Bank for International Settlements
Central bankers call for ‘practical action’ to tackle climate risks
The time for talking is over, say NGFS members
Informal sector changes inflation dynamics – BIS paper
Informality dampens impact of some shocks but also impairs policy transmission, authors find
Basel Committee seeks feedback on streamlined version of Basel III
Sprawling array of PDFs was getting difficult to handle, committee says
BIS paper finds some potential benefits to ‘bigtech’
Firms may be better able to predict losses and support underserved borrowers, authors find
Ageing workforce depresses wage inflation – BIS paper
Demographic change could be behind weakness of inflation despite record-low unemployment
Borio questions Larry Summers on ‘secular stagnation’
Two teams of economists present fresh evidence for divergent views of low real rates
CBDC may see central banks adopt retail lending role – BIS’s Carstens
Two-tier banking system could be turned on its head by CBDC, says BIS chief
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
BIS to launch ‘innovation hub’ – Carstens
New medium-term strategy focuses on technology and other innovations
Non-financial firms finance the economy – BIS paper
Authors find non-financial firms act as important intermediators and take on forex risks
EMEs have limited policy independence if open to capital flows, researchers find
Alternative policy tools can be deployed to overcome the dilemma, the authors say
Markets still in thrall to central banks – BIS
But some apparent anomalies may be signs of healthier market function, says Claudio Borio
BIS book outlines macro-financial policy framework
“Integrated inflation targeting” would combine policies for maximum effect, authors say
Regulators must not be too strict in a crisis – BIS paper
Cyclical capital requirements should account for downturns as well, author argues
World is not running out of safe assets – BIS’s McCauley
Supply of safe assets can comfortably meet demand at present, BIS economist says
IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget is an issue
Renminbi reserves are still relatively small
Renminbi investments still account for much smaller fraction of global forex reserves than China’s significance in world economy would merit
Five digital currency questions for central banks
Central bankers need to take a view on the ongoing disruption to monetary systems, argues Adam Csabay
For-profit CCPs may not hold socially optimal capital – BIS paper
“For-profit CCPs have incentives that are misaligned with financial stability,” author says
Lifetime achievement: Zhou Xiaochuan
Former PBoC governor stands out for his high levels of integrity, intellectual rigour and bold reforms
Low rates can harm productivity, say Liu, Mian and Sufi
Low rates may end up discouraging investment across the economy, authors say
BIS study asks whether central bank crisis actions de-risk the balance sheet
Authors study whether a central bank can influence its own risk, or if this is “wishful thinking”
Euro outpacing dollar as cross-border credit grows
Latest BIS statistics show widening gap between credit growth in the two major currencies