Research
BoE paper examines microstructure of UK banking system
Authors stitch together supervisory datasets to study likelihood of crisis
Shadow banks need macro-pru regimes – Bundesbank paper
Limits on shadow banks’ leverage could have helped avert global financial crisis, researcher finds
Fed and foreign investors earn lower returns on Treasuries, paper finds
Foreign investors tend to buy Treasuries when they are “expensive and offer low future returns”
‘Unconventional credit policy’ can help avoid lower bound – BIS paper
Liquidity injections can be useful tools but also face limits, authors find
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
BIS report highlights macro risks of inequality
Persistent inequality could weaken policy and create negative feedback mechanism, research finds
Fed research examines single cyber attack’s effects on stability
Federal funds market and discount window kept banks liquid despite attack – researchers
ECB paper makes case for mixed ownership of banks
Foreign state-owned banks tend to play stabilising role during domestic banking crises, authors find
Austria’s Partsch explains decision to raise equity exposures
Central bank boosted equity investments from 5% to 12% in the wake of the pandemic
BIS paper finds sovereign risk key to fiscal-monetary links
Study of Mexico models feedback loop between fiscal and monetary policy
Fed paper examines non-bank emergency facility
More flexible investors tapped facility earlier, doing more to stabilise markets
ECB paper analyses financial crisis contagion
Crisis in one region can trigger more as investors reassess other markets, researchers say
CBDC little threat to Canadian bank liquidity – paper
Bank of Canada research says most bigger banks have enough funding to handle retail CBDC competition
BoE paper models macro-prudential spillovers
Agent-based model sheds light on how housing market policies affect different groups, authors say
BIS paper says people should have more power over their data
Authors propose “consent-based architecture” to let consumers control how data is used
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
QR code payments pave way for borrowing – BIS paper
Chinese merchants that offer QR code payments can more easily access credit from big tech firms
Researchers try to measure public trust in ECB
“Reflective trust” is lower than “instinctive” reaction, especially among women, paper finds
Sudden carbon price rise risks major financial shocks – ECB paper
Model looks at impact on eurozone banks of different decarbonisation measures
BoE paper finds benefits from swing pricing
Cost-benefit analysis suggests net benefit to curbing non-bank liquidity risk through swing pricing
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
Climate transition set to boost inflation, finds Swedish research
Sveriges Riksbank analyses main inflationary forces stemming from climate policies
IMF paper calls for action on long-term Covid risks
Vaccination drive is falling short and is not enough on its own, authors say
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says