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Taylor, Alan M. - Bank for International Settlements (BIS) - 2012

What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...

Persistent link: https://www.econbiz.de/10010598582

Growth dynamics: the myth of economic recovery

Cerra, Valerie; Saxena, Sweta Chaman - Bank for International Settlements (BIS) - 2007

Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute divergence and lower long-run growth, whereas we find...

Persistent link: https://www.econbiz.de/10005063319

The US dollar shortage in global banking and the international policy response

McGuire, Patrick; Peter, Goetz von - Bank for International Settlements (BIS) - 2009

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

Persistent link: https://www.econbiz.de/10008609837

Characterising the financial cycle: don't lose sight of the medium term!

Drehmann, Mathias; Borio, Claudio; Tsatsaronis, Kostas - Bank for International Settlements (BIS) - 2012

financial cycle is much longer than the traditional business cycle. Business cycle recessions are much deeper when they coincide … responses that fail to take into account the length of the financial cycle may help contain recessions in the short run but at … the expense of larger recessions down the road. …

Persistent link: https://www.econbiz.de/10010849799

The financial cycle and macroeconomics: What have we learnt?

Borio, Claudio - Bank for International Settlements (BIS) - 2012

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the...

Persistent link: https://www.econbiz.de/10010849809

Why do we need both liquidity regulations and a lender of last resort? A perspective from Federal Reserve lending during the 2007-09 US financial crisis

Carlson, Mark; Duygan-Bump, Burcu; Nelson, William - Bank for International Settlements (BIS) - 2015

During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...

Persistent link: https://www.econbiz.de/10011194300

The international monetary and financial system: a capital account historical perspective

Borio, Claudio; James, Harold; Shin, Hyun Song - Bank for International Settlements (BIS) - 2014

In analysing the performance of the international monetary and financial system (IMFS), too much attention has been paid to the current account and far too little to the capital account. This is true of both formal analytical models and historical narratives. This approach may be reasonable when...

Persistent link: https://www.econbiz.de/10010896650

Credit and growth after financial crises

Takáts, Elod; Upper, Christian - Bank for International Settlements (BIS) - 2013

We find that declining bank credit to the private sector will not necessarily constrain the economic recovery after output has bottomed out following a financial crisis. To obtain this result, we examine data from 39 financial crises, which - as the current one - were preceded by credit booms....

Persistent link: https://www.econbiz.de/10010680831

Toward a global risk map

Cecchetti, Stephen; Fender, Ingo; McGuire, Kostas Patrick - Bank for International Settlements (BIS) - 2010

Global risk maps are unified databases that provide risk exposure data to supervisors and the broader financial market community worldwide. We think of them as giant matrices that track the bilateral (firm-level) exposures of banks, non-bank financial institutions and other relevant market...

Persistent link: https://www.econbiz.de/10008465092

The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises

Herrmann, Sabine; Mihaljek, Dubravko - Bank for International Settlements (BIS) - 2010

This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. Based on a gravity model we examine a panel data set on cross-border bank flows from 17 advanced to 28...

Persistent link: https://www.econbiz.de/10008465654