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Rediscovering the Macroeconomic Roots of Financial Stability Policy : Journey, Challenges and a Way Forward

Borio, Claudio E. V. - 2014

The recent financial crisis has triggered a major rethink of analytical approaches and policy towards financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...

Persistent link: https://www.econbiz.de/10013067256

What Can (Macro-) Prudential Policy do to Support Monetary Policy?

Borio, Claudio E. V. - 2013

In the economic environment that has been emerging over the last couple of decades, it is more likely that the occasional build-up of financial imbalances, typically in the form of unsustainable credit and asset price booms, will occur against the background of low and stable inflation, posing a...

Persistent link: https://www.econbiz.de/10012711145

Ten Propositions About Liquidity Crises

Borio, Claudio E. V. - 2013

What are liquidity crises? And what can be done to address them? This short paper brings together some personal …: the distinction between idiosyncratic and systematic elements of liquidity crises; the growing reliance on funding … liquidity in a market-based financial system; the role of payment and settlement systems; the need to improve liquidity buffers …

Persistent link: https://www.econbiz.de/10013095362

Central Banking Post-Crisis : What Compass for Uncharted Waters?

Borio, Claudio E. V. - 2014

The global financial crisis has shaken the foundations of the deceptively comfortable pre-crisis central banking world. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help central banks sail in the largely uncharted waters...

Persistent link: https://www.econbiz.de/10013067255

On Money, Debt, Trust and Central Banking

Borio, Claudio E. V. - 2019

This essay examines in detail the properties of a well functioning monetary system - defined as money plus the mechanisms to execute payments - in both the short and long run, drawing on both theory and the lessons from history. It stresses the importance of trust and of the institutions needed...

Persistent link: https://www.econbiz.de/10012893451

Central Banking in Challenging Times

Borio, Claudio E. V. - 2019

Since the Great Financial Crisis, central banks have been facing a triple challenge: economic, intellectual and institutional. The institutional challenge is that central bank independence - a valuable institution - has come in for greater criticism. This essay takes a historical perspective and...

Persistent link: https://www.econbiz.de/10012857798

Monetary Policy Hysteresis and the Financial Cycle

Rungcharoenkitkul, Phurichai - 2019

This paper studies the interaction between monetary policy and macroeconomic stability in a model with two distinguishing features. First, financing - cash flows - underpins all economic activity, with banks generating deposits by granting loans. Money is non-neutral as the policy interest rate...

Persistent link: https://www.econbiz.de/10012861838

Monetary Policy and Financial Stability : What Role in Prevention and Recovery?

Borio, Claudio E. V. - 2014

If the criteria for an institution's success are diffusion and longevity, then central banking has been hugely successful. But if the criterion is the degree to which it has achieved its goals, then the evaluation has to be more nuanced. Historically, those goals have included a changing mix of...

Persistent link: https://www.econbiz.de/10013059556

The International Monetary and Financial System : Its Achilles Heel and What to Do About it

Borio, Claudio E. V. - 2015

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead...

Persistent link: https://www.econbiz.de/10013032507

Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes

Borio, Claudio E. V.; White, William R. - 2013

This paper was presented at the Federal Reserve Bank of Kansas City's Symposium on Monetary Policy and Uncertainty: Adapting to a Changing Economy at Jackson Hole, Wyoming on 28-30 August 2003. The views expressed are those of the authors and do not necessarily reflect those of the BIS

Persistent link: https://www.econbiz.de/10014058415