Bank for International Settlements (BIS)
BIS paper finds leverage ratio more countercyclical than other capital ratios
Working paper finds evidence the leverage ratio is ‘significantly’ more countercyclical than ratios of capital to risk-weighted assets, although the effect is less powerful during crises
BIS' Caruana warns a debt trap 'looms large'
BIS general manager laments lack of analytical framework for dealing with ‘interplay' between finance and the real economy
Caruana sees role for BIS in ‘digital financial inclusion’
Standard-setting bodies need to work together to maximise benefits of new technology, and the BIS provides an excellent forum, Caruana says; RBI board member offers lessons from India
Basel Committee adds final plank to Basel III
Committee unveils final version of the net stable funding ratio, bringing to a close the core of the Basel III standard-setting process
BIS paper finds liquidity regulation need not harm lending
Evidence from the UK implies banks reduced their interconnectedness, but did not cut lending to the real economy in response to tighter liquidity regulations in 2010
BIS paper proposes defence against market panics
Proposal would see governments link level of borrowing to interest rates, breaking the vicious cycle of rising rates leading to increased default risk
Basel Committee toughens bank governance principles
Principles aim to instil stronger risk governance in banks, after FSB peer review identified room for improvement; focus on responsibility of boards and ‘three lines of defence’
BIS paper tackles redistributive effects of regulation
Working paper studies how regulation tips welfare in favour of the real economy or financial sector, and suggests how regulators might deliver a Pareto improvement
Basel Committee finds banks’ op risk frameworks lacking
Review finds systemically important banks have made ‘insufficient progress’ in implementing op risk principles; Committee outlines recalibrated versions of its op risk capital models
BIS paper investigates factors behind birth and death of benchmarks
Working paper studies ‘benchmark tipping’, finding that although many government rates are being displaced by private benchmarks, China and Brazil may develop new government bond futures markets
BIS paper unveils refined measure for Chinese inflation
Joint effort by economists at the BIS and People’s Bank of China yields new measure of Chinese inflation, which authors say addresses issues with headline and core measures
Ingves outlines Basel Committee response to ‘excessive variation’ in risk-weighted assets
Basel Committee 'endorses' final details of NSFR and turns attention to comparability of risk-based ratios; expands membership to include ECB’s single supervisory mechanism
Cecchetti calls on Fed to become international lender of last resort
Stephen Cecchetti says Fed should extend swap lines internationally if the dollar is to continue in its privileged position as reserve currency; Paul Tucker outlines ideal lender of last resort
BIS warns of risks related to dollar-denominated corporate debt in EMs
Hyun Shin says cross-border bank lending has seen first ‘substantial increase for some time', while Claudio Borio cautions against ‘exceptionally low' volatility in financial markets
World's biggest banks $60bn closer to Basel III target
Internationally active banks $20bn short of Basel III target, compared with $80bn six months earlier, according to Basel Committee review
CPMI report reviews the ‘growing involvement’ of non-banks in retail payments
Working group chaired by Reserve Bank of India’s Padmanabhan says the presence of non-banks in payments raises 'level playing field issues' for central banks to consider
CPSS renamed the Committee on Payments and Market Infrastructures
Renamed body, the CPMI, handed an updated mandate to reflect ‘actual activites’; will press on with core tasks, says chair Benoît Coeuré
EMs evaluate macro-prudential tools in BIS publication
Central bankers across Asia and Europe assess their countries’ efforts to mitigate spillovers from monetary policy in advanced economies in a major BIS publication
China joins Indian calls for better taper co-ordination
People's Bank of China says advanced economy coordination is ‘reasonable and inevitable course of action', joining calls from the Reserve Bank of India for international monetary policy solidarity
Emerging currencies face uphill battle for true internationalisation
BIS report published alongside major EME survey also warns the costs of an international currency might outweigh the benefits
EMs discuss monetary responses to policy spillovers in major BIS publication
BIS publishes result of wide-ranging emerging markets survey, finding that transmission channels have changed since the crisis and opinions differ on how to respond
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Payments achitecture fit for the 21st century
Globalisation, changes in FMIs and the emergence of new payment schemes will require ever closer co-operation to ensure the safety and efficiency of the underpinnings of the financial markets
(Too) great expectations for macro-prudential?
Macro-prudential policies are a welcome response to the financial crisis, but not necessarily in their current incarnation. BIS economics head Claudio Borio highlights their limitations