Claudio Borio on financial cycles, operating frameworks and non-bank reform

The BIS veteran highlights a ‘unique constellation’ of challenges for central banks as they fight inflation

Credit: BIS

In the briefing on the September 2023 BIS Quarterly Review, you mentioned the financial cycle was starting to turn. Can you explain what you meant by that – what indicators are you looking at?

At the Bank for International Settlements (BIS), we have been working for many years on the notion of the financial cycle, the endogenous expansions and contractions in credit, in asset prices, in the liquidity of the system, in risk-taking, and the interactions among them.

We have various ways of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account