Bank for International Settlements (BIS)
Little evidence to support ‘global slack’ thesis, ECB paper argues
Researchers say global spare capacity is not increasing as an influence on eurozone inflation
BIS comes to the defence of globalisation
Increasing trade and financial integration have had a “profoundly positive” impact on people’s lives, but do bring drawbacks too; the correct response is not a wholesale rollback, says Jaime Caruana
BIS paper: forces driving global liquidity are shifting
Paper examines factors behind changing patterns of global liquidity, finding improved prudential standards have cut volatility
Co-operation matters for macro-prudential impact – BIS paper
Gains from co-operation can be large but asymmetric benefits could create political economy problems, authors say
BIS’s Coen warns of danger in delays as output floors remain stuck
Long phase-in periods increase risk of “dilution or backtracking”, says BCBS secretary-general; remains vague on timetable for Basel III completion
Central banks stress commitment as FX Global Code launches
Central banks worldwide are quick to state they will comply with the new global forex code and expect their counterparties to do the same
BIS report points to benefits and costs of fintech lending
China, the US and the UK are the three largest markets, the working group’s report says
Debelle: central banks can benefit from lack of covered interest parity
Increase in the “basis” or deviation from CIP is not always a sign of trouble and can offer reserve managers increased returns, RBA deputy says
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
Banking flows affected by ‘Anna Karenina principle’ – paper
All healthy credit relationships are alike, but each unhealthy credit relationship is unhealthy in its own way, the study explains
Credit cycle matters for fiscal policy – BIS paper
Phase in financial cycle has “substantial” impact on public finances, authors find; commodities cycle less important but matters for some
LTV ratio more effective than DTS in Canada – BIS paper
Paper examines the effect of recent macro-prudential policies targeting the housing market, finding households will borrow more if they can
BIS paper says macro-pru is better when partnered with monetary policy
Macro-pru does not work as well when it acts as a substitute for monetary policy when dampening credit cycles; when deployed as the main instrument, policies prove very successful even in the short term
BIS paper offers improved real exchange rate calculation
Authors find models used to calculate real effective exchange rate do not properly account for global value chains
Should more attention be paid to house prices?
The Czech National Bank’s experiences offer insights into using a broader inflation measure with a greater weight on housing to address both monetary and macro-prudential policy requirements
Reforms have helped curb bank CEO pay – BIS paper
Researchers examine how principles introduced by the Financial Stability Board impacted pay for top managers
Forex volatility can boost liquidity – BIS paper
Price volatility might not always be a bad thing for market liquidity, authors find
Thinking on global capital flows is muddled – BIS’s Shin
BIS head of research says policies to guard against excess global liquidity should look at underlying causes, not symptoms such as capital flows; Fed’s Fischer acknowledges policy spillovers
Lower rates link to higher exchange rate impact – BIS paper
Working paper finds monetary policy’s impact on the exchange rate has grown as rates have fallen
Central banks could intervene on repo market function – BIS study
Markets still in a “state of transition” but some central banks might want to take action to mitigate adverse effects, CGFS report says
BIS report: build liquidity co‑operation early to prepare for crisis
CGFS report urges central banks to build networks domestically and across borders to have liquidity ready for the next crisis
Tucker: policymakers should focus on resilience and clarity
Central banks would gain legitimacy if they could better explain their models of systemic crises, and if politicians specified a particular risk tolerance, says former BoE deputy governor Paul Tucker
BoJ builds on BIS banking statistics
Researchers break down the statistics further, shedding new light on patterns of cross-border banking
Basel Committee outlines enhanced disclosure framework
Revised Pillar 3 standard adds “dashboard” of banks’ key prudential metrics and consolidates all existing Basel Committee disclosure requirements