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Monetary policy in a downturn: Are financial crises special?

Bech, Morten; Gambacorta, Leonardo - Bank for International Settlements (BIS) - 2012

Accommodative monetary policy during the financial crisis was instrumental in preventing a deeper recession. Views differ, however, on how long such measures should be kept in place. At the heart of this debate is the notion that a protracted period of policy accommodation could create...

Persistent link: https://www.econbiz.de/10010849783

The Great Financial Crisis: setting priorities for new statistics

Borio, Claudio - Bank for International Settlements (BIS) - 2013

Every financial crisis brings in its wake demands for more information; the latest one is no exception. Because, in deceptively tranquil times, it is well-nigh impossible to foster the consensus necessary to improve data availability, such a window of opportunity must not be missed. To be sure,...

Persistent link: https://www.econbiz.de/10010849784

Interpreting TARGET2 balances

Cecchetti, Stephen; McCauley, Robert; McGuire, Patrick - Bank for International Settlements (BIS) - 2012

The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...

Persistent link: https://www.econbiz.de/10010849796

The liquidity consequences of the euro area sovereign debt crisis

Allen, William A; Moessner, Richhild - Bank for International Settlements (BIS) - 2012

We examine the liquidity effects of the euro area sovereign debt crisis, including its effects on euro area banks as a group, on intra-euro area financial flows, on the supply of and demand for collateral, and on international liquidity. The lending capacity of the euro area banking system has...

Persistent link: https://www.econbiz.de/10010849801

Caveat creditor

Turner, Philip - Bank for International Settlements (BIS) - 2013

One area where international monetary cooperation has failed is in the role of surplus or creditor countries in limiting or in correcting external imbalances. The stock dimensions of such imbalances - net external positions, leverage in national balance sheets, currency/maturity mismatches, the...

Persistent link: https://www.econbiz.de/10010849805

Financial crisis, US unconventional monetary policy and international spillovers

Chen, Qianying; Filardo, Andrew; He, Dong; Zhu, Feng - Bank for International Settlements (BIS) - 2015

We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and corporate spreads. The estimated effects of QE are sizeable and vary across...

Persistent link: https://www.econbiz.de/10011210512

The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective

Filardo, Andrew - Bank for International Settlements (BIS) - 2011

event confirmed the enduring relevance of studying asset price bubbles in our economies. For others, it was a realisation … that asset price bubbles are of much greater significance than previously thought. The financial and policy preconditions … that foster "frothy" asset prices which characterise bubbles have been the focus of considerable attention. While doubtless …

Persistent link: https://www.econbiz.de/10009364650

Rescue packages and bank lending

Brei, Michael; Gambacorta, Leonardo; Peter, Goetz von - Bank for International Settlements (BIS) - 2011

This paper examines whether the rescue measures adopted during the global financial crisis helped to sustain the supply of bank lending. The analysis proposes a setup that allows testing for structural shifts in the bank lending equation, and employs a novel dataset covering large international...

Persistent link: https://www.econbiz.de/10009364652

Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?

Gambacorta, Leonardo; Mistrulli, Paolo Emilio - Bank for International Settlements (BIS) - 2011

A substantial literature has investigated the role of relationship lending in shielding borrowers from idiosyncratic shocks. Much less is known about how lending relationships and bank-specific characteristics affect the functioning of the credit market in an economy-wide crisis, when banks may...

Persistent link: https://www.econbiz.de/10009364653

The failure mechanics of dealer banks

Duffie, Darrell - Bank for International Settlements (BIS) - 2010

I explain the key failure mechanics of large dealer banks, and some policy implications. This is not a review of the financial crisis of 2007–2009. Systemic risk is considered only in passing. Both the financial crisis and the systemic importance of large dealer banks are nevertheless obvious...

Persistent link: https://www.econbiz.de/10008503118