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Central bank co-operation and international liquidity in the financial crisis of 2008-9

Allen, William; Moessner, Richhild - Bank for International Settlements (BIS) - 2010

main innovation in central bank cooperation during this crisis was the emergency provision of international liquidity … of currency-specific liquidity shortages based on the BIS international banking statistics, and find a significant … swap lines in relieving currency-specific liquidity shortages, the risks that central banks run in extending swap lines and …

Persistent link: https://www.econbiz.de/10008599338

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 … Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers … introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails …

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

The institutional memory hypothesis and the procyclicality of bank lending behaviour

Berger, Allen N.; Udell, Gregory F. - Bank for International Settlements (BIS) - 2003

Stylised facts suggest that bank lending behaviour is highly procyclical. We offer a new hypothesis that may help explain why this occurs. The institutional memory hypothesis is driven by deterioration in the ability of loan officers over the bank.s lending cycle that results in an easing of...

Persistent link: https://www.econbiz.de/10005063324

Is price stability enough?

White, William R. - Bank for International Settlements (BIS) - 2006

No one in the industrial countries should now question the substantial economic benefits associated with reducing inflation from earlier, high levels. At the same time, history also teaches that the stability of consumer prices might not be sufficient to ensure macroeconomic stability. Past...

Persistent link: https://www.econbiz.de/10005063325

Corporate hedging: the impact of financial derivatives on the broad credit channel of monetary policy

Fender, Ingo - Bank for International Settlements (BIS) - 2000

This complementary paper to Froot, Scharfstein, and Stein (1993) seeks to explore some of the corporate finance foundations of monetary economics. In particular, we investigate the impact of corporate risk management strategies on the monetary transmission mechanism. We employ a simple model of...

Persistent link: https://www.econbiz.de/10005063328

Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?

White, William R. - Bank for International Settlements (BIS) - 2006

The successful pursuit of the objective of low inflation by central banks in recent decades has also delivered low variability of both inflation and output. At the same time, numerous financial and other "imbalances" (defined here as significant and sustained deviations from historical norms)...

Persistent link: https://www.econbiz.de/10005063330

The impact of corporate risk management on monetary policy transmission: some empirical evidence

Fender, Ingo - Bank for International Settlements (BIS) - 2000

Quite an impressive amount of recent academic research focuses on the idea that financial factors may cause or reinforce real fluctuations. In these models, it is typically a monetary policy shock that serves to lower the value of an asset which is used to secure a firm's borrowing, thereby...

Persistent link: https://www.econbiz.de/10005063362

Macro factors in the term structure of credit spreads

Luisi, Maurizio; Amato, Jeffery D. - Bank for International Settlements (BIS) - 2006

We estimate arbitrage-free term structure models of US Treasury yields and spreads on BBB and Brated corporate bonds in a doubly-stochastic intensity-based framework. A novel feature of our analysis is the inclusion of macroeconomic variables – indicators of real activity, inflation and...

Persistent link: https://www.econbiz.de/10005063368

Japan's deflation, problems in the financial system and monetary policy

Baba, Naohiko; Nishioka, Shinichi; Oda, Nobuyuki; … - Bank for International Settlements (BIS) - 2005

On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop....

Persistent link: https://www.econbiz.de/10005063371

Inflation targeting, asset prices and financial imbalances: conceptualizing the debate

Disyatat, Piti - Bank for International Settlements (BIS) - 2005

This paper attempts to conceptualize the debate regarding the role of asset prices and perceived financial imbalances in the formation of monetary policy from the perspective of theoretically optimal policy responses. While much of the disagreement can be reconciled within the framework of...

Persistent link: https://www.econbiz.de/10005187766