Bank for International Settlements (BIS)
BIS paper uncovers new evidence on FX reserve and capital flow link
Paper argues role of domestic investors is key to properly understanding how foreign exchange reserves can dampen volatile capital movements
Basel Committee considers limiting bank modelling choices
Study of internal models of counterparty credit risk finds ‘considerable’ variation between banks, raising the possibility of the Basel Committee takings steps to increase consistency
FSB report finds mixed progress on benchmark reforms
Report welcomes ‘good progress’ on many recommendations, particularly surrounding London fix, but identifies room for improvements
Organisations outline next step in plans to strengthen CCPs
Basel-based groups and Iosco publish workplan for coordinated international policies on CCPs, and offer update on story so far; 2016 will see the bulk of analysis published
BIS research finds US policy spillovers ‘significant’
Article examines the spillovers from short-term, long-term and policy rates in the US on a host of emerging and advanced economies; impact is economically and statistically significant
BIS reveals new data output in review
Bank for International Settlements expands data around international banking, government debt and private debt service ratios; launches new bulletin and online exploration tool
FX working group grappling with enforcement, says Debelle
Harmonisation of global foreign exchange codes is proving relatively straightforward, but 'adherence is our biggest challenge', says RBA assistant governor
Bundesbank's Weidmann to replace Noyer as chair of BIS board in November
The Bundesbank president will take over as chairman of the BIS board of directors when Christian Noyer retires from Banque de France next month
BIS paper studies impact of Swiss CCB on quality of credit
Working paper finds activation of countercyclical capital buffer affected the composition of mortgage lenders in two key ways
BIS’s Borio says current account obsession obscures important results
Focus on current account imbalances obscures many important – and often counterintuitive – results about global financial flows
BIS paper finds emerging market corporations exploiting carry trade
Study of emerging market foreign currency-denominated bond issuance by Bruno and Shin finds corporations appear to be issuing bonds as part of a carry trade, rather than financing investment
BIS researchers dissect emerging market fire sales
Working paper picks apart the channels through which asset management impacts on emerging bond markets, finding evidence of procyclical behaviour
BIS’s Shin on international co-operation, inflation targeting and integrating finance into economics
BIS head of research talks to Daniel Hinge about opportunities for international co-operation, integrating finance and macroeconomics, and whether anyone is listening to the institution’s advice.
BIS economists warn of emerging market policy dilemma
Emerging markets are increasingly exposed to monetary policy in developed economies, transmitted via lower long-run rates, and it is not clear what central banks can do about it
BIS paper captures financial shock using five DSGE models
Authors from the Federal Reserve find even models with a common core produce very different estimates of the spillovers of a financial shock to the real economy
Argentine economists offer alternative to DSGE model on macro and financial interactions
BIS working paper sets out a structural model augmented with a financial sector, which the authors say is more practical in many ways than DSGE models
New trading book QIS tackles correlation gripes
Changes proposed for correlation, exotic derivatives and hard-to-model risks
BIS paper models optimal response to unconventional shocks
Authors examine how macro-prudential policy ought to respond to news shocks and regime changes in global liquidity, finding ‘significant variation’ in optimal policy reactions to shocks
Guy Debelle to lead BIS’s work on global forex code
New working group under the auspices of the BIS’s Markets Committee aims to create a global code of conduct for the foreign exchange market, with RBA assistant governor as chair
BIS statistics show divergent outlook for credit flows
Contraction in cross-border claims on emerging markets more than offset by growing flows to developed economies, although there are considerable disparities between countries and regions
Commodity trading advisers unmoved by liquidity concerns
The biggest liquidity snags for CTAs are in placing large orders - something which AHL and ISAM say impacts them little
BIS annual report launches new line of attack on old fears
Analysis of financial cycles creates a new opportunity to drive home fears about rates being too low for too long – but are central banks listening?
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds
BIS calls for new paradigm in economic policy
Annual report argues broken international monetary system and low productivity reflects failure to ‘come to grips’ with how financial and real economies interact, domestically and globally