This paper examines the sharp rise in bond yield volatility across the major bond markets in 1994. The analysis covers thirteen industrialised countries and is largely based on OTC data for implied bond yield volatility. We conclude that the market’s own dynamics seem to provide a stronger...

This paper examines the sharp rise in bond yield volatility across the major bond markets in 1994. The analysis covers thirteen industrialised countries and is largely based on OTC data for implied bond yield volatility. We conclude that the market's own dynamics seem to provide a stronger...

"When the BIS was established in 1930 it had two purposes. The most obvious practical concern was to handle a narrowly technical issue: to create a painless or crisis-minimising method for making the transfer of German postwar reparations payments. But the new institution also had a more...