BIS research identifies ways to smooth the financial cycle


A working paper published by the Bank for International Settlements (BIS) on December 10 formulates a model of the financial cycle and examines policy challenges in reducing the size of booms and busts.

The paper's author, Claudio Borio, suggests the most parsimonious approach to defining the financial cycle is in terms of credit and property prices. This, the paper says, captures the analytical interaction between financing constraints and perceptions of risk, and is supported empirically

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