What's new

08 Dec

BIS Quarterly Review December 2013 – International banking and financial market developments . In this issue:

1) The anatomy of the global FX market through the lens of the 2013 Triennial Survey

2) FX market trends before, between and beyond Triennial Surveys

3) FX and derivatives markets in emerging economies and the internationalisation of their currencies

4) The OTC interest rate derivatives market in 2013

15 Nov

Can non-interest rate policies stabilise housing markets? Evidence from a panel of 57 economies   (Working Paper)

Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilising house ...

25 Oct

Market volatility and foreign exchange intervention in EMEs: what has changed? (BIS Papers No 73)

This volume, summarising the discussion and papers presented at the meeting of Deputy Governors of major EMEs in Basel on 21-22 February 2013, focuses on three main questions concerning ...

10 Oct

Liquidity regulation and the implementation of monetary policy (Working Paper)

In addition to revamping existing rules for bank capital, Basel III introduces a new global framework for liquidity regulation. One part of this framework is the liquidity coverage ratio (LCR), which requires ...

04 Oct

Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit (Working Paper)

We review extant work on the transmission of monetary policy, both conventional and unconventional, of the major advanced economies to East Asia through monetary policy reactions, integrated bond markets and ...

17 Sep

Asymmetric effects of FOREX intervention using intraday data: evidence from Peru   (Working Paper)

Asymmetric effects of Central Bank foreign exchange (forex) intervention have not been extensively studied in the literature, even though in practice Central Bank's motives for purchasing and for selling foreign currency ...

Central bankers' speeches
13 Dec
12 Dec
11 Dec
BIS Management speeches
26 Nov

by Jaime Caruana: Addressing risks to financial stability

Regulatory reforms, in particular more capital and new liquidity buffers for banks, have made the financial system more resilient. Nonetheless, regulation typically cannot keep up with the pace of financial innovation...

18 Nov

by Jaime Caruana: Ebbing global liquidity and monetary policy interactions

This speech reconsiders monetary policy interactions in the light of the fresh evidence provided by the events of May through August 2013: (i) Some emerging market central banks found themselves raising policy rates to resist currency depreciation...

17 Oct

by Jaime Caruana: The changing nature of central bank independence

Central bank independence has traditionally aimed at insulating monetary policy from undue political pressure. Extraordinary monetary easing has given rise to new forces that might work against the timely normalisation of policy...

14 Oct

by Stephen G Cecchetti: Central bank independence - a path less clear

It is always a pleasure to return to Mexico City; especially so on this important occasion. Anniversaries are always a good time to reflect on the past in an effort to learn and to plan for the future...