Bank for International Settlements (BIS)
BIS’s Caruana: fiscal space is ‘slippery’
Fiscal authorities should not overestimate the available room for manoeuvre, as less obvious factors may pose constraints, BIS chief says
Central banks working to overhaul data-sharing
IFC report finds many central banks are seeking ways to better share micro data, both internally and externally
BIS: markets less beholden to central bank action
Political shocks appear to have jolted markets into a more healthy state, but it is not yet clear if this is the start of normalisation or a temporary phase
BIS economists model benefits of leaning against the wind
Endogenous model of financial crises points to benefits of using monetary policy to lean against financial imbalances, in contrast to many other studies
BIS paper identifies spillovers from targeted macro-prudential policies
Applying tools narrowly to a sector may nevertheless affect other sections of the financial system, authors find
Carstens to succeed Caruana at BIS
Bank of Mexico governor will step down in 2017 to take on top job at the Bank for International Settlements
Banks have still not fixed ‘poisonous mix’ of problems – BIS’s Borio
Claudio Borio warns that in some respects, banks have still not solved the problems revealed by the 2008 crisis, which leaves them vulnerable
Market forces drive deleveraging as well as regulation – Caruana
BIS chief says markets are forcing discipline on banks, although he concedes regulation is playing a role as well; discussion participants point to tensions in regulatory framework
BIS’s Shin links dollar strength to global malaise
Head of research outlines how dollar strength affects leverage globally, causing deviations from covered interest parity and potentially impacting growth and trade
Bond price shaped by more than just low growth – BIS’s Caruana
Market participants may leave themselves vulnerable if they fail to recognise the importance of central bank asset purchases and market dynamics, general manager says
Global forex code is ‘on track’, says Debelle
Work on the code has been a “constructive and co-operative effort” by central banks and market participants, says RBA deputy; “on track” for launch in May 2017
First BIS survey data on central clearing shows gaps remain
OTC derivatives surveys capture central clearing for first time; data reveals marked differences between classes of derivatives and advanced vs emerging economies
People: BIS replaces Debelle as chair of markets committee; UK advertises for Shafik replacement
MAS’s Jacqueline Loh will chair the markets committee at the Bank for International Settlements; Bank of England advertises for deputy governor role
Hedging demand can cause covered interest parity violations – BIS paper
US dollar forward hedging demand can cause covered interest parity to fail even when markets are calm, authors say, helping explain this post-2012 anomaly
Global crises raise need for digital financial inclusion – BIS’s Caruana
Refugee crisis, climate change, banking challenges and cyber crime all point to the need for better inclusion through the use of technology, says BIS chief
BIS paper adds evidence on macro-prudential spillovers
Tighter macro-prudential measures in one country tend to increase international lending, authors find
BIS research tests leverage ratio with adjusted DSGE model
Authors design a model with both leverage ratio and variable risk-weighted capital requirements, finding a range of benefits to constraining leverage
Better swap lines could support global co-operation – BIS’s da Silva
Improving the global network of swaps, particularly between advanced and emerging economies, could create a more stable system, deputy general manager says
Declining inflation reduces pass-through effects for emerging markets – BIS paper
Central banks should be less fearful of floating their exchange rates; emerging markets should take note exchange rate channel could be “less effective” in affecting inflation
BIS research seeks to forecast global inflation
Economist builds global inflation forecast using country-level survey forecasts, finding it can be used to improve domestic inflation projections in some countries
Markets back under central bank ‘sway’ – BIS quarterly review
Recent equity rally is “more stick than carrot”, says Claudio Borio, as latest report points to fresh signs of discomfort among banks and continued market distortions
Central banks set up task force to fortify cyber security
Central banks to review current cyber security practices; Cœuré stresses need for “adequate checks” at each stage of the payment process
BIS paper examines impact of money market deregulation and integration
Integration of money markets and ability of banks to raise funds using variety of substitutable instruments has implications for monetary policy, paper says; deregulation results in larger open market operations
Largest banks meet Basel III capital standards – BIS and EBA
Banks have improved capital and liquidity ratios, reports note, but methodology may differ from that used by industry