FX swaps, forwards and currency swaps create forward dollar payment obligations that do not appear on balance sheets and are missing in standard debt statistics. Non-banks outside the United States owe as much as $25 trillion in such missing debt, up from $17 trillion in 2016. Non US banks owe...

Do public policy signals improve the alignment of market outcomes with economic fundamentals? Existing work contends that, when individual players have an incentive to coordinate their actions, public policy signals could steer these actions away from the fundamentals. We argue that such a...

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links...

With major central banks having re-established temporary foreign exchange swap facilities to alleviate growing strains in short-term funding markets, European banks' US dollar funding patterns are back in the news. This article documents the persistence of these banks' aggregate US dollar...

Global risk maps are unified databases that provide risk exposure data to supervisors and the broader financial market community worldwide. We think of them as giant matrices that track the bilateral (firm-level) exposures of banks, non-bank financial institutions and other relevant market...

The financial crisis has led to a reconsideration of banks' global business models. This special feature uses the BIS banking statistics to distinguish between “international” and “multinational” banks and their associated funding models. The crisis put these models to the test. In the...

Since the mid-1990s, major Japanese banks have sold off a significant portion of their holdings of corporate equity. Using information on the identity of Japanese firms' top 10 shareholders, this paper explores the process of banks' equity disposal. There is some evidence that, after FY2001,...

With major central banks having re-established temporary foreign exchange swap facilities to alleviate growing strains in short-term funding markets, European banks' US dollar funding patterns are back in the news. This article documents the persistence of these banks' aggregate US dollar...