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Adrian, Tobias; Shin, Hyun Song - Bank for International Settlements (BIS) - 2008

In a financial system where balance sheets are continuously marked to market, asset price changes show up immediately in changes in net worth, and elicit responses from financial intermediaries, who adjust the size of their balance sheets. We document evidence that marked to market leverage is...

Persistent link: https://www.econbiz.de/10005127750

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

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

We characterise empirically the financial cycle using two approaches: analysis of turning points and frequency-based filters. We identify the financial cycle with the medium-term component in the joint fluctuations of credit and property prices; equity prices do not fit this picture well. We...

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

The effects of intraday foreign exchange market operations in Latin America: results for Chile, Colombia, Mexico and Peru

Fuentes, Miguel; Pincheira, Pablo; Julio, Juan Manuel; … - Bank for International Settlements (BIS) - 2014

This paper analyses the effects of sterilised, intraday foreign exchange market operations (non-discretionary and discretionary) on foreign exchange returns and volatility in four inflation targeting economies in Latin America. The distribution of exchange rates during intervention and...

Persistent link: https://www.econbiz.de/10010929856

Asymmetric effects of FOREX intervention using intraday data: evidence from Peru

Lahura, Erick; Vega, Marco - Bank for International Settlements (BIS) - 2013

Asymmetric effects of Central Bank foreign exchange (forex) intervention have not been extensively studied in the … literature, even though in practice Central Bank's motives for purchasing and for selling foreign currency may differ. This paper … studies asymmetric effects of Central Bank interventions under the premise that policy authorities view depreciations and …

Persistent link: https://www.econbiz.de/10010723564

Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions

Kohlscheen, Emanuel - Bank for International Settlements (BIS) - 2013

This study presents indirect evidence of the effectiveness of sterilized interventions in Brazil based on the complete records of daily customer order flow data reported by Brazilian dealers, as well as foreign exchange intervention data over a time span of 10 years (2002-2011). We find that the...

Persistent link: https://www.econbiz.de/10010723565

Economic reforms and exchange rate pass-through to domestic prices in India

Khundrakpam, Jeevan K - Bank for International Settlements (BIS) - 2007

This paper examines the behaviour of exchange rate pass-through to domestic prices in India during the post-economic reforms initiated since the major devaluation of July 1991. It observes that there is no clear-cut evidence of a fall in exchange rate pass-through to domestic prices. Further,...

Persistent link: https://www.econbiz.de/10005063337

Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies

Ho, Corrinne; McCauley, Robert N. - Bank for International Settlements (BIS) - 2003

This overview paper examines two main issues. The first is why the exchange rate matters, especially for emerging market economies. The second is under what circumstances and how countries have dealt with the challenges posed by the exchange rate in recent years in the context of inflation...

Persistent link: https://www.econbiz.de/10005063357

Understanding Asian equity flows, market returns and exchange rates

Chai-Anant, Chayawadee; Ho, Corinna - Bank for International Settlements (BIS) - 2008

This paper examines from various angles foreign investors' daily transactions in six emerging Asian equity markets and their relationship with local market returns and exchange rate changes over the period 1999-2006. Confirming much of the literature, we find that equity market returns matter...

Persistent link: https://www.econbiz.de/10005127712

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

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

sheets of the decision units that straddle national borders, be these banks or non-financial companies. We illustrate these …

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