Claudio Borio on financial cycles, operating frameworks and non-bank reform
The BIS veteran highlights a ‘unique constellation’ of challenges for central banks as they fight inflation
In the briefing on the September 2023 BIS Quarterly Review, you mentioned the financial cycle was starting to turn. Can you explain what you meant by that – what indicators are you looking at?
At the Bank for International Settlements (BIS), we have been working for many years on the notion of the financial cycle, the endogenous expansions and contractions in credit, in asset prices, in the liquidity of the system, in risk-taking, and the interactions among them.
We have various ways of
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