Bank for International Settlements (BIS)
BIS paper tracks US and eurozone QE spillovers
Shadow rates approach helps authors show US QE spilled across borders more strongly, though impact differed between countries
Capital account management could prevent ‘commodity curse’, BIS paper shows
Authors suggest options for small open economies dealing with commodity booms; solutions could prevent reductions in welfare and support the tradable sector
BIS authors design game of asset managers
Authors model effects of cash hoarding and investor runs, finding that “hoarding is the rule, rather than the exception”, with implications for stress testing
Forex code working group liaising with regulators – Debelle
Many regulators are interested in understanding how the code could be used to monitor market activity, working group chairman says; both FCA and Asic are in talks
BIS authors identify tipping point in household debt impact
Researchers trace the effects of household debt on the real economy, identifying thresholds beyond which the long-run impact on consumption and growth intensifies
Cross-border claims shifting in favour of non-banks
BIS international banking statistics show claims on banks fell in third quarter of 2016 but claims on non-banks continued to grow
BIS paper finds Fed’s QE had little discernible impact on real economy
Results are still preliminary, authors say, but “cast some doubt” on the effectiveness of US quantitative easing
BIS paper presents evidence on Uruguayan price setting
Authors develop survey-based measure of firms’ price-setting behaviour, which may prove useful for research on other emerging markets
Review urges BIS to curb dominance of ‘house view’ in research
Panel including UK’s Charlie Bean finds BIS research has at times been “genuinely path-breaking” but should give economists more room to differ from the house view
BIS fails to find single cause of sterling ‘flash crash’
Report finds “numerous” factors which amplified the effects of the depreciation, including “inexperience staff” and “fragile” market conditions; lessons must be learned, BIS warns
BIS paper flags importance of “multi-layered” bank networks
Authors go beyond aggregate exposures to reveal “multiplex” interbank networks, which could allow more tailored policymaking
Global value chains increasingly driving global inflation – BIS paper
Growth of global value chains limits the importance of domestic factors in creating inflation, complicating the jobs of central banks
Completing reform agenda may not be enough – Caruana
BIS chief urges continuous effort to finish reforms, but says they need to be backed by policies that raise earning and debt-repayment capacities
New data sheds light on policy spillover channels – BIS paper
Expanded data published by the BIS show how US dollar, euro and yen affect cross-border lending flows
People: RBI’s new deputy gains BIS scholarship; Mozambique names deputy
Reserve Bank of India appoints BIS scholarship winner to deputy post; Victor Gomes takes role at Bank of Mozambique; and more
2016: The year in review
The past year was characterised by dramatic political events, and central banks did not always manage to stay above the fray; we look back at some of the biggest stories
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