Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

This book celebrates the life and work of Palle Schelde Andersen, a Danish economist who was for over two decades the main macroeconomist of the Bank for International Settlements (BIS). The book contains the papers and proceedings of a conference that was held at the BIS in Mr Andersen's honour...

Sources of systemic financial risk change across countries and over time. Multiple features need to be considered when making macroprudential policy choices, such as the depth of the financial system, the institutional background, the existing governance framework, and the links between...

The expansion of central bank balance sheets and the changes in their composition during financial crises have been effective in rectifying market malfunction and stabilising financial markets in Japan and elsewhere. However, the unconventional policy measures are accompanied by costs, as they...

This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude...

The interaction between fiscal and monetary policies evolves over time and differs from country to country. In this study, we first present the case of Turkey. During the 1990s, the country's fiscal deficits and public debt ballooned. Monetary policy was severely constrained by the resulting...

We study the cross-border impact of quantitative easing (QE) in the major advanced economies, especially on emerging market economies. We first examine the cross-border financial market impact of central bank announcements of asset purchase programmes. We find marked QE announcement effects on...

On 26-27 June 2008, the BIS held its Seventh Annual Conference on quot;Whither monetary policy? Monetary policy challenges in the decade aheadquot; in Luzern, Switzerland. The event brought together senior representatives of central banks and academic institutions to exchange views on this...