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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

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

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

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

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

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

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

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

Policymaking from a "macroprudential" perspective in emerging market economies

Moreno, Ramon - Bank for International Settlements (BIS) - 2011

Recurrent capital inflows pose important challenges for authorities in emerging market economies seeking to preserve financial stability. Raising interest rates to dampen imbalances that could arise from capital flows can also attract more capital inflows and accentuate appreciation pressures....

Persistent link: https://www.econbiz.de/10008783569

Global imbalances and the financial crisis: Link or no link?

Borio, Claudio; Disyatat, Piti - Bank for International Settlements (BIS) - 2011

Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have...

Persistent link: https://www.econbiz.de/10009024810