present empirical evidence that the Thai exchange rate is driven in part by international investors' cross-border portfolio rebalancing decisions. Our results are based on two comprehensive, daily-frequency datasets of foreign exchange and equity market capital flows undertaken by nonresident...

Persistent link: https://www.econbiz.de/10005038426

Phoenix miracles in emerging markets: recovering without credit from systemic financial crises

Izquierdo, Alejandro; Talvi, Ernesto; Calvo, Guillermo A - Bank for International Settlements (BIS) - 2006

Using a sample of emerging markets that are integrated into global bond markets, we analyse the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings...

Persistent link: https://www.econbiz.de/10005063326

An equilibrum model of "global imbalances" and low interest rates

Caballero, Ricardo J; Farhi, Emmanuel; Gourinchas, … - Bank for International Settlements (BIS) - 2006

Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...

Persistent link: https://www.econbiz.de/10005121441

Do China's capital controls still bind? Implications for monetary autonomy and capital liberalisation

Ma, Guonan; McCauley, Robert N. - Bank for International Settlements (BIS) - 2007

The paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find...

Persistent link: https://www.econbiz.de/10005127737

Capital Flows and the Risk-Taking Channel of Monetary Policy

Bruno, Valentina; Shin, Hyun Song - Bank for International Settlements (BIS) - 2012

This paper examines the relationship between low interests maintained by advanced economy central banks and credit booms in emerging economies. In a model with crossborder banking, low funding rates increase credit supply, but the initial shock is amplified through the "risk-taking channel" of...

Persistent link: https://www.econbiz.de/10010598583

Risk-on/risk-off, capital flows, leverage and safe assets

McCauley, Robert N - Bank for International Settlements (BIS) - 2012

This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...

Persistent link: https://www.econbiz.de/10010561144