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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

Unconventional Monetary Policies : An Appraisal

Borio, Claudio E. V. - 2009

The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...

Persistent link: https://www.econbiz.de/10013153793

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

Unconventional Monetary Policies : An Appraisal

Borio, Claudio E. V. - 2013

Persistent link: https://www.econbiz.de/10013095177

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

Is Monetary Policy Less Effective When Interest Rates are Persistently Low?

Borio, Claudio E. V. - 2017

Is monetary policy less effective in boosting aggregate demand and output during periods of persistently low interest rates? This paper reviews the reasons why this might be the case and the corresponding empirical evidence. Transmission could be weaker for two main reasons: (i) headwinds, which...

Persistent link: https://www.econbiz.de/10012957907

Monetary Policy and Bank Lending in a Low Interest Rate Environment : Diminishing Effectiveness?

Borio, Claudio E. V. - 2017

for business and financial cycle conditions and different bank-specific characteristics such as liquidity, capitalisation …

Persistent link: https://www.econbiz.de/10012962059

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