This paper examines some standard open-economy New Keynesian models to address the question of how globalisation affects the inflation process. Specifically, it investigates how the Phillips curve for consumer price inflation in a country is affected by openness, and how the optimal choice of...

We examine whether a higher degree of trade integration is associated with a higher rate of price spillovers. More specifically, we examine how bilateral sector-specific trade integration affects the bilateral co-movements of sectoral prices. Our findings suggest that increasing trade...

The size of gross external portfolio holdings has among many countries increased substantially over the recent past. Over the same period the volatility of inflation has declined in most countries. Many previous papers argue that financial globalisation has led to improved policy-making and...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This contribution, which is part of BIS Paper 66, gives an Indian perspective on the issue of sovereign debt management and the central bank.Full publication: "http://ssrn.com/abstract=2166373" Are Central Bank Balance Sheets in Asia Too Large?

In the aftermath of the Asian financial crisis of 1997–99, central banks and governments throughout the developing world have accumulated foreign exchange reserves and other official assets at an unprecedented rate. This paper shows that this official asset accumulation has driven a...

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...

On 24-25 June 2010, the BIS held its Ninth Annual Conference, on "The future of central banking under post-crisis mandates" in Lucerne, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. This volume...