Serious fiscal vulnerabilities arising from many years of high government/GDP ratios have created new and complex interactions between public debt management and monetary policy. Although their formal mandates have not changed, recent balance sheet policies of many central banks have tended to...

A long period of high public debt-to-GDP ratios will alter the interactions between fiscal policy, monetary policy and government debt management. But opinions differ on exactly how. Four perspectives were explored in this workshop: historical analysis of policies in financial crises;...

This paper examines the macroeconomic and microeconomic dimensions of systemic risk. The design of practical macroprudential policies to address such risks is complex. Issues to be tackled include: (a) statistics to accurately measure currency and maturity mismatches (which usually lie at the...

This BIS Paper discusses lessons provided by the global financial crisis for inflation targeting and financial stability. It contains selected presentations from the BIS-sponsored sessions at two Latin American and Caribbean Economic Association (LACEA) annual meetings: November 2008, in Rio de...

In this session, we shall have presentations on capital flows, on credit cycles and on policies in an oil-exporting economy. By way of introduction to how these topics are linked, I would like to underline the key role of the exchange rate and explain what Bruno and Shin (2015) have called the...

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...