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Bank for International Settlements
(79 results)-
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K C Chakrabarty: Mobile Commerce, Mobile Banking-The Emerging Paradigm
December 4, 2009, 12:00am PST
It is indeed a privilege for the author to be here at the "India Telecom 2009" event being organised by the Department of Telecom, Government of India, in collaboration with FICCI. I thank Mr....
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Credit Card Lending Distress In Korea In 2003
May 25, 2009, 12:00am PDT
This paper, which is based partly on Kang and Ma (2007), aims to uncover the causes of the crisis and draw relevant policy lessons from it, specifically the authority to shed light on three...
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The Governance Of Financial Regulation: Reform Lessons From The Recent Crisis
November 1, 2010, 12:00am PDT
There was a systemic failure of financial regulation: senior policymakers repeatedly enacted and implemented policies that stabilized the global financial system. They maintained these policies...
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Why Issue Bonds Offshore?
December 1, 2010, 12:00am PST
This paper asks why Asia-Pacific residents issue debt in offshore markets and considers the implications for domestic debt markets. The authors use unit record data for bond issuance by...
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The Impact Of CDS Trading On The Bond Market: Evidence From Asia
November 1, 2010, 12:00am PDT
This paper investigates the impact of CDS trading on the development of the bond market in Asia. In general, CDS trading has lowered the cost of issuing bonds and enhanced the liquidity in the...
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White Papers
Minimizing Monetary Policy
November 1, 2010, 12:00am PDT
The response of leading central banks to the current financial crisis has raised the magnitude of the financial and governance risks they face. An evaluation of the financial strength of a number...
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Stochastic Volatility, Long Run Risks, And Aggregate Stock Market Fluctuations
October 1, 2010, 12:00am PDT
What are the main drivers of fluctuations in the aggregate US stock market? In this paper, the authors attempt to resolve the long-lasting debate surrounding this question by designing and solving...
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Interbank Tiering And Money Center Banks
October 1, 2010, 12:00am PDT
This paper provides evidence that interbank markets are tiered rather than that, in the sense that most banks do not lend to each other directly but through money center banks acting as...
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The Evolving Renminbi Regime And Implications For Asian Currency Stability
September 1, 2010, 12:00am PDT
The Chinese authorities described the management of the renminbi after its 2005 unpegging from the US dollar as involving a basket of trading partner currencies. Outside analysts have detected few...
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Offshore Markets For The Domestic Currency: Monetary And Financial Stability Issues
September 1, 2010, 12:00am PDT
The authors show in this paper that offshore markets intermediate a large chunk of financial transactions in major reserve currencies such as the US dollar. The authors argue that, for emerging...
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Ageing And Asset Prices
August 1, 2010, 12:00am PDT
The paper investigates how ageing will affect asset prices. A small model is used to show that economic and demographic factors drive asset, and in particular house, prices. These factors are...
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White Papers
Countercyclical Capital Buffers: Exploring Options
July 1, 2010, 12:00am PDT
This paper provides some general lessons for the design of countercyclical capital buffers. Its main empirical contribution is to analyze conditioning variables which could guide the build-up and...
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Funding Liquidity Risk: Definition And Measurement
July 1, 2010, 12:00am PDT
Funding liquidity risk has played a key role in all historical banking crises. Nevertheless, a measure based on publicly available data remains so far elusive. The authors address this gap by...
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White Papers
The Determinants Of Cross-Border Bank Flows To Emerging Markets: New Empirical Evidence On The Spread Of Financial Crises
July 1, 2010, 12:00am PDT
This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. Based on...
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White Papers
Chronicle Of Currency Collapses: Re-Examining The Effects On Output
June 1, 2010, 12:00am PDT
The impact of currency collapses (ie large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical...
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White Papers
Banks And Financial Intermediation In Emerging Asia: Reforms And New Risks
June 1, 2010, 12:00am PDT
The conventional view is that microeconomic reforms after the 1997 - 98 Asian financial crisis have greatly strengthened banking systems in Asia. Banks have become better capitalized, external...
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White Papers
China's High Saving Rate: Myth And Reality
June 1, 2010, 12:00am PDT
The saving rate of China is high from many perspectives - historical experience, international standards and the predictions of economic models. Furthermore, the average saving rate has been...
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White Papers
Resolving The Financial Crisis: Are We Heeding The Lessons From The Nordics?
June 1, 2010, 12:00am PDT
How does the management and resolution of the current crisis compare with the response of the Nordic countries in the early 1990s, widely regarded as exemplary? The authors argue that, while...
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White Papers
Toward A Global Risk Map
May 1, 2010, 12:00am PDT
Global risk maps are unified databases that provide risk exposure data to supervisors and the broader financial market community worldwide. The authors think of them as giant matrices that track...
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Attributing Systemic Risk To Individual Institutions
May 1, 2010, 12:00am PDT
An operational macroprudential approach to financial stability requires tools that attribute system-wide risk to individual institutions. Making use of constructs from game theory, the authors...
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White Papers
Financial Intermediation And The Post-Crisis Financial System
March 1, 2010, 12:00am PST
Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector...
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White Papers
Illiquidity And All Its Friends
March 1, 2010, 12:00am PST
The recent crisis was characterized by massive illiquidity. This paper reviews what we know and don't know about illiquidity and all its friends: market freezes, fire sales, contagion, and...
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White Papers
Accounting Alchemy
March 1, 2010, 12:00am PST
The controversy about the choice among accounting alternatives is often based on arguments suggesting heuristic behavior by market participants and firm managers. Debates focus on whether...
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White Papers
The Future Of Public Debt: Prospects And Implications
March 1, 2010, 12:00am PST
Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future. A number of countries...
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White Papers
Policymaking From A "Macroprudential" Perspective In Emerging Market Economies
January 1, 2011, 12:00am PST
Recurrent capital inflows pose important challenges for authorities in emerging market economies seeking to preserve financial stability. Raising interest rates to dampen imbalances that could...
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White Papers
Consumption And Real Exchange Rates In Professional Forecasts
December 1, 2009, 12:00am PST
Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries....
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White Papers
The Risk Of Relying On Reputational Capital: A Case Study Of The 2007 Failure Of New Century Financial
December 1, 2009, 12:00am PST
The quality of newly originated subprime mortgages had been visibly deteriorating for some time before the window for such loans was shut in 2007. Nevertheless, a bankruptcy court's directed ex...
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White Papers
Ten Propositions About Liquidity Crises
November 1, 2009, 12:00am PDT
What are liquidity crises? And what can be done to address them? This short paper brings together some personal reflections on this issue, largely based on previous work. In the process, it...
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White Papers
Unconventional Monetary Policies: An Appraisal
November 1, 2009, 12:00am PDT
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...
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White Papers
Mutual Guarantee Institutions And Small Business Finance
October 1, 2009, 12:00am PDT
A large body of literature has shown that small firms experience difficulties in accessing the credit market due to informational asymmetries. Banks can overcome these asymmetries through...
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White Papers
Time To Buy Or Just Buying Time? The Market Reaction To Bank Rescue Packages
September 1, 2009, 12:00am PDT
This paper reviews the market reaction to bank rescue packages announced in six countries between October 2008 and January 2009. The paper distinguishes the impact on creditors as seen in the...
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White Papers
China's Evolving External Wealth And Rising Creditor Position
July 1, 2009, 12:00am PDT
China's emergence as a major player in world trade is well known, but its rising role in global finance is perhaps underappreciated. China is the second largest creditor in the world today, with a...
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From Turmoil To Crisis: Dislocations In The FX Swap Market Before And After The Failure Of Lehman Brothers
July 1, 2009, 12:00am PDT
This paper investigates dislocations in the foreign exchange (FX) swap market between the US dollar and three major European currencies. After the failure of Lehman Brothers in September 2008,...
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White Papers
Towards An Operational Framework For Financial Stability: "Fuzzy" Measurement And Its Consequences
June 1, 2009, 12:00am PDT
Over the last decade or so, addressing financial instability has become a policy priority. Despite the efforts made, policymakers are still a long way from developing a satisfactory operational...
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White Papers
China's Exchange Rate Policy And Asian Trade
April 1, 2009, 12:00am PDT
This paper shows empirically that China's trade balance is sensitive to fluctuations in the real effective exchange rate of the renminbi. However, the current size of the trade surplus is such...
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White Papers
Private Information, Stock Markets, And Exchange Rates
February 1, 2009, 12:00am PST
Explaining exchange rates has long been an important but vexing issue in international economics and finance. In recent years, a number of studies have shown that investors' private information...
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White Papers
Capital Regulation, Risk-Taking And Monetary Policy: A Missing Link In The Transmission Mechanism?
November 1, 2008, 12:00am PDT
Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and...
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Interpreting Deviations From Covered Interest Parity During The Financial Market Turmoil Of 2007 - 08
December 1, 2008, 12:00am PST
This paper investigates the spillover effects of money market turbulence in 2007 - 08 on the short-term covered interest parity (CIP) condition between the US dollar and the euro through the...
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Private Matters
December 1, 2008, 12:00am PST
Why do private firms stay private? Empirical evidence on this issue is sparse, as most private firms in the US do not report their financial results. The authors investigate why private status...
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White Papers
External Support And Bank Behavior In The International Syndicated Loan Market
November 1, 2008, 12:00am PDT
Banks that enjoyed generous external financial support tended to under-price risk in the international syndicated loan market and did not show signs of innovation in their loan participations....
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White Papers
Vendor Models For Credit Risk Measurement And Management
February 1, 2010, 12:00am PST
A number of vendors produce and sell products that are designed to support credit-risk measurement and management functions within financial institutions. Such products may comprise risk...
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White Papers
Weathering The Financial Crisis: Good Policy Or Good Luck?
August 1, 2011, 12:00am PDT
The macroeconomic performance of individual countries varied markedly during the 2007 - 09 global financial crisis. While China's growth never dipped below 6% and Australia's worst quarter was no...
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White Papers
Growing Asian Credit Card Markets Amid The Global Financial Crisis
November 14, 2008, 12:00am PST
Credit card lending in Asia has grown rapidly since the 1997 Asian financial crisis and has much room to expand. But this growth so far has seen several episodes of sharp booms and busts, posing...
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White Papers
The International Propagation Of The Financial Crisis Of 2008 And A Comparison With 1931
July 1, 2011, 12:00am PDT
The authors examine the international propagation of the financial crisis of 2008, and compare it with that of the crisis of 1931. They argue that the collateral squeeze in the United States,...
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White Papers
Research On Global Financial Stability: The Use Of BIS International Financial Statistics
June 1, 2010, 12:00am PDT
A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns...
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Macroprudential Policy - A Literature Review
February 1, 2011, 12:00am PST
The recent financial crisis has highlighted the need to go beyond a purely micro approach to financial regulation and supervision. In recent months, the number of policy speeches, research papers...
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Basel III: Long-Term Impact On Economic Performance And Fluctuations
February 1, 2011, 12:00am PST
The authors assess the long-term economic impact of the new regulatory standards (the Basel III reform), answering the following questions. What is the impact of the reform on long-term economic...
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Cyclical Fiscal Policy, Credit Constraints, And Industry Growth
February 1, 2011, 12:00am PST
This paper analyzes the impact of cyclical fiscal policy on industry growth. Using Rajan and Zingales' (1998) difference-in-difference methodology on a panel data sample of manufacturing...
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White Papers
Securitization Is Not That Evil After All
March 1, 2011, 12:00am PST
A growing number of studies on the US subprime market indicate that, due to asymmetric information, credit risk transfer activities have perverse effects on banks' lending standards. The authors...
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White Papers
Measuring The Systemic Importance Of Interconnected Banks
March 1, 2011, 12:00am PST
The authors develop a measure of systemic importance that accounts for the extent to which a bank propagates shocks across the banking system and is vulnerable to propagated shocks. Based on...
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White Papers
Dislocations In The Won-Dollar Swap Markets During The Crisis Of 2007-09
April 1, 2011, 12:00am PDT
Foreign eXchange (FX) derivatives markets in the Korean won are comparatively thin and vulnerable to impaired functioning. During the crisis, Korea faced dislocations in its FX swap and...
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White Papers
Global Imbalances And The Financial Crisis: Link Or No Link?
May 1, 2011, 12:00am PDT
Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global...
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White Papers
On Harnessing The Potential Of Financial Inclusion
May 1, 2011, 12:00am PDT
The development of information and communications technology is opening up the opportunity for providing essential financial services to most people. Indeed, many mobile money or branchless...
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Globalization, Labor Markets And International Adjustment
November 1, 2009, 12:00am PDT
The theme of this paper is the impact of globalization and population trends, in particular various forms of labor mobility, on labor markets and inflation. Of course, labor has always been...
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The International Financial Crisis And Policy Challenges In Asia And The Pacific
July 1, 2010, 12:00am PDT
This paper addresses financial stability issues in Asia and the Pacific. The keynote address by the author compares the attractiveness of two different models of commercial banking, specifically...
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The Global Crisis And Financial Intermediation In Emerging Market Economies
December 1, 2010, 12:00am PST
The global financial crisis shook the foundations of international banking and finance and put the international banking system under intense stress. Many financial markets became dysfunctional,...
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White Papers
Financial System And Macroeconomic Resilience: Revisited
September 1, 2010, 12:00am PDT
A last thought to conclude. It took about 60 years to gain a true understanding of the causes and dynamics of the Great Depression. When it comes to this crisis, there is still a long way to go....
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White Papers
Distress Selling And Asset Market Feedback
June 1, 2007, 12:00am PDT
This paper examines the process of distress selling and asset market feedback. It splits this process into several stages, in order to analyze what triggers distress selling, why asset prices...
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White Papers
The Global Upward Trend In The Profit Share
July 1, 2007, 12:00am PDT
Profits growth has been strong in many developed economies in recent years, and the profit share - the share of factor income going to capital - has been high compared with historical experience....
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White Papers
Capital Regulation And Banks' Financial Decisions
July 1, 2007, 12:00am PDT
This paper develops a stochastic dynamic model to examine the impact of capital regulation on banks' financial decisions. In equilibrium, lending decisions, capital buffer and the probability of...
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White Papers
Using Counterfactual Simulations To Assess The Danger Of Contagion In Interbank Markets
August 1, 2007, 12:00am PDT
Researchers at central banks increasingly turn to counterfactual simulations to estimate the danger of contagion owing to exposures in the interbank loan market. The present paper summarizes the...
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White Papers
Regulatory Discretion And Banks' Pursuit Of "Safety In Similarity"
August 1, 2007, 12:00am PDT
The authors propose that individual banks' reported loan losses and provisions for future loan losses are lower, all else equal (including their own financial statements), when the banking...
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White Papers
Change And Constancy In The Financial System: Implications For Financial Distress And Policy
October 1, 2007, 12:00am PDT
Over the past three decades, the financial system has been going through a historical phase of major structural change. This paper traces the implications of this financial revolution for the...
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White Papers
Spanned Stochastic Volatility In Bond Markets: A Reexamination Of The Relative Pricing Between Bonds And Bond Options
December 1, 2007, 12:00am PST
This paper reexamines the issue of unspanned stochastic volatility (USV) in bond markets and the puzzle of poor relative pricing between bonds and bond options. The author makes a distinction...
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White Papers
Housing Finance Agencies In Asia
December 1, 2007, 12:00am PST
This paper examines the role of government-supported housing finance agencies in Asia. The authors estimate the size of the government subsidies received by these agencies, and their distribution...
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White Papers
Global Monitoring With The BIS International Banking Statistics
January 1, 2008, 12:00am PST
This paper illustrates various applications of the BIS international banking statistics. The authors first compare international bank flows to measures of real activity and liquidity and show that...
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White Papers
Central Bank Policy Rate Guidance And Financial Market Functioning
February 1, 2008, 12:00am PST
Central bank communication has changed dramatically over the past decade, with some central banks providing guidance about or explicit forecasts of likely future policy rates. One frequently made...
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White Papers
What Drives The Current Account In Commodity Exporting Countries? The Cases Of Chile And New Zealand
February 1, 2008, 12:00am PST
This paper uses an open economy DSGE model with a commodity sector and nominal and real rigidities to ask what factors account for current account developments in two small commodity exporting...
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White Papers
Globalization And The Determinants Of Domestic Inflation
March 1, 2008, 12:00am PST
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found...
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White Papers
The Financial Turmoil Of 2007 - ?: A Preliminary Assessment And Some Policy Considerations
March 1, 2008, 12:00am PST
The unfolding financial turmoil in mature economies has prompted the official and private sectors to reconsider policies, business models and risk management practices. Regardless of its future...
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White Papers
The Evolution Of Trading Activity In Asian Foreign Exchange Markets
May 1, 2008, 12:00am PDT
The development of Asian foreign exchange markets has progressed appreciably in recent years. Data from the BIS Triennial Central Bank Survey indicate that the turnover of Asian currencies rose...
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White Papers
Speculative Attacks, Private Signals And Intertemporal Trade-Offs
June 1, 2008, 12:00am PDT
Confronted with a speculative attack on its currency peg, an authority weighs the short-term benefit of giving in and fine tuning the economy against the long-term benefit of credibility-enhancing...
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White Papers
Innovations In Credit Risk Transfer: Implications For Financial Stability
July 1, 2008, 12:00am PDT
Banks and other lenders often transfer credit risk to liberate capital for further loan intermediation. In addition to selling loans outright, lenders are increasingly active in the markets for...
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White Papers
Liquidity And Financial Cycles
July 1, 2008, 12:00am PDT
In a financial system where balance sheets are continuously marked to market, asset price changes show up immediately in changes in net worth, and elicit responses from financial intermediaries,...
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White Papers
Financial System: Shock Absorber Or Amplifier?
July 1, 2008, 12:00am PDT
In recent decades there has been significant deregulation in many industries. However, a sector that remains heavily regulated is banking. Why is this the case? One reason is consumer protection,...
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DSGE Models And Central Banks
September 1, 2008, 12:00am PDT
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging...
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White Papers
The Housing Meltdown: Why Did It Happen In The United States?
September 1, 2008, 12:00am PDT
The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to...
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White Papers
The Asian Crisis: What Did Local Stock Markets Expect?
September 1, 2008, 12:00am PDT
In this paper the authors investigate whether cross-sectional information from local equity markets contained information on devaluation expectations during the Asian crisis. The authors...
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White Papers
Determinants Of House Prices In Nine Asia-Pacific Economies
October 1, 2008, 12:00am PDT
The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies during 1993-2006. On average, house prices tend to be more...
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White Papers
External Support And Bank Behavior In The International Syndicated Loan Market
November 1, 2008, 12:00am PDT
Banks that enjoyed generous external financial support tended to under-price risk in the international syndicated loan market and did not show signs of innovation in their loan participations....
Provided by Bank for International Settlements
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